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Credit Card Credit Rating Help

Why is credit rating so important?

Your credit rating can make your or break a lot of financial matters in your life. It can decide whether you will be able to purchase your dream house or fund your way through university. A bad credit rating will make such things a lot harder to obtain and can even affect your job. This is why credit rating is important to understand so you can make decisions that will improve your rating and not hurt it.

How to improve your credit rating

A lot of things can affect your credit rating; the length of your credit history, the amount of credit you have available to you, the amount you’ve already used and your ability to pay the bills on time - these can all make your credit score go up or down.

Check your current credit rating

You have a right to see your credit files for as little as £2. You should do this regularly. Check all the details as incorrect details as simple as a wrong address on an old phone contract can make or break you credit card application. Always check this before any big applications (such as a mortgage) to minmise your risk of rejection which can also effect your credit rating.

If anything is wrong then get your file corrected by writing to the agency. If they agree it should quickly get changed, if not then you are entitled to add your own comment as a 'notice of correction'.

Get on the electoral roll

The electoral roll is one one of the ways that lenders find out you are who you say you are. It verifies your details and address and is one of the main sources of information used by credit card lenders and banks. So even if you do not want to vote, get on the electoral roll to increase your credit rating!

Prove you are not a great risk

Prove to the lenders that you are more than capable of handling debt and credit by taking out one of our credit building cards. When you do take these out be sure to pay off all your payments so you do not incur any charges.

Don't apply for too many credit cards

The very act of applying for credit of any kind (loans, credit cards, etc) can make up 10 percent of your credit score. It’s not necessarily bad to apply for a few different types of credit — having different lines of credit actually can help your credit score, provided that you use them wisely and don’t have too many. But if you apply to a bunch of different credit cards, for example, just to get the things that comes along with them, you’re seriously damaging your credit score!

So be selective with the credit that you apply for. Having a credit card can be good for your score. But not if you applied for 10 other cards at the same time.