10 Tips to Improve Your Credit Score
In order to minimise risk and reduce losses, in recent years lenders have made it increasingly difficult to obtain credit - and this is why your credit score has become so important.
Demonstrating your stability, ability and willingness to pay back what you owe has become more important than ever before. As well as the information that you provide on your application, banks will assess your credit worthiness using your credit file and the electoral register.
If your credit score shows little evidence of previous borrowing or a poor repayment history it's unlikely that banks and credit card companies will lend to you.
With poor or no credit history there are products available to you that can provide a viable option for short term lending , and can even help you to build up or improve your credit rating. However, typically these products come with high rates of interest.
But by following our 10 Tips to Improve your Credit Score, over time you could greatly increase your chances of being approved for a credit card, loan or even a mortgage. Be sure to only borrow what you need though and to make repayments on time, or you'll run the risk of undoing all the good work you've done!
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