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Simple Ways to Improve Your Credit Score

Following these simple tips may help you to boost your credit score, take control of your finances and overall help you make more informed financial decisions. Why not start today?

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Credit Card
Every financial institutions issuer has different credit card eligibility criteria. Flickr

Your credit score is really important. Not only does it affect your ability to take out loans such as mortgages, it affects pretty much anything you want to pay for monthly, too.  

Yet many of us are not clear on how our credit score is calculated and how we can improve it.

Firstly, what is a credit score?

According to ClearScore, a “credit score is a 3 digit number that shows you how likely you are to be accepted for credit”. It looks at how well you’ve managed money in the past, to understand how reliable you are when it comes to paying money back. You will then be ‘scored’ on your trustworthiness.

Companies use your score to decide whether they will give you a loan, credit card or other finance deal. If your score is less than perfect, you are more likely to be rejected or be forced to pay the highest interest rates.

If you’re conscious that you need to give your credit rating a boost, here are some simple ways to do so.

Register to vote

If you’re not currently on the electoral register, then sign up. It’s much harder to be accepted for any type of credit if you’re not on it. You can do this quickly and easily on the government website.

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Here’s a snapshot of how you can pay your credit card bills with ease.

Pay bills on time

To improve your credit score, make sure you pay all your bills on time. Even missing a payment once could have a big impact on your rating. If you think you’re likely to forget or slip up, set up direct debits. That way, the money will automatically go out, so your payments will always be on time.

Use a credit card

Credit cards can be a great tool for boosting your credit score, but only if you use them wisely. If you purchase with your credit card and pay it off regularly, this will improve your credit score, as it shows you can be trusted to pay the money back.

Don’t buy more than you can realistically afford and not pay it off — this will negatively impact your rating.

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Don’t apply for multiple cards at the same time — lots of hard credit checks will negatively impact your rating.

Don’t link to someone with poor credit

Avoid setting up a joint bank account, joint mortgage or any other joint financial product with someone who has a poor credit score. If you do, their poor credit rating can be assessed alongside yours, even if it’s only you that’s taking out the loan or product. Keep your finances separate.

Following these simple tips may help you to boost your credit score, take control of your finances and overall help you make more informed financial decisions. Why not start today?

Next Story

Facebook Alerts People to Vote on Maharashtra, Haryana Poll Day

Google has also introduced a series of steps to urge the netizens and first-time users in the country to register to vote in the country

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FILE - The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York's Times Square, March 29, 2018. VOA

Facebook on Monday activated its election notification feature for India, requesting people to go out and vote for their candidates in the Maharashtra and Haryana Assembly polls and post that they have voted.

Voting started in Maharashtra for the 288-Assembly constituencies, while over 1.83 crore voters in BJP-ruled Haryana are to cast their votes to elect the 90-member legislative Assembly.

Facebook began sending notifications from the morning to its over 300 million users in India, saying “get information about voting and share that you’ve voted.”

Also Read: Tesla Gets an Approval to Manufacture Cars in China

The social networking giant in April joined other social media companies in a voluntary code of ethics for the elections with the Election Commission of India (ECI).

It included measures like a dedicated communications channel for notice and take down after receiving valid legal order, processing of valid requests in the blackout period ahead of voting and voter education efforts.

Fake, News, WhatsApp, Facebook, India
The Facebook mobile app on an Android smartphone. Wikimedia Commons

“Facebook recently launched two new products in India to help people learn about issues they care about and engage with candidates and elected officials in meaningful ways,” Facebook India Vice President and Managing Director Ajit Mohan said in a blog post.

“Candidate Connect” is designed to give voters accurate information and help people learn more about different candidates.

“Share You Voted” lets people share with friends that they’ve cast their ballots in the elections.

“The products have been customised, based on what we’ve learned from local research, including the community’s desire to hear directly from their candidates,” said Mohan.

Google has also introduced a series of steps to urge the netizens and first-time users in the country to register to vote in the country. (IANS)