Need to improve your credit score?
We’ve compiled 8 ways to help:
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Register on the electoral roll: Being registered at your current address helps lenders confirm your identity and can improve your credit profile.
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Always pay bills on time: Missed or late payments can negatively affect your credit score. Set up Direct Debits for regular payments, such as mobile phone / utility bills, to ensure you never miss a payment.
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Clear your credit card balances monthly: Paying off your credit card balance in full each month helps you avoid paying high interest while showing lenders you can manage credit responsibly.
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Keep credit utilisation low: Try not to use too much of your available credit limit. Using a high percentage of your available credit can make lenders think you may be relying heavily on borrowing.
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Stay within your overdraft / credit limits: Avoid exceeding agreed limits, as this can suggest you are struggling to manage your finances.
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Limit the number of credit applications you make: Applying for lots of credit in a short period can result in multiple credit searches, which may impact how lenders view your application.
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Check your credit report regularly: Review your credit report to make sure your details are accurate and to identify any mistakes that could be affecting your score.
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Consolidate debts where appropriate: Combining multiple debts into one manageable monthly payment could make repayments easier to keep track of and help you avoid missed payments.
Questions? Get in touch today.
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
The Harp and Crown Credit Union has been providing safe, ethical and flexible finances for the Police and wider Police family in Northern Ireland since 1998.
