Are you looking for the best ways to increase your credit score?
We are credit checked for all sorts of things these days, even for a job in some circumstances. If your credit score is looking worse for wear, there are a few simple steps you can take to improve your score. We have put together an interesting infographic to help explain the best and easiest way to improve your credit rating.
What are the most important factors for getting your credit score up?
As you can see, there are plenty of things you can do to improve your credit rating. A lot of people assume that once they have a poor history, there is nothing left you can do to improve it, but this is not the case.
The most important thing to do in the first instance is to check your credit file for any mistakes. With a whopping 79% of us with credit files containing mistakes, the chances are there could be some on yours. If there is, you might find it difficult to obtain credit.
Not missing payments and making regular payments is imperative. It shows that you are a sensible borrower and that you can manage your money properly. Having a few credit accounts open and clearing the balance regularly is looked upon favourably by lenders. However, opening too many credit accounts at once can have a negative impact on your score, so make sure to open them strategically.
Read our guide to learn more about what hurts your credit score the most.
Use a credit builder prepaid card to increase your credit score
If you have not yet built a credit score, it can be frustrating to be turned away by lenders for having no history. How are you supposed to get a decent rating without anyone giving you credit, right? One thing you can do is apply for an icount Prepaid MasterCard®.
There are no credit checks and you also have the option to add a Creditbuilder™ to your account. The icount prepaid card with Creditbuilder™ facility allows you to ‘borrow’ a year’s worth of monthly fees upfront, which you can pay back over 12 monthly installments. If you keep up with your monthly repayments, this information is passed onto credit reference agencies and can help towards rebuilding your credit score.