You don’t need a good credit rating to be accepted for a ClearCash card, however we know it can be important for other financial products, so here are some top tops which could help your credit score.
Here at ClearCash, we don’t discriminate against those with a poor credit rating. We don’t carry out a credit check and our Prepaid MasterCard card is accessible to almost anybody – providing they are 18 or over and have a UK address.
We do, however, understand the detrimental effects of having a poor credit rating, such as being unable to get a loan or a mortgage. To help those of you out there who want to improve your credit rating, here are some top tips which could see you back on the right track.
- The electoral roll
The electoral roll is used for much more than just ensuring you get to vote in elections, it’s also a vital tool many companies use to verify identity. So make sure you’re on there and make sure they have your most recent address.
Had a CCJ in the past which has now been settled? Check that the settlement has been updated on your credit file as otherwise it will stay on your record for six years.
As with CCJs, defaults will also stay on your credit file for six years. However you can submit a notice of correction to explain the circumstances, for example a period of unemployment.
- Too many applications?
When it comes to applying for credit, making too many applications can stand against you. Each credit application leaves a “footprint” on your credit file and making a lot of applications in a short space of time can make it look as though you are overstretching yourself financially. If you have been refused credit, before making another application, it’s worth finding out why.
- Paying on time
Set up direct debits or standing orders for any repayments to ensure your payments are made on time.
- Old bank accounts
Having a dormant bank account which you never quite got round to closing could potentially look bad on your credit file. Financial companies take into account the total amount of credit available to you, so an old un-used account could still count as a potential credit source. This could make you look more financially burdened than you really are.