Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

The road to a healthier credit score

Rest assured your credit score is not etched in granite. You can improve it.

It’s simply a marker in time and nothing more.

Increasing your score comes down to responsible credit use.

Maybe credit problems from your past haunt your current score.

That’s ok, because you always have the power to change your credit situation.

Here are some good credit practices that usually won’t harm your credit standing and may actually help it:

Pay bills on time.

Even if you cannot pay in full, be sure to make the minimum payment.

Watch your credit card balances.

Make sure you’re not using too much of your available credit.

Avoid multiple loan applications with different companies.

This may concern creditors and be deemed irresponsible behaviour.

Don’t mindlessly open new credit card accounts.

If you apply for new cards, make sure you don’t do so too frequently. This behaviour may look irresponsible to creditors.

Alert banks and card companies when you move.

You don’t want to see your bills have gone unpaid because the mail didn’t go to the correct address.

Check your accounts online.

There’s no reason to wait for the bills to come in the mail. You should make sure payments are clearing and cards are being kept current.

Pay off delinquent bills.

Paying down delinquent accounts won’t remove missed payments from your report. But it can make you look better to creditors.

Look for inaccuracies.

Sometimes information reported to the credit reporting agencies isn’t quite right or is incomplete.

The credit reporting agencies make it easy for you to dispute these inaccuracies. And remember, credit bureaus are just the messenger - it’s up to you to let them know one of your creditors reported inaccurate information.

Credit scores are incredibly important.
They can represent an interpretation of your creditworthiness and may help creditors decide
what kind of risk you are and what interest rate you will be offered.
Pay careful attention to your credit history so you know where you stand.
And remember, pay your bills.

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