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Use 10 easy credit enhancement measures to increase your creditworthiness
Would you like to increase your credit rating? Refusing to take out loans can often seem like a form of insult, especially if you have a relatively harmless past. But there are many good reason why credit requests can be rejected, and not just because of a "black mark" in your record.
Solving any problems you find will help enhance your credit standing and your entitlement to market-leading offerings. In 10 easy increments, we show you how you can increase your credit rating. Each time you apply for a new finance item, the creditor receives a credit statement describing your finance record from at least one of three UK credit bureaus (Experian, Equifax and Callcredit).
Please see our How to Check your Credit Report for more information. When you' re relatively new to the credit business, financiers have very little information to back up your credit, so they can reject you just because they have no clue whether you' re going to be a sure thing or just get behind on the first step.
If you spend a little each and every months on a credit of this kind and pay back the credit in full and on schedule, you will begin to establish a much more powerful credit record. Check out our How To Get Your First Credit card for more information on how to apply for your first credit Card.
When you already have a number of credit card accounts, pay punctually on a regular basis, but have been rejected for a new claim, it may well be that you have easy recourse to too much credit in proportion to your funds to be repaid. You are unlikely to be given new loans if you are not on the voter list, as this is the main resource of information that creditors use to check your adress.
This means in practice that you must apply for a loan before moving, changing jobs, taking parental leave or any other dramatic changes in your lifestyle. These are seen by potential sellers every times you make a new request and relate not only to requests for credit card and credit, but also to salary systems for auto insurances, cell phone and the like.
A lot of last-minute uses can give the illusion that you are desperately looking for cash and will scare creditors away from giving you credit. The credit information you provide connects you to everyone you have been sharing credit with in the past. Delayed or defaulting payment can really hurt your credit rating, so it's really important to be on schedule with the minimal repayment of all credit contracts you have.
Whilst a story of delayed or failed refunds is presented in detail on your credit reference, several month of timely payment will help mitigate the effects. Reviewing these reviews at least once every 12 month, you know where you stands in terms of finances and are in the best possible positions to compete for the finance product for which you are likely to be acceptable.