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How to improve your credit score
Building your credit score could help you to access credit when you need it in future.
Ways to improve your credit score
Below we’ve listed some of the things you could do to improve your credit score over time.
Make sure you’re on the electoral register
Being on the electoral roll is one way that your identity and home address can be confirmed, which may help to improve your credit score.
Check details held about you
Especially if you’re planning an application, it’s worth checking the details held by each credit reference agency. If any of their information is incorrect, you could submit a data dispute to the relevant agency, so they can investigate and update their records accordingly.
Spend sensibly
It could suggest you’re reliant on credit if you carry a lot of debt and are often close to your credit limits.
Use a bank account
Making regular payments by Direct Debit could also help to improve your credit score. Just make sure there’s money in your account to cover payments, or your credit score could be damaged, rather than improved. Using and managing an arranged overdraft carefully could also help to improve your credit score over time.
Before you apply
Whether or not you’re accepted, ‘hard’ credit searches may affect your credit score, especially if you make a number of full applications in a short period. Some lenders offer 'soft' credit checks or quotations on selected products, which could help you to understand your eligibility, without impacting your credit score.
If you have joint accounts
Things like bank accounts, mortgages and even utility bills may create a financial link between you and any joint account holders. This may impact your future credit eligibility if the joint account holder doesn’t have a good credit score.
People you’re linked to financially will show on your credit record. If you’re no longer linked to someone, you could contact each credit reference agency to submit a notice of disassociation.
Manage accounts carefully
Lenders and service providers will report arrears, missed, late or defaulted payments, and if you go over your agreed credit limits.
Maintain accounts
The average age of your active credit accounts could also affect your credit score. Having the same accounts for a long time suggests you can manage them responsibly.
All accounts could count
In addition to mortgage, credit card, loan, car or overdraft payments, it’s important to maintain store card, mobile phone contract, TV subscription and other household bill payments.