Trying to keep on top of your credit score is hard work. It’s becoming ever more important and a bad score can stop you getting finance, a loan or even a mortgage. Having a good credit score has multiple benefits and can help you out in an emergency. Here are some tips to help you keep your score looking good.
To keep on top of your score you need to monitor it. There are certain companies like Experian who provide you with a dashboard which shows all of your direct debits. It also shows you positive or negative factors which can contribute to your score and allow you to make it better. It is a vital service, which gives you all the information you need in one simple area.
Get A Credit Loan
It may not be the best advice, but sometimes you need another loan to consolidate a bunch of other ones. This allows you to have one loan to worry about and not multiple ones. However, getting a loan can prove hard if you’ve got a really bad score. But fear not, there are companies out there willing to give you a loan such as https://cignoloans.com.au/bad-credit-loans/. They can really get you out of a bad spot, just remember to only take one out if you really need to.
Use A Credit Card
No not to buy everything you’ve ever wanted but instead to increase your credit rating. If you use it and pay the debt off straight away you’ll do nothing but gradually increase your rating. Just don’t fall into the trap and pay something huge off on it and get into the routine of slowly paying it off over the year because that never ends well. There’s a bunch of great credit cards out there so choose wisely.
Watch Out For Financial Association
This is where you share a account with someone with a bad credit history. Before joining accounts it might be worth helping them sort out any existing debts or using a credit checker to work out how best to improve their score. Otherwise, it’s just going to reflect on you and could hamper all future credit requests.
Space Out Your Borrowing
You could have a great score but if you apply for a bunch or credit at the same time it’ll bring your score down. You need to space out your borrowing and plan ahead. By doing this you can start paying things off before applying for anything else which looks much better.
Don’t move too much
Changing your residence too much also negatively impacts your score because it makes it harder for your lender’s to track you down. If you’re planning on making a credit application ensure you stay in the same place for a good few months beforehand.
It is so important to keep your score on track, especially if you’re young and thinking about getting a mortgage further down the line. Following these tips can keep you on track.