In-depth guide to Credit Ratings and how to improve them
- 5 years ago
This video explains what credit ratings are, how they are derived and what they are used for.
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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- How to fix a bad credit score: https://www.solution-loans.co.uk/bad-credit-loans/fix-bad-credit/
- Rebuild your credit rating: https://www.solution-loans.co.uk/credit-cards/vanquis/
- 7 ways to improve your credit score: https://www.solution-loans.co.uk/blog/7-ways-improve-your-credit-score/
- Put regular purchases on a "bad credit" credit card: https://www.solution-loans.co.uk/blog/regular-purchases-bad-credit-credit-card/
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▶️ VIDEO TRANSCRIPT
If you have a less-than-perfect credit rating, you will find that your borrowing options become more limited. A poor credit rating can limit your borrowing options and that can come from past mistakes including missed payments, County Court Judgements (CCJs) and bankruptcy orders.
Even missing direct debit payments for utility bills can leave a mark against your credit file which could cause you problems should you want to apply for a loan or credit card.
Millions of people in the UK have had difficulty which has affected their credit rating at some point in their lives and yet have gone on to obtain loans, open bank accounts and successfully apply for credit cards. No matter what your circumstances, virtually every problem obtaining credit can be repaired given time and by following some simple steps:
1. Obtain a copy of your credit file from one of the main credit reference agencies – Equifax, Experian or Call Credit - to find out exactly what might be impeding your ability to get credit. When you look through your credit report make sure that there aren’t other people’s credit histories recorded mistakenly against yours.
2. Make sure you are registered on the electoral roll at your current address.
3. Ensure that you don’t have joint credit with a former partner that you have subsequently split up with. If that person has a less-than-perfect credit rating, then it will affect your ability to get a loan or credit card if the credit reference agencies believe that you are still linked.
4. If any of the information on your file is wrong or out of date, you can ask the credit reference agency to remove it. Information is held on your file for a minimum of six years and includes settled accounts, defaults, bankruptcy order, Individual Voluntary Arrangements (IVAs), County Court Judgements (CCJs) and fines imposed at magistrates court.
------
▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- How to fix a bad credit score: https://www.solution-loans.co.uk/bad-credit-loans/fix-bad-credit/
- Rebuild your credit rating: https://www.solution-loans.co.uk/credit-cards/vanquis/
- 7 ways to improve your credit score: https://www.solution-loans.co.uk/blog/7-ways-improve-your-credit-score/
- Put regular purchases on a "bad credit" credit card: https://www.solution-loans.co.uk/blog/regular-purchases-bad-credit-credit-card/
------
▶️ SOCIAL
Like us on Facebook: https://www.facebook.com/SolutionLoanUK
Follow us on Twitter: https://twitter.com/solutionloansuk
Follow us on Instagram: https://www.instagram.com/solutionloans/
Website: https://www.solution-loans.co.uk/
Subscribe to our YouTube channel: http://bit.ly/solutionloansYT
------
▶️ VIDEO TRANSCRIPT
If you have a less-than-perfect credit rating, you will find that your borrowing options become more limited. A poor credit rating can limit your borrowing options and that can come from past mistakes including missed payments, County Court Judgements (CCJs) and bankruptcy orders.
Even missing direct debit payments for utility bills can leave a mark against your credit file which could cause you problems should you want to apply for a loan or credit card.
Millions of people in the UK have had difficulty which has affected their credit rating at some point in their lives and yet have gone on to obtain loans, open bank accounts and successfully apply for credit cards. No matter what your circumstances, virtually every problem obtaining credit can be repaired given time and by following some simple steps:
1. Obtain a copy of your credit file from one of the main credit reference agencies – Equifax, Experian or Call Credit - to find out exactly what might be impeding your ability to get credit. When you look through your credit report make sure that there aren’t other people’s credit histories recorded mistakenly against yours.
2. Make sure you are registered on the electoral roll at your current address.
3. Ensure that you don’t have joint credit with a former partner that you have subsequently split up with. If that person has a less-than-perfect credit rating, then it will affect your ability to get a loan or credit card if the credit reference agencies believe that you are still linked.
4. If any of the information on your file is wrong or out of date, you can ask the credit reference agency to remove it. Information is held on your file for a minimum of six years and includes settled accounts, defaults, bankruptcy order, Individual Voluntary Arrangements (IVAs), County Court Judgements (CCJs) and fines imposed at magistrates court.