How to Improve your Credit Rating
Improving your credit score isn’t an over-night process. It takes time and careful financial management to improve your score. The whole thing is a slow, gradual process, and it takes patience, perseverance and self-discipline. Your credit score normally updates itself every month, and many lose heart when they find their score has not improved. To help you improve your score and get accepted for Payday Loans Online, the team at Pixie Loans have put together a list of ‘must-do’ actions.
Sign up to the Electoral Register
By signing up to vote, you are confirming that you do live at the address you gave the lender. Signing up to the Electoral Register is a quick and simple process, so head on over to gov.uk/register-to-vote. However, it is also possible that your score is being hindered by previous tenants with loans against their name. So be cautious, and try to find out as quickly as possible.
Use landline numbers on your profile
A simple but effective way to improve your credit rating, is to add your landline number to your account. Your landline number is connected to your home address, and therefore your information becomes more reliable.
Switch from Pay as you Go to Contract on your mobile
Do you find yourself paying up to £30 per month for your pay-as-you-go mobile phone? If so, then you may as well sign up for a contract phone for a similar cost. Once you’re accepted, make sure you pay your bills and show that you’re a responsible lender.
Make energy bills your priority
Your credit rating is calculated by many factors, and your energy bills are one of them. Try not sacrifice your credit rating with delayed energy bill payments.
However, let’s say your boiler breaks down and you find yourself in a costly emergency. Your energy bills are due in a few days, but you have to fork out £1000 for a boiler repair. Payday Loans Online can help bridge that gap between the emergency and your next payday. If the full amount cannot be covered in thirty days, look at Instalment Loans. Instalment loans could be financially more liable for your situation.
Close any unused credit cards
If you have any credit cards you aren’t using, call up the necessary service and cancel it. Make sure to pay off anything you owe on each account.
Work with any debt collection agencies
If you have debt collection agencies calling you up and sending you letters, respond to them. Most – if not all- debt-collection agencies will not demand the full amount upfront. Instead, they will most likely hold a 10-15 minute conversation with you, to determine your situation and find an affordable financial plan. Furthermore, those calculating your credit score will take into account that you’re working to pay off your debt. As mentioned, make sure the repayments are paid on time every month.
