7 easy ways to boost your credit score

Now I don’t know about you, but I think we can all agree that having a good credit score just makes things a lot easier. A high credit score will help you boost your chances of being approved for the best financial products at the best interest rates. So cards, mortgages, loans etc. Which is why it’s important to not only check your score regularly. But to also find ways to improve it. So here are seven easy ways to boost your credit score.

Now before I dive in with the tips, I should probably share that my credit score hasn’t always been great… Find out why here. But that by using these tips over the past four years I’ve managed to really improve score. It didn’t happen overnight. But slowly my score started to improve. And trust me, if I can improve my score, then you can definitely improve yours too!

USE A CREDIT CARD LITTLE AND OFTEN

Now one of the best ways to build a better credit score, is to actually have credit. But not too much. Make sure you have a credit card that you use little and often for purchase that you would usually make on your debit card throughout the month. That way you can clear your credit card at the end of the month and start to build a good credit score.

KEEP CREDIT UTILISATION LOW

So by using a credit card little and often, you can ensure that your credit utilisation is low. What that means is that you don’t use too much of your available credit. So if you had a credit card with a limit of £1,000 then using around £300 a month or 30% (and making sure you pay it off in full every month). Shows lenders that you can manage your credit sensibly.

CHECK YOUR REPORT

Now this is a really important step, and one that helped me boost my score. If you check your report regularly, and you can for free using Clear Score or Experian. Then you can check for mistakes. I had an account on my report showing as open, despite the fact it had been closed for six months. If you’re report isn’t accurate. Then your score won’t be either.

RESIST MAKING MULTIPLE CREDIT APPLICATIONS IN A SHORT AMOUNT OF TIME

Every time you make an application for credit, a ‘hard search’ is carried out on your account. Which leaves a mark on your credit report. If you make too many credit applications in a short space of time. Then this could negatively impact your credit score. As lenders could think you’re desperate for credit.

So if you’re rejected for credit. Resist the urge to apply multiple times. And to help increase your chances of receiving an approval…

USE AN ELIGIBILITY CHECKER

This is a great way to avoid getting rejected for credit. As an eligibility checker conducts a soft search to show you how likely you are to be accepted for credit before you apply. So you can avoid applying for products you’re unlikely to be accepted for. And in theory you won’t have to make multiple applications before you’re successful.

GET ON THE ELECTORAL ROLL

One of the other easy ways to boost your credit score. As it improves the way you’re viewed by lenders and boosts your chances of getting accepted for credit. That’s because credit reference agencies are able to verify who you are. Which can help you appear to be more stable to lenders. You can register for the electoral roll here. And if you’re not sure if you’re registered, you’ll need to check with your local authority which you can do here.

PAY YOUR BILLS ON TIME

And one of the final easy ways to boost your credit score, is to simple pay your bills. And make sure they’re paid on time. Not paying them on time can damage your credit score as it could suggest to lenders that you struggle to manage credit well. So avoid this by setting up direct debits for all your reoccurring monthly payments and then you don’t have to worry about them.

I hope you found these tips on easy ways to boost your credit score useful. Let me know in the comments below any other tips you have for boosting your credit score.