Top ways to improve your Credit score fast & quickly || Financial tips

If you live in the UK, you must have a credit card from a company, and there is a particular score for it. In this article, I am going to tell you how you can improve your credit score. It is must that your credit score must be in the categories of excellent.

WHY IS IT IMPORTANT TO HAVE A GOOD CREDIT SCORE IN UK?

Suppose you are a new resident in the UK and do not know why it is important to have a good credit score. Having a good credit score will let companies determine how much money they should lend you as a loan. Basically, the score of your credit shows your trustworthiness of you to the company. In order words, a credit score increases your trust level to the company/bank that you are trusted enough to get the loan. The score will also decide the interest rate and how much interest rate a company should charge you. So, it is vital to maintain a good level of credit scores in the UK.

More Score=More Money

More SCORE= Low-interest rate

Some ways to improve your credit score in the UK very fast:

1. Pay your bills on time: It is one of the essential ways through which your credit score will boost up from fair to good or even to an excellent level if you pay your bills on time. People sometimes miss paying their bills on time, and this sorting of missing undoubtedly affects their credit score. So the very first thing to improve your score, you must pay your bills on time or else your level of credit will go down. And if it goes down, then it will take plenty of time to bring up your credit score again on a reasonable level.

2. USE A BARCLAY BUILD CREDIT CARD:

A Barclay credit card will enhance your credit score in the UK. Though it is charged high interest, it will increase your credit score rapidly. This credit card provides many benefits to its holder. Thus, a Barclay credit will help you to improve your credit score fast.

3. REGISTER YOURSELVES ON THE ELECTORAL ROLL:

By registering yourself on the electoral roll can be helpful to increase your credit score in the UK. It is one of the reputable forums where you provide your relevant information there. And when you apply for a loan, the company/ bank can quickly get your details and locate your location using this platform. Moreover, they will also find you financially sustainable enough if you have a fixed or permanent residence. It is vital that you must register yourselves on the electoral roll in the UK.

4. MINIMIZE YOUR CREDIT CARD APPLICATIONS:

Avoid applying for credit cards to multiple companies in the short section. It is one of the worst things that lenders do not like that you are applying for 3 or 4 credit cards simultaneously as it manifests that you are not financially stable. So, it will be best to research the best available options for you before applying for a credit card, and in this way, you can confine the number of credit cards.

5. AVOID PAYDAY LOANS:

Payday loans can become the cause of affecting your credit score. People think that Payday loans are the way to increase the score, but it is actually not. It will also reflect the poor money management to the money lenders. So, do not take payday loans on your credit cards.

6. AVOID CASH ADVANCES ON YOUR CREDIT CARD:

If you want to improve your credit score rating, do not withdraw cash from the credit card. However, people think it does not affect the score, but it does. It is a kind of mismanagement in which money lenders consider you as a poor financial manager. Besides this, withdrawing money from the credit card will cause a high-interest rate, so avoid yourself from this and keep yourself confined in this regard.

7. Challenge your Credit Report:

If you are checking your credit score, and there is any derogatory or negative note or report below your credit score, you must respond to it as soon as possible as it will badly impact your score. You can challenge the derogatory notice of credit scores in the UK through various ways by contacting credit card representatives or financial ombudsman service. They will surely help you if there is a genuine report you believe should not have been there. But if you are late or missed the payment, you do not need to challenge this notice, but it is your fault, and it will automatically be solved once you pay your liabilities as it is your fault that you missed the payment or paid late.

8. STAY WITHIN CREDIT LIMITS:

You can increase your credit score easily by keeping the balance as low as you can. It seems good that you owe less amount what you can borrow. In this way, your credit score will enhance.

These are some essential steps by which you can improve your score fast. So if you want to know to check your credit score for free, then here are some websites where you can check the score free of cost.

WEBSITES TO CHECK CREDIT SCORE in the UK:

1.EXPERIAN

2. EQUIFAX

3.CLEAR SCORE

4. HSBC

WHAT IS THE GOOD CREDIT SCORE ?