Tuesday, 7 July 2015

Taking Steps To Improve Your Credit Rating

When it comes to finances there is joy in actually paying off a balance knowing that it is at zero , and while I am puzzled that they are sending me a statement saying I owe £0.00 I am over joyed. This time I am not going to go and start my balance again with this certain catalogue company. I am slowly improving my finances and in doing so improve my credit rating which I am has taken a bashing over the last few years. It is important to keep things under control in order to maintain a good credit rating and I am talking about this in collaboration with TSB

In fact as I am starting to take more controls of my finances with budgeting, I am thinking of of bigger projects within my household such as a new kitchen next year.

Why is it important a credit rating so important ?

Our credit rating affects our lives not just when it comes when lenders look at this when we ask for  to mortgages, loans and credit cards. Also your credit raring can affect mobile phone contracts, car insurance banks accounts and much more. Life however isn't smooth but there are steps we can taken to help iron the situation.

Practical steps I am taking to get credit fit as it is important ! 


1. Prioritising my debts I am getting out those bank statements  and bills and listing my debts from the highest to the lowest .

2. Don't be afraid to talk to your creditors ( it really doesn't need to be that scary ) I did and feel so much better for it.


3. Sometimes it can be good to take a loan and consolidate your debts  ( this should always be done with full financial advice as your don't want to be in a situation where you can't afford to pay it back)

4.  Get help  You could try a debt remedy tool which offers great advice and reassurance that you aren't alone in your situation. You could also look at the Government's  Money Advice Service

5. Set a deadline , there is nothing like a deadline to keep you on track . Once you have set a deadline then you know how long it will take you to clear that debt. One thing is if it seems like a long time , don't get down hearted as the way I see it and any creditors will you likely see you  are taking steps to take control of your finances.




Other steps to improve your credit rating.

 Make sure you get on the electoral role ( even if you don't want to vote)

 Make sure the facts about you are correct.

 Make sure that anyone associated with your address such as an ex partner or spouse is not linked to you , then write to the credit reference agencies and ask for a notice of disassocaition.

 Get rid of any used credit card , in fact I have just shredded one that had a nasty high APR it was one I no longer use.

  Pay your bills on time  , I ensure this by using direct debits it displays to the lenders that I have good money management skills.

 Having had previous issues with credit cards , I now only use them for small amount and make sure I

pay them off in full in each month. For me I make sure I never go over £50.



I am looking forward to my summer holiday this year without having to worry about my credit situation.

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