Jon's Blog

Practical tips to help you improve your credit rating and avoid expensive high interest loans

3 Way To Improve Your Credit Rating

This is just a very quick post on three ways to improve your credit rating.

(1) Stop applying for Credit

Evey time you apply for a loan, the lender will put a mark on your credit file that they have credit searched you (to see if you are suitable to lend too).

One or two marks are fine, but it does not look good if you have lots of credit search marks and this will also actually reduce your credit score.

So where possible stop applying for credit, and make sure before you apply that you are likely to be accepted.

(2) Negotiate With Existing Lenders

If you have an existing loan with a lender, and there are missed payments, it is possible to get that lender to remove the missed payments form your file.

You have to negotiate with the lender and say if they remove the missed payments marks from your credit file you will pay back £x.

The downside to this unfortunately is that you do need to have the money to pay back some or all the outstanding loan.

(3) Get A Credit Builder Pre-Paid or Credit Card

These types of card are specifically designed to help you to re-build your credit file.

There will typically be a small monthly payment to make a month (£5 per month), but this is marked on your file, and will start to improve it.

Though remember that your credit file goes back 6 years, so the sooner you can take action to improve things the better.

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Find out your credit rating

To cover all bases, paying a visit to the Checkmyfile website will allow you to view the UK’s only multi-agency credit report.

Once there you will have two options. You can sign up for a one off 30 day FREE credit report, please click here. Alternatively, if your FREE period has expired, you can order a comprehensive credit report for a single payment of £19.99 by clicking here.

The details contained within your report will provide an insight into the likelihood of your ability to secure a standard personal loan.[/vc_column][/vc_row][/vc_column][/vc_row]

Value Loans From The UK’s Best Bad Credit Lenders

If your credit report has highlighted a poor credit rating, we can offer you a range of specialist poor credit loans from the UK’s top lenders.

Our quick process has one easy to complete application will then be sent out to each of our lenders.

Why not use our Loan Calculator to work out how much you can afford to borrow, and then use or quick loans application to start the process.

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Jon Edward
Jon Edward
Passionate about helping people find options, when on first glance there do not appear to be any.

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