Improving Your Credit Score in 2023
It’s no secret many people struggle when juggling their finances. As a matter of fact more people than you realise fall upon hard times at some point in their lives. Whether it be a small amount or large amount, maybe your outgoings are larger than your income. It becomes stressful and hard not to worry. It’s important that you understand and sort them in a way that suits their needs. The current cost of living crisis 2022/2023 has left many with poor finances and having to adapt their way of spending and many in financial difficulty with so many people turning to payday loans and quick fix solutions with sky high interest these often lead to more problems so why not try to improve your credit score?
People don’t realise credit scores play such an important role in everyday life its used by lenders to determine if your the right person for them to give credit to when considering accepting or declining your offer and also affects the interest rates you pay. It’s important to keep your credit score as high as possible this means paying creditors on time here’s some tips from us at Forward Finance to help you along the way in 2023. Keep reading below to find out more about some of our top tips for improving your credit score.
Correct Any Errors in Your Report
Your credit report holds a lot of information about you and your finances, errors and mistakes can affect your credit score enormously and could jeopardise whether you’re accepted for credit. It’s important to check your score regularly Clear Score allows you to check your score and make updates for free. Experian is also a good one. You should look out for late payments that are incorrect and personal information that is wrong about yourself and any accounts that shouldn’t be there.
Pay Your Bills On Time
The most sensible and easy way to show any credit lenders that lending to you is a good decision is simply pay your bills and debts on time this will surely help build your credit score . If you’re finding it difficult to manage your current finances then missed payments will appear on your credit score and will be available for lenders and creditors to access for six years.
Build Up Your Credit History
It’s massively important to build a good credit history when looking into financial guidance. Your credit history keeps track of how you have used previous credit from lenders, Did you keep up with payments? Did you pay on time? These are the things that will be looked at when anyone accesses your credit score and makes a decision. If you have no credit history it’s usually hard to build or access credit this can be a challenge for some, don’t be too disheartened as there are bank accounts out there that allow you to build and repair your credit history.
