SIX SIMPLE STEPS TO BUILD YOUR CREDIT RATING
1. Register on the Electoral Roll
If you’re eligible, get on the Electoral Roll. It only takes a few minutes to register with your local council and is an easy way to help your credit rating. Contact your local council for information on how you can do this.
2. Pay your bills on time
Always pay your bills on time. This includes credit card, loan, catalogue, mobile phone, utility and mortgage payments. Paying your bills on time helps you improve your credit history and build your credit score.
3. Don’t exceed any credit limits you have
Ensure you do not exceed any credit limits you have as this can affect your credit rating. Again, this includes credit card, loan, catalogue, mobile phone, utility and mortgage accounts.
4. Never give wrong information when applying for credit
Giving wrong information when you apply for credit is likely to adversely affect your credit score.
5. If you have a poor credit rating, find out why
If you aren’t sure why you have a poor credit score, ask for your credit reference file (go to vanquis.co.uk/understanding-credit for more information on how you can do this). Once you know why you have a poor credit score you can start to improve it.
6. Build your credit history with an Aquis credit card
We’ve designed our Aquis credit card especially for people who are looking to build or rebuild their credit rating. Even if you’ve been turned down elsewhere, we might still be able to help you. If you manage your card by keeping to your credit limit and staying on top of your payments, you’ll be able to build your credit history and improve your credit rating.
Remember: To build your credit rating and be considered for credit limit increases, use your card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and make obtaining credit more difficult.