Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. Loanski.co.uk Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd, for the purposes of obtaining a loan. Loanski.co.uk does not provide any loan or consumer Credit products directly.

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10 Ways to Improve Your Credit Score

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10 Steps to Improve Your Credit Score, Loanski.

Are you applying for credit but finding every corner you turn you’re getting declined and are un-sure why?

These 10 tips will help you find out what problems are causing you low credit rating get you on track to being accepted.

The basics of credit rating scores

Your credit score is not a universally calculated figure between financial companies, each company has it’s own credit rating system that calculates your score for them, some companies use outsourced software to calculate this score. You credit profile can be viewed by yourself and other people and based on what is on the credit profile your score will change. You can view your credit profile for free using noddle.

10 Tips to Improve Your Credit Score

#1. View your credit profile

First step you actually need to check your credit file to see what it contains, a good place is www.noddle.co.uk. Look for defaults and anything you don’t recognise dispute it to have it removed.

#2 Disconnect Yourself From Joint Accounts

If you have old linked bank accounts remove them, sometimes they are still on the credit profile even if you have already removed the joint account. Having connections with other people can effect your credit score especially if they have credit them selfs.

#3 Get on the Electoral Roll Register

I know I know you don’t want to be on the electoral roll but guess what? It helps you obtain credit, lenders don’t know who you are and the ore information they have to confirm your identity helps improve trust and your ability to obtain credit.

#4 Close all old and unused credit accounts

When trying to get a loan or any other credit lenders take into account the amount of credit currently on your file. If you old credit car account, mobile contracts etc make sure they are actually closed properly. To do this you will have to actually contact the company.

#5 Avoid making late payments

If you can help it you really need to keep your accounts in good standing by not missing payments, if you find you cannot afford a certain bill anymore ring the company and ask for help. Don’t just cancel direct debits! This is a sure way to destroy your credit score.

#6 Pay off your debts

If you have defaulted accounts or outstanding debts then try your best to pay these off, doing this will prove you’re willing to repay which is really helpful in letting lenders know they can trust you.

 

#7 Build Credit With a Credit Card

No credit is bad credit! If you have never actually had credit then how can a lender see if you’re reliable with payments? Just simply having a credit card that has 0% interest on purchases for 30 days. Buy your everyday items with it but pay it off right away. You will not pay interest but will show you can manage your credit repayments. If you get a card with cash back benefits you can save money to!

#8 Get a Pre Paid Card

Credit builder pre paid cards are a great affordable way to boost your credit score, they can cost around £5 a month for 12 months but once the term is finished you have a completed account on your credit profile which is only £60.

#9 Slow down the applications!

Your credit profile wont show if you’re declined credit but it does show if you have applied. Having many applications in a short period of time can reduce your chances of getting credit. If declined its sensible to space out applications over a week.

#10 Are Your Addresses Matching?

Make sure all addresses, banks, bills, credit accounts, electoral roll all match up. If there is scattered address information it can put lenders off and something may look fishy.