How to improve your credit score – 30 tips from an expert | Personal Finance | Finance

Having a good credit score demonstrates an impressive history of paying debts. It is also checked when you apply for a credit card or loan, or when you make a large purchase such as getting a mortgage on a house. Here’s 30 ways to improve your credit score – 15 before the New Year and 15 after, according to Ocean Finance.

15 actions you can take to improve your credit score immediately

  1. If you rent, ask your landlord to put you on the Rental Exchange Initiative to show you pay rent on time.
  2. Check your address is correct on older, active credit accounts, as this helps with accuracy for future credit.
  3. Add a landline number to credit checks to prove stability.
  4. Get your name on household bills, even if you’re in a house share as this proves you make payments on time.
  5. Get on the electoral roll to boost your score by around 50 points.

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6. If you can’t register to vote, get proof of residency to have it added to your credit report.

7. Make sure all of your direct debits are paid on time.

8. Don’t withdraw cash on a credit card, as you’ll have to pay interest fees.

9. Think twice before agreeing to be financially linked to those with bad credit.

10. Disassociate yourself from previous financial partners by closing joint accounts, mortgages and more.

11. Use calendar reminders to stay on top on your finances so you don’t miss a payment

12. Pay off your debt with your savings if you have any, as this will save you interest.

13. Be frugal, and live within your means so you’re more likely to borrow less. 

14. Check your credit report for mistakes, and contact the credit reference agency directly to fix any you find.

11. When paying your credit card, pay more than the minimum if you can.

12. In addition, two payments per month on credit cards, as this suggests you’re paying over the minimum.

13. If you’ve suffered financial problems in the past, consider a prepaid card where you load the card up with cash and use it like a credit card.

14. Pay off existing debt before applying for more credit whenever possible.

15. Pay for your car insurance monthly by Direct Debit as opposed to one annual payment.

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