Student finance - Credit score? Watch
As I'm young and haven't had many (any) direct debits or contracts, my credit score is low so I'm looking for ways to increase it.
Would it be increased with these payments, if they're all made on time?
Any other ways to increase the credit score?
To improve your credit score ensure
- You're registered on the electoral roll. This is a huge contributing factor towards getting a decent credit score
- The average age of your credit accounts is greater than 33 months. (Basically don't start opening a ton of credit accounts)
- Your credit limit is a minimum of £1000
- Your youngest credit account is at least 6 months old
- You are using a low percentage of available credit
- You are making regular payments to your credit commitments on-time
- To increase your credit limit as high as you can.
- Increase your overdraft limit
Check your credit rating using experian or equifax. Many financial organisations use them to assess your credit rating. However, be aware that every lender has their own credit scoring system on top of your experian / equifax score, meaning every lender will give you a different decision.
Source: Experience (999 rating) + Experian