Improving Your Credit Rating – Part 2
Following up on last weekâs article, âImproving your Credit Rating â part 1â, this week will take you through a few more steps to build up, improve or maintain your credit rating.
1)Â Order a copy of your credit report
Itâs wise to order a copy of your credit report every year in order to monitor any activity and changes. There are a few reasons why you should do this annually. First, itâs easier to remember how much credit you applied for in one year, as opposed to two or more years. Youâll be more up-to-date on your financial happenings and end up jogging your memory less. Second, itâs also easier to chase up on inaccuracies or errors sooner than later, should you spot one. On that tip, you wouldnât want any errors to remain on your credit history in case they are detrimental to your credit score.
You can order one free copy of your credit report annually. There are a number of sites which can be found on the web that can assist. Iâve listed a few below, but they arenât all free:
http://www.annualcreditreport.co.uk/Â Â Â Â Â Â http://www.experian.co.uk/Â Â Â Â Â http://www.equifax.co.uk/
Order your credit report at the same time every year, like when you do your taxes, or on your birthday, then youâll be sure to be consistent and never forget.
2)Â Learn which credit applications leave soft versus hard footprints
There are two different types of marks that result from inquiries into your credit, or a credit check. Whenever you apply for credit, this leaves a âhard footprintâ. This will show all other lenders exactly when and at what intervals you have applied for credit. If youâve applied for a lot of credit in a short period of time, then you could come across as a high-risk customer because you appear desperate for money. You want to limit the number of times that a credit check is run on you in order to avoid the negative effect of such a situation.
In contrast, a soft footprint will not have the negative impact as that of a hard footprint. Soft footprints are left during address verifications or if a credit card company wants to send you a credit offer.
Always ask beforehand if a lenders credit check will leave a mark on your credit history.
3)Â Donât apply for credit with a âfriendâ
This may sound silly, but never apply for credit or co-sign a loan for a friend or acquaintance. Be sure that you know exactly who you are dealing with because you will be very sorry if they leave you high and dry with a load of debt. Financial transactions that will impact your credit score are not to be taken lightly.
Keep on top of your credit score and be aware how loans and other financial transactions affect your credit. Short term loans with Wonga are one way to improve your credit score slowly. Wonga does a credit check and reports their findings to UK credit agency, Callcredit. Use Wonga responsibly by repaying your online loan on the promise date or early. Wonga offers borrowing advice and budget tools on its website.
Wongawoman
http://www.articlesbase.com/credit-articles/improving-your-credit-rating-part-2-715374.html
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