Well lets start off with some simple steps and also understand how and why your credit score may be low or even bad, but do not worry because below we will show you exactly the steps you can take that will guarantee your credit score to jump up.
We will help you achieve a better score but first you will need to know your current credit score so you can work out what needs to be done. To undertand your score a bit more you can instantly find your credit score by using ClearScore they provide a completely free credit score report service.
We point you in the right direction to help your score jump.
Now you have a better credit score keep using our up to date useful information to always keep on top of your credit score.
Use this link below to apply for a Vanquis Credit Card for people who have bad credit and also receive £25 added to your vanquis account after you have made your first transaction, if approved, this specific Vanquis card has a credit building feature.
Apply for a Vanquis Credit Card
Once you have your vanquis credit card this will add a record to your credit file at the end of the month you opened the account. You need to make sure you make each minimum payment every month succesfully failing to do so will have a negative effect on your credit file and also credit score. Learn more on how to keep a good healthy credit card.....
Mobile phone deals with a sim card....if you've been declined for a mobile phone contract then do not worry, as you should get accepted for a sim only deal contract if you have a bank account, the provider may then upgrade your contract to a mobile phone contract after the initial 12 month contract period.
Below are recommended links to apply for a contract phone or Mobile Broadband contract with the provider (Three)
Apply for a Mobile Phone Contract or Sim only deal with Three.
Apply for Mobile Home Broadband with (Three)
Using LoqBox to help build your credit score.
LoqBox is a really great product that increases your credit score by paying LoqBox a minimum of £20 each month for 12 months then after 12 successful payment you get all your paid installments back in a new bank account or even any bank or your choice increasing your credit score and the good news is this doesn't do any credit check as you will not be borrowing any money.
So how does this work to increase my credit score?
Well once you have setup your LoqBox account and made your first monthly payment your account will then get reported to the credit reporting agencies this can take anywhere between 1 or 2 months and will show that you can make your payments on time and will give other lenders an idea of your financial situation when deciding whether to lend to you or not. (You will need to make sure you keep up your minimum payment with LoqBox otherwise this will have a negative effect on your credit report and score.
(this should be your very first step for gaining a better credit.)
If you have previously been declined for a credit card then you should wait atleast 2 months after using logbox before you attempt to apply for a credit card via our Vanquis link as your chance of acceptance will be much higher once you have a record showing that you can pay back on time.
(REMEMBER... LENDERS LIKE TO SEE PAYMENTS MADE ON TIME, NOT DOING SO MAY HAVE A NEGATIVE EFFECT ON YOUR CREDIT SCORE AND ALSO YOUR CREDIT REPORT!)
Once you've made all 12 payments on time, you'll have successfully paid off your Creditbuilder loan, which could help improve your credit score.https://www.cashplus.com/creditbuilder
Avoid making to many credit applications in a short period of time and try to wait at least 1-3 months before re-applying,
credit searches get added to your credit report regardless if you've been accepted or not and to many in a short period of time will have a negative effect.
Avoid Late payments, late payments will have a negative effect on your report and damage your credit score.
Avoid taking out more credit than you can afford each month.
Avoid applying or taking out any pay day loans, these are dangerous if you cant pay back on time and are also very very high in interest. There are better options available when needing to obtain credit.
Avoid getting any CCJ'S as these will stay on your credit file for 6 years and will dramatically decrease your credit score.
If you drive.....then paying your car insurance monthly can also increase your credit score although paying in monthly installments can be more expensive but yet it's the best option for most of us rather then paying for it yearly in one lump!
Get on the electoral roll. This data helps lenders confirm your name and address, so your score will increase as a result.
Having issues getting a Bank Account?....Then you should really check out Wirex you can open an current account instantly just by using your phone and downloading the Wirex app and with the fast trend of crypto currencies Wirex also includes multiple crypto currency accounts included as standard plus comes with a Visa Debit card that is also contactless.
So as we can see from above there is light at the end of the tunnel when it comes to building your credit score by working on your credit history with various options from opening a bank account or getting a credit card, Logbox loan or sim only deal there are numerous options out there to help build up your credit history in a positive way. (Remember your credit score doesn't go up over night) but providing you are making your payments on time you should start to see an increase over time in your credit score.
You can use ClearScore, Exquifax, Experian or TransUnion directly to check your credit score and report. Mr Credit Expert
Get on the electoral roll if your not already. This data helps lenders confirm your name and address, so your score will increase as a result.
Having a credit card shows to lenders you can make payments and most of all make those payment on time.
Now you have the basic steps in place you should start to see an improvement to your credit score and also your credit report.
Average UK Credit Score
Helpful Credit Building Options
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