The consequences for an individual or a company not having a good credit rating can be quite drastic as they may struggle to get even the simplest of finance.  This can even go as deep as a cell phone contract!  There are many things that you can do to keep your rating at the highest level. Find out some of these here.

Pay Things On Time

When things are due for payment, then it is important you pay it on time.  Failure to do so will directly affect your credit score. One of the biggest negative score impactors of all is the failure to pay your home mortgage account.  Not only are you putting your house at risk, but this will look badly on your score immediately if any arrears are in place.  If you own a number of credit cards, then the suggestion would be to set up a direct debit to take at least the minimum amount. That way you will never forget to make a payment

Don’t Take Cash From Credit Cards

If you go to an ATM with your credit card, you will normally be able to lift cash as an advance.  Not many people know that this affects your credit score but it does.  What it is effectively saying is that you do not have enough cash in the bank and that you are having to get this cash from credit sources. This is not a good sign and as such will affect the score negatively.

Don’t Continue To Apply For Credit

If you are looking to get a loan or finance and make contact with a number of different companies, check to see what type of credit search they are doing on you.  The more searches that are completed on you within a short period will also directly affect your credit score.  The perception here is that you are struggling to get credit, therefore, you are going to many different people to see what you can get.

Check Your Financial Connections

If you have a financial connection with someone who has a poor credit rating, then this also will directly affect your ability to get credit.  This sounds really unfair, however, that is how the system will work. You can, however, get in contact with a credit repair company such as Go Clean Credit to see if there is anything they can do to support you getting back on track.  How to repair a credit report is not easy but the credit repair company can support in challenging incorrect info and improve the score

Pay Credit Cards In Full

If you are continuing to use your credit card and only paying the minimum amount each time, this can have an effect on your credit card.  They will work out how much available you have in total from all your credit sources and the percentage that you are using. If this is a high percentage and there are no signs of you clearing the debt, this will have a negative influence on your score.

Make sure to test out some of our ideas to improve your credit rating.