Find out why your credit rating is poor
When looking to give your credit rating a fresh start, the first step should be to see why your credit rating is poor. If you aren't sure why you have a bad credit rating, ask for your credit reference file here.
A Vanquis Visa Card can help you repair credit history or if you have little credit history or are new to credit then applying and using a Vanquis Visa Card responsibly can help.
Once you know why you have a bad credit rating you can start looking to improve it. These steps could help improve your credit score:
Register on the electoral roll
Always pay your bills and any credit you have taken out on time. Meeting credit obligations on-time helps improve your credit history and build your credit score.
Pay bills on time
If you are eligible, get on the electoral roll. It only takes a few minutes to register with your local council and is an easy way to build your credit score.
Don’t exceed any credit limits you have
Ensure you do not exceed any credit limits you have as this can affect your credit history.
Never give false details when applying for credit
Giving false details when you apply for credit may lead to criminal liability and is likely to adversely affect your credit rating
Build your credit history with a Vanquis Visa Card↗
Follow these steps to build your credit history and when you check your credit reference file in the future you should enjoy an improved credit rating.
↗To build your credit rating with a Vanquis Visa Card, follow these 5 steps every month:
1. Use your Vanquis Visa Card.
2. Always stay within your credit limit.
3. Pay at least the minimum payment due on time every month.
4. Keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order.
5. Don't take on too much debt elsewhere. You should be able to afford the debt that you have.
There are no guarantees, but if you follow these 5 steps consistently every month, you should be on track to improving your credit history and building a strong credit rating. If you don’t follow these steps, you could harm your credit rating and ability to obtain more credit. If you do miss a payment or go over your credit limit, get back on track as soon as you can by following these 5 steps. The sooner you do, the sooner you can start improving your credit history and building a strong credit rating.