I’ve suffered with money problems, how can I improve my credit score?

Help & Advice

You can do this in a number of ways.

No matter what your financial situation, you will help boost your current credit score if you are registered on the electoral role and that any current credit in your name, e.g., credit cards, are registered at your home address. Whenever you move address, be diligent to update details with lenders and re-register to vote. You can do this here

Another thing to do is set up direct debits for your household bills, to ensure you don’t miss any payments. Over a few months, this will indicate to a potential lender that you are up-to-date with your on-going monthly overheads. In addition, you could get what is known as a rebuilder credit card. These offer you a smaller credit limit that other credit cards so you are more likely to have your application accepted and, by using it to pay for small cost items that you can pay off easily, you again show lenders you can manage your money wisely. These cards have specifically been designed to help people improve their credit score but most card issuers state you must not have had any bankruptcies in the last 12-18 months to be eligible.

If you have a default recorded against you, it may help your chances of approval, when applying for new credit, by adding a ‘notice of correction’, to your credit file. This is a statement of up to 200 words in which you can offer an explanation as to why this happened. Lenders will review this in determining whether to accept your credit application.

With a default recorded we also recommend making contact with the lender in question and make the effort to pay them off, no matter how small a contribution you can make per month. By reducing or satisfying your default balances you will be viewed more favourably by a potential lender.

If you’re worried about your current credit score, we’d recommend gaining access to your report. Clear Score offers access to your score and report for free.

Want some more advice? Why not read our blog on improving your credit score here.

Arrange a call back

Opening hours:
9am to 8pm Monday - Friday
9am to 6pm Saturday
10am to 6pm Sunday and Bank Holidays