How to Get a Good Credit Score
If you know that you are suffering with getting credit because of your credit score, then you may want to find ways to get a good credit score. There are a variety of ways to be able to get the good credit score but some are much easier than others.
The first thing that you will need to do is stop moving home. The more you move, the more unstable you look. There may be reasons why you want to move home or that you have to but you should try to limit it as much as possible. The problem with moving home is that many people forget to register themselves on the electoral role, so make sure that you do this when you do move home.
Owning your home or getting a mortgage can often help to improve your credit score. This is because you are more stable and are able to prove that you can make the regular monthly repayments. However, this can be difficult if you do not have a deposit or have a bad credit rating. You may find that it is better to stay in one home for a long period of time while you save up your money and get a good credit score.
Opening a joint account with your partner will also help you get a good credit score. While you may find that you double your debts, the companies will see that you are doubling your income and are more stable. This helps you look like you are a lower risk when it comes to lending. Even if you are married, you can help your credit score. So, rather than sticking to the two single accounts, take out a joint account today and join your spending together.
If you have not done already, then you will need to take out a credit card. This is an excellent way to prove that you can borrow money and then pay it back. Do not worry about the interest rates on the card; this is only if you are not going to pay the money back in full each month. Only spend the money that you know you can afford anyway and buy items that you would usually buy. Use the card and then pay off the balance in full when the statement is due.
Payday loans can also help you gain a good credit score. This is simply because you will be able to show that you can borrow money and pay it back on time and works similar to a credit card. However, if you do not pay the loan back in full by the end of the month, you will damage your credit rating so you should only borrow money that you can afford.
Getting a good credit score does not mean that you should stop trying. Most lenders prefer someone to have a very good credit score, which is above 770. This is something that you should strive for so that you do not need to worry about who you can borrow money from.