How to Improve Your Credit Score Scale

There are a number of factors that will affect where you are on the credit score scale and there are a number of ways that you can improve this number. You should aim to be above 770, so that you are likely to get any type of credit with the best interest rates. However, above 700 will usually help you.

If you are below the 700 mark of the credit score scale, you will find that you struggle to gain any credit with the decent amount of rates. However, that does not mean it is the end of the world and you will be able to improve your place on the credit score scale.

Around 30 percent of the credit score is based on your credit history and the debt that you are currently in. While this may seem like a low amount, it is something that you can start doing something about. You will need to start by budgeting and paying off your debts. Even if you are making small and affordable payments, it is better than not making any payments at all and will show that you are getting on the right track. Just getting your credit card to 30 percent of the limit will improve your credit score range dramatically.

Debt consolidation loans could be consider, if you are able to get the best rates with your current credit score scale. However, they should not be the first thought that you have. This can harm your credit rating because you will be proving that you are financially unstable. Also, applying for lots of cards and loans will also affect where you are on the credit score scale.

Now you will need to look at other factors to help your credit score scale. Something that has been known to help is ensuring that you are on the electoral role at your current address. You do not need to vote but you do need to be registered. It is very easy to be registered; most of it can be done online now. The electoral role is used asa way to check your identity and prove your address.

Next, you will need to look into options to prove your stability. Opening a joint account with your partner can help improve your place on the credit score scale. Not only could your partner’s score help you, but you will also show that you have two incomes coming in and that you are financially linked to somebody else. Being married will also have a similar affect on your place on the credit score scale.

You need to stay in the same job as much as you can. This will show your stability and will mean that you are considered as a lower risk. If you are constantly in and out of jobs then you will find that your place on the credit score scale suffers; lenders will be worried that you will quit your job and find yourself unemployed so will not be able to make the repayments.