Sometimes we find that our credit score is not quite what it should be or what we’d like it to be, yet the world we live in often requires us to secure credit in a matter of days; so, what can be done? Fortunately there are a number of ways to boost your credit score very quickly – here are a few essential steps to getting back on the credit ladder in no time at all!

Have a Look at Your File

There are specified agencies that hold details of your credit score and outstanding loans – you need to keep a close eye on what goes on in these vital reports as there is every chance that inaccurate reports could be influencing your score. For a small fee you can get hold of these reports and take action to rectify problems, thus boosting your score very quickly as a result.

Pay Down Your Balances

This is a simple and very useful method of raising your rating, and one that should be carried out on a regular basis in order to maximise your score. The trick is to make sure that the balance on any cards that you hold is within a quarter of the total credit limit. This way you keep the balance within a limit that the credit agencies and lenders see as satisfactory in terms of credit management. If possible, use your credit card every month and pay it off every month, this will show lenders that you can manage and afford credit. Your score will rise thanks to good management practices.

Work with the Lender

People are often reluctant to talk to their lenders and leave concerns unsaid through fears of a clash or detrimental outcome. One frequent cause of a less than satisfactory credit rating stems from a simple problem such as late payment. A single payment that misses the required date can have an adverse effect on your rating. Sometimes it is possible to get a lender to remove a negative report generated by such a one off situation, and this can be very helpful in terms of your credit rating.

Keep your File Updated

Many people are unaware of what is contained in their credit rating report, yet this is information that can be absolutely influential on the likelihood of being granted a loan, a mortgage or even credit cards. There are time limits applied to how long negative reports can be held on your file, yet many times these are not removed automatically. By checking your file regularly you can make sure that outstanding reports for which the time limit has passed, or those that have been cleared but are still listed as not so, can be removed.

We all rely on credit of some form at many points in our lives, and making sure that your credit rating is as satisfactory as possible is added assurance; the above are just a few tips that can help you to boost your credit rating – in the space of a week!

Author Bio: Hi, my name’s Dean Thornber and I write about PPI claims and bank charges at www.PPIClaimsUK.co.uk a UK based blog in the financial claims sector. I also write about personal finance, house sales, repossession and business finance.

Category: Finances
Keywords: personal finance, credit score, credit file, credit rating, loans