Debt Management and Your Credit Score

How To Increase Credit Score

If you want to be accepted AND pay less interest along the way, improving your credit score is the answer!

If you’ve got a good credit score, not only will you be accepted for credit, you’ll also be offered the best deals. If you want to be accepted AND pay less interest along the way, improving your credit score is the answer. We discuss how to increase credit scores and give you useful hints and tips.

Lots has been written about credit scores and how to fix a problem, but how much does each factor really contribute? Here’s a closer look at the how to improve credit scores and what really matters.

Missing or Late Payments

Everyone knows that late payments aren’t ideal but do they really make much difference to your overall score? If you miss or are late with a payment, you could be surprised at just how much it affects your rating.

Although the way your score is interpreted varies from one lender to another, your payment history makes up a whopping 48% of your total score. This means it doesn’t take much to knock down your rating, even if you eventually catch up with any missing payments.

Any late payments will show on your credit file for up to 6 years but most lenders take into account how recent the missed payments were.

Top Tip: Contact your lender as soon as you know you will be missing a payment. If it is a one off it shouldn’t cause too much damage but if your situation has significantly changed then you may need to arrange a repayment plan rather than having a Default.

The Utilisation of Your Available Credit

Put in a nutshell, if you’ve maxed out all of your credit cards and are looking to borrow more, lenders might feel a bit dubious about whether you can really afford it. Up to 21% of the total credit score is based on your utilisation of existing credit.

This doesn’t just include credit cards but also takes into account mortgages, loans and overdrafts.

Top Tip: If you currently owe less than 30% of the total amount available to you your credit score could increase by as much as 90 points, according to credit agency Experian.

How Long Have You Been Borrowing For?

This isn’t a factor that many people consider, but it’s worth another hefty 21% of your credit score.

If you’ve been borrowing for a long time, that’s not a negative factor as you might expect. Quite the opposite; long-term credit shows that you’re capable of managing different types of debt and are reliable with repayments.

Lenders aren’t keen on seeing customers who hold lots of short-term lending, or those who constantly switch between different companies. Stability really counts for a lot.

Top tip: Think twice before you go chasing down the latest deal elsewhere or closing your existing credit accounts. 

What Won’t Count Towards Your Score

Although the above factors will play a significant role in your credit score, there are some things that won’t make any difference.

Open a Suits Me® Account Regardless of Your Credit Score

Here at Suits Me, we have helped and opened thousands of accounts for people with bad credit scores, we will be able to provide you with an easy way to manage your finances and boost your credit score! 

Our accounts are personal accounts that work similarly to a traditional bank account. You’ll gain access to an online account and our mobile app, where you’ll be able to manage your money on the go, 24/7.

We offer a whole variety of banking-like features including:

  • The ability to set up standing orders and manage direct debits,
  • Send money within the UK via a transfer, international transfers are available via a partner in the Suits Me® app,
  • Gain access to our exclusive cashback reward programme where you’ll automatically get a percentage of your money back when you use your Suits Me debit card with our retail partners.

Opening a Suits Meaccount takes 3 minutes and you’ll gain access to your online account immediately so you can start managing your money. We don’t ask for verified proof of address or run a credit check. We accept 9/10 of all applicants – so if you’re looking for a suitable alternative solution apply today!

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