Your credit rating is important -
it's your own, personal financial identity.
Lenders will use your rating as a basis for deciding whether to lend you money, how much to let you borrow, and more importantly, how much interest to charge you.
There are both short and long term ways to improve your credit rating, as we'll list below:
First, it's best to cover exactly what affects and impacts your credit identity.
Any of these can damage your rating:
-High levels of existing debt
-Making late payments, or missing payments altogether
-If you get a CCJ (a County Court Judgement)
-If you open credit card accounts that remain unused
-Moving home frequently
-Applying for lots of credit all in one go
There's many ways to improve your rating, both short a...