Keeping a good credit score is important for a number of reasons. One of the main reasons is that your name will not be ‘blacklisted’. Other reasons are that you will be eligible for higher purchase payments – for things such as cars, mortgages, and catalogues. Without a good credit score your name will be blacklisted, and you will not be able to apply for a mortgage, higher purchases, or catalogues. So it is of paramount importance that one must keep a good credit score. Applying for credit cards are also negatively affected if your credit rating is bad, and this can see you barred from applying for credit for some time.
Your credit rating is also affected if you are late with your direct debt payments. Having a bad credit history will see you cut off – financially – from making most purchases – unless, of course, you can afford to pay straight cash. Keeping a good credit score can be done in a number of ways.
Paying your bills on time on, or before the due date, is one way of doing it. Again, paying your credit card bills, on or before the due date is another way. This also means that you do not have to pay any APR [Annual Percentage Rate] because you have paid your credit card bill on time.
Keep up to date with all your payments for your cell/mobile phones. Even missing just one payment could scupper your chances of gaining credit. So pay all your cell/mobile phone bills on or before the due date. This way you will gain a good credit score, and you will show that you are trusted to pay your bills early – or on time.
Supplying your correct name and address – and how long you have lived at that address – is also enough information for credit agencies to decide whether they should take a risk or not with you. Your place of employment – and how long you have been employed – and also your earnings can all go for you when applying for credit.
Make sure that you are on the ‘Electoral Roll’ – that you actually exist. The Electoral Roll is something that credit agencies check routinely when someone applies for credit for whatever reason. Being on the Electoral Roll is proof that you are a real person, and that you are eligible to vote. Keeping all of your personal details up to date is of vital importance if you wish to gain a good credit score. The points mentioned above will stand you in good stead if you wish to apply for higher purchases, credit cards, mortgages and such like.
Always keep on top of any bills you may have outstanding. Pay them off, on or before the due date. Paying your bills late can go against you, and can see you obtain a bad credit score. Make sure your personal details, such as name, address, telephone number and bank details are all present and correct. And make sure you are on the Electoral Roll – because companies like to know that they are dealing with a real person.