How to improve your credit score
Purchasing a car on finance is a popular option among many young buyers, but how exactly do you build up a good credit score to help you secure a good deal? We have come up with solutions to help you in your search for good credit! Read on to discover more…
What is a credit score?
Your credit score is created from information held in your credit file. Your credit history can affect your ability to get things that would require a repeated payment, such as phone contracts or insurance.
In brief, your credit file will show any outstanding payments you owe to dealers, any missed payments and any County Court Injunctions (commonly referred to as CCJ’s). As having a bad credit score can in fact stop you from purchasing a car on finance, it is important to build a good credit score. So what can you do?
Pay your bills on time
It sounds obvious, but this is one of the best ways to prove to lenders that you are capable of meeting regular payments. You could get a very cheap sim deal that you have to pay back monthly, and this will help boost your credit score
Register on the electoral role
This will take no longer than five minutes, but people who are not on the electoral register find it much harder to get credit.
Check your current credit score
It’s a simple fact, but mistakes do happen! Make sure to check your current credit score and make sure that all of the information there is accurate and correct, as any false information may lead to you having a poor credit score.
Getting car finance when you have a poor credit score can be a challenge, so it is better to take steps to improve your score sooner rather than later. If you are looking for help with car finance in Manchester, then get in touch with the team at Instant Car Credit where we will be happy to help.