Do you know what your credit score is? Find out for free!By Sj.Cliff
The world of credit and credit scores can be confusing. Your credit score is taken into account on any money you borrow in the future, so knowing about how your credit score could affect you is important. Luckily, credit comparison experts TotallyMoney.com are on hand to help.
If you are anything like me, not only do you not have any idea where to get your credit score, you haven’t got a clue what it is.
Companies use a credit score every time you’d like to get a contract mobile phone, loan, overdraft, credit card, or even monthly car insurance. This check is to see how likely you are to pay the money you’ve borrowed back. The higher the number, the better you are to lend money to, the more likely you can get that loan!
Scoring systems are never published and, in most cases, you have to pay to see them – not ideal if you’re trying to save!
TotallyMoney.com ‘s brilliant free tool can not only show you your credit score but provide you with ideas to help improve it! Simply enter your information and the form will calculate your credit score, flag up where your issues may be and suggest ways for you to make it better.
I gave it a go and, after my uni overdraft and a few missed phone payments, my credit score didn’t look too peachy. Now don’t be scared if your credit score is low too! Having a bad credit score DOESN’T blacklist you – credit can be improved.
Here are the most important tips TotallyMoney.com, credit comparison experts have bought up:
• Get on the electoral register! Whether you’re in your uni digs or back at home, being on the electoral register in your area is key for getting credit.
• Get a credit card! Yes, credit cards are usually bad, but without them you have no credit history. Get a starter card and make sure you pay off you balance in full each month and your credit rating will start building up. You can set the limit lower than the credit card company suggests.
• Don’t miss a payment! Missing a payment kills your credit score. The more you miss the less likely a lender will trust you to pay the back. Try setting up a direct debit to get rid of your bills as the come.
• Get a job! Having a steady wage will not only make your pocket happier, but it shows lenders you have a way of paying them back.