Improve Your Credit Score

How to Improve Your Credit Score


489.4% APR

Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.

* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender’s rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.


Having a low credit score can impact your ability to take out some types of credit, which is why many people search online for ways to improve their credit rating. You won’t be able to raise your credit score overnight, but there are several changes you can make that will improve your creditworthiness quickly.

What is a Credit File?

Your credit file, sometimes called a credit report, includes your credit history over the last six years, such as the payment histories on any bank accounts, loans, credit/store cards, phone bills and mortgages you may have had.

One missed payment could therefore show on your credit file for the next six years. Each person only gets one credit file, so it’s important that you look after, and protect, your personal credit file.

Tips to Improve Your Credit Score

You can use the tips below in order to help improve your credit score:

Check Your Credit Report

The first thing you should do is review what your credit report looks like – you can do by requesting a copy from one of the UK’s three main credit reference agencies, Experian, Equifax and TransUnion. You can also check your credit score for free at Credit Karma, which is based on the information found on your credit file.

It is important to ensure it is up to date and accurate, any mistakes, such as a wrong address, could be harming your credit score. Remember, lenders look at what is recorded on your credit file, and compare this against the details you provide when you apply for the loan. If this information doesn’t match up, you could declined for a loan.

Make Repayments on Time

Keep up to date with your repayments and try not to make late payments. Even if you are applying for a loan that doesn’t need a high credit score, direct lenders will still want evidence that you will make repayments on time and that you aren’t already overstretched. If they see a patchy credit history that shows missed repayments or bad debts, it suggests that you struggle to manage credit effectively.

Sign Up to a Credit Builder

There are now several great tools and services to help you build your credit score. One such example is LOQBOX, which helps you save money and improve your credit score by giving you a 0% interest loan that you pay off each month. In actual fact, this “loan” is more like a savings account – you simply choose how much you can save each month and start making those payments. Once the balance is reached, you can use the money you’ve saved. According to their site, most LOQBOX customers see improvement to their credit after four payments.

Register to Vote

Register to vote at your current address. Getting yourself on the electoral register not only means you can vote for who runs the country, but lenders often use your electoral details as a precaution against fraud, and to check that you live where you say you do.

Close Unused Accounts

If you have any unused credit cards or accounts that you no longer require, you should consider cancelling them. Lenders may take into account the credit limits available to you, not just what you currently owe.

Don’t Make Multiple Applications at Once

A lender may check and leave a credit search footprint on your credit report each time you apply to borrow money online. Avoid making several applications close together, as this could be a sign of financial hardship to lenders, which stays on your credit file for six years.

Reviewing your credit report and score can help put you in the best position when applying for credit, as well as alert you to identity theft.