Advice and Tips

Why improving your credit score can help you

Latest Motor News // 16 February 2017

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Improving your credit score is a lengthy process. It requires time management, financial awareness and organisation skills. It will take time to improve, and if you’re at a bad credit period looking for car finance then you’ve come to the right place. We would be happy if we could help you.

In the meantime, here are Moneybarn’s tips on improving your credit score.

Using your credit card wisely

Using a credit card comes with its own set of obligations. Always be wary when using one as it has a high effect on your credit score. Late or missed payments should be avoided, as this will negatively impact your credit score for up to a year.

Registering to vote

Registering to vote can be beneficial for a number of reasons, including enabling you to get insurance easier, open certain bank accounts, get a passport, etc. It also helps you by getting your address verified. It makes checking your credit rating a lot easier as well, as the electoral roll is normally searched whenever you make an application. This also helps lenders to comply with fraud regulations.

Severing old ties

Having joint bank accounts with an ex-partner that has poor credit history could have a negative effect on your own credit history as well. Make sure to get in contact with your credit agency to dissociate yourself from the other person in question.

Fixing any wrong information

Ensure that your address, contact details, work status, or any other relevant information is updated every time any of the aforementioned changes. Any wrong information appearing on your name might delay the process of you getting a car on finance. Make sure all your information is up to date and correct so that your credit history is right.

Bad credit does not mean no credit

Having bad credit is not a complete cause for concern. You may be wondering if any car finance companies will lend to you if you have a poor credit history. Moneybarn specialise in dealing with bad credit and car finance, so there is no need to worry.

At Moneybarn we have a car finance calculator so you can see how much finance you could get without running a full credit search. Depending on your credit score and your personal circumstances you could be eligible for up to £25,000 in vehicle finance.

Knowing you have bad credit can actually be useful. It will potentially save you time, and you can avoid unnecessary credit searches that will show up on your profile. You can do this by going to a lender that specialises in bad credit, such as Moneybarn.

Have you found the car of your dreams, but need help to buy it? At Moneybarn we might be able to provide car finance for both good and bad credit. You can always get in touch for some personal advice.