fastest way to repair credit score

The Fastest Way to Repair Your Credit Score

The financial choices that you make when you are young can have a long-lasting effect on your credit score and, consequently, your ability to borrow money in the future. And it’s not just borrowing money that becomes more difficult with a less than ideal credit score: you may also find it hard to do the simplest of things, such as buying a new mobile phone on a contract. It’s not surprising, then, that so many people are looking for ways to improve their credit score in the UK but how exactly do you go about this task? What is the fastest way to repair credit in the United Kingdom?

Repairing Your Credit Quickly: What Can You Do Right Now?

There are a number of different ways in which you can improve your credit score in the UK, some of which take longer than others to make a real impact. Listed below are a few of the fastest ways that you can have a positive effect on your credit score:

  • Register to Vote – If your name does not appear on the local electoral register, this will raise a red flag when companies perform credit searches, making it very difficult for you to successfully apply for loans or any other type of credit facility. Fortunately, the solution is easy. You can register to vote online and it should only take around 5 minutes, which makes this one of the fastest ways to repair credit in the UK.
  • Make Overdue Payments Now – If you are behind on payments for loans or credit cards, you should do everything possible to rectify this situation right now. Although any existing late payments will remain on your file for some years, you can at least stop any new ones being added to your credit history. Also, finance companies tend to focus on the last 12 months when evaluating credit records, which means your credit score could start to improve sooner than you expect.
  • Reduce Credit Card Balances and Any Overdrafts You May Have – Revolving credit facilities such as credit cards and overdrafts can be very useful, especially when you are faced with unplanned expenses. However, if you overuse these facilities, it can hurt your credit score. By lowering your revolving credit utilisation rate, you can improve your credit score almost immediately.
  • Stop Applying for New Credit Facilities – If you have been applying for a variety of cards and loans recently, the large number of hard searches conducted by financial institutions on your credit report is likely to have negatively impacted your credit score. By taking a break and not making any new applications, you will give your credit score time to improve.

For more information on the fastest way to repair credit, along with the most effective ways in which you can make long-term positive improvements to your credit report, order your Credit Score Fix workshop now. Simply by following all the suggestions in the workshop, you can make a big difference to your future credit score.