Improving Your Credit Score

My Credit Score

Today for the first time I checked my credit report. It was not as bad as I had expected it will be, considering I have had 1 year 3 months to build it. The score was 728/999 and described as fair on Experia. It was also rated as 3/5 on Noodle another credit rating service. You can check your credit score on Experian for free but you have to cancel the service sine it's only a 30 day trial. Noodle is however free for life.

I discovered that a couple of things on my report were reported as positive and some as negative. The positive increase the score and the negative decrease it.

Positives

1. -          The total balance on my 2 credit accounts (excluding mortgages) is £0
2. -          I use less than 30% of my available credit for groceries and fuel
3. -          I keep up with my payments. I make my payments after at least a week
4. -          I have 0 unpaid debts at my previous addresses

Negatives

1. -          The average age of my credit accounts is 11 months. (This is because I have just settled in UK)
2. -          I have made 2 credit applications in the last 6 months. When you apply and get rejected for credit your scoring takes a hit.
3. -          I am not on the electoral roll. Being on the roll improves the score. I made an application for this last week.

 I would like to work on this score to make it excellent in as short a time as possible. This will help me in my vision for properties as I mentioned in the earlier post.