Steps to Improve Your Credit Score and Increase Loan Approval Chances in the UK


Improving credit scores is an important task for so many reasons. Whether you want to buy a new house or a new phone, it all comes down to having a good credit score

Today, let's discuss a few points on how to improve your credit score, but before that, let's take a look at why improving your credit score is important.

Why Improving Credit Scores Is Important?

Improving your credit score is an important task because you will get a lot of benefits from it.

 

Whether you want to apply for a mortgage or you have eyes for that new phone, all of that can be done with a low-interest rate if you have a good credit score.

 

The key takeaways from the importance of improving credit scores are as follows:

  • Approved for mortgages and other contracts

  • Low-interest rate offers

  • offers a higher credit limit

 

So, now that we have your attention, let's not wait anymore and discuss all the things you can do to improve your credit score.

 

Do Not Close Any Bank Accounts

This may seem insignificant, but it is very important when you want to improve your credit score.

 

All you need to do is try every little thing that can help you improve your credit score.

 

Having older bank accounts shows the lender that you are more than capable of handling different bank accounts.

 

It improves your chances of getting a loan, whether you believe it or not.

 

Try to Stay In one place.

Another important thing is to stay in one place if you do not own a home. Most of the time, lenders like to look at your living history to see whether or not you are capable of paying rent.

 

And if you like to switch a lot, then it means that you are not good at paying rent on time. So, it only leads to one thing: a low chance of getting your loan approved.

 

Look for Ways to Have an Instant Boost

 

Are you subscribed to Netflix or Spotify? If not then you better start that, because these are the subscriptions that can give you a good boost for your credit score.

 

When your credit card pays for these subscriptions on a monthly basis, they give you an instant boost.

 

How are credit scores affected negatively?

Here are a few factors that affect your credit scores negatively: Let's ensure that you are not doing any of these things.

  • Missed or late payments consecutively

  • Going over the credit limit

  • Not being on the electoral register

  • Having a joint account with someone who has a low credit score or poor history

  • Providing false or inaccurate information

  • Bankruptcy 

LoansDesire: Your Answer to Loan Approvals

If you are looking for a firm that can provide you with loan approvals, all you have to do is contact us.

 

At LoansDesire, we ensure that not only do we provide you with the loans you asked for but also help guide you in the direction that suits your financial needs the best.