When you’ve had problems with borrowing, it can be difficult to know what your next steps should be. How can you improve your credit score and get back fighting financially fit?

This week (12-16 March 2018) is Credit Strategy’s Credit Awareness Week and it’s about just that – understanding what your credit report says about you. And by making a few simple changes, you can start to work towards sustainable financial wellbeing for the future.

For Credit Awareness Week, we’ve put together some easy and quick tips for you to start rebuilding your credit history.

Top tips on how to improve your credit score

You might think you won’t want to borrow again if you’ve been in debt – and that’s fine. If you don’t need or want to borrow, you don’t have to and it might mean you’re more able to assess the pros and cons of different forms of credit better.

But a good credit history isn’t just helpful for more borrowing, or for accessing better interest rates. If you improve your credit score, this can help with all areas of your finances. Whether you want to rent a flat or get a mobile phone contract, see who can check your credit report in our blog.

Here are our top tips on how you can start to improve your credit score.

  1. Prove your address. No, voting won’t improve your credit rating – that’s a credit score myth. But registering to vote gets you on the electoral roll and this can improve your credit score. It means services can verify your address and they could be more likely to trust you.
  2. Stay in one place. If you move house a lot, lenders could think you seem inconsistent. So, try staying put for a while and this can make you seem more dependable.
  3. Close older credit accounts. If you have loads of credit available to you, you could struggle to get any more in the future. Close any credit cards you never use to cut your available credit.
  4. Check your report for free. You don’t have to pay to see your credit history – you can get your credit report for free. This means you can see if anything’s there you don’t recognise. And if there is, contact the credit reference agency responsible to fix it.
  5. Don’t make lots of applications. Applying for credit lots of times over a short period can make it seem like you’re struggling. This can mean lenders are more likely to reject you. Instead, if you’re applying for credit, run a soft credit search so there’s no mark on your credit history.

What is Credit Awareness Week?

Credit Awareness Week is an annual campaign from Credit Strategy. They’re aiming to remove the mystery around credit scores so people can understand what their credit reports say about them.

Credit Strategy have a range of guides and tools on their site all around helping you understand your credit score. So, if you’re refused credit in the future, you should know why this has happened.