the team have conducted their own research into the aspects that contribute towards a credit rating
(PRWEB UK) 12 September 2012
The experts at UK firm, Dosh Express, are renowned for their comprehensive advice regarding not only their own services but the industry as a whole. In line with this, the team have conducted their own research into the aspects that contribute towards a credit rating and have taken the opportunity to explain to their audience how to use these elements to their advantage:
- Make payments on time. Whilst it may seem obvious (and sometimes impossible), to meet payments on time, late payments have the most significant effect on your credit score. It is worth remembering that the length of time a payment is overdue by has more of a damaging effect than the amount it is overdue by. If payments not being met on time is more often due to an organisational issue than a monetary one than it would be advisable to set up standing orders for outgoing payments where possible.
- Keep unused credit cards open. There is a common misconception that unused credit cards should be closed as soon as possible but in actual fact cancelling a card could stand to lower the score. This is because discontinuing a card also means losing the capacity that goes with it. Length of credit is also particularly important to a credit score, so keeping a card open for longer, even if you don’t use it regularly, could have a positive effect on your rating.
- Only apply for credit when necessary. Certain situations are unavoidable, and sometimes people may find themselves applying for credit or a payday loan out of necessity, but keeping these instances to a minimum is recommendable as opening a number of cards within a short timeframe paints the image of a risky borrower.
- Get a free credit report once a year. Through visiting the three major credit bureaus, Equifax, TransUnion and Experian, users can claim an annual report, free of charge. Be sure to check this report thoroughly for mistakes to ensure that your efforts to improve your credit score aren’t made redundant by accidental false information.
- Regularly assess your budget. Taking time once a month, or once every few months to address your financial strategy and make adjustments as necessary will not only have a positive effect on your personal finances but will provide the platform for a better credit rating.
Dosh Express is the Honest Lender, helping you get to payday. Based in Castle Donington, in the Midlands, the company’s mission is to provide a great lending service to thousands of our happy customers and be a great place of employment for our staff. Please visit doshexpress.com to apply for a loan, and if you are approved cash is usually deposited in your account within minutes, subject to status. Dosh Express, the trading name of Dosh Express Limited, is a consumer lender offering short-term payday loans, is a member of the Consumer Credit Trade Association (CCTA), and is licenced and regulated by the Office of Fair Trading.