How to Improve Credit Rating if Declined Before?

Before we learn how to improve credit rating we need to know why credit rating is given so important and why it is one of the most search query in search engines all over the world. If you are looking to purchase anything on credit, your credit file or your credit rating will be check with information about you stores by Equifax, Experian, CallCredit and other credit checking agencies in UK. In this article we will learn some of the most important factors that will teach you how to improve credit rating and what steps you need to follow to improve it.

How to Improve Credit Rating if Declined Before?

How to Improve Credit Rating

Whether you are applying for a pay monthly mobile contract, sim only contract, mobile broadband contract, loan, mortgage, credit card or anything that are associated with credit the chances of you getting accepted or declined depends totally on your credit score. The new rule that came into effect on the 1st February 2011, will see more decline rate or some may be accepted based on a higher rate of interest or higher initial deposit. It is always advisable to check your credit file for free before you get into ways how to improve credit rating, so that you could find out if there are any improvements or updates need before you apply for credit.

So how to improve credit rating in these situations where the bank are tightening their credit lending rules and not offering people to borrow or take stuffs on credit. We need to learn how to improve credit rating and stop any unknown things to spoil your credit rating or credit score.

In 2010, 36% of the population found it more difficult to get credit and Equifax, one of the three main credit checking agencies warned that the situation will be more difficult or even worsen in 2011 and beyond. UK is still in economical crisis and did not recover completely, so it’s the responsibilities of the people of UK to learn the steps and practice on ways how to improve credit rating.

Are there any Fast Ways to Learn How to Improve Credit Rating?

1. Electoral Roll – Get yourself registered into the electoral roll as lenders gives a higher value to this part of the credit check.

2. Frequent Checks – It is always advisable not to apply for lots of things at once such as mobile contracts, loans, credit cards and other credit related application since each application leaves footprints in your credit report as too many searches. Lenders can’t see that but it decreases your chances to get accepted as you would be treated as credit hungry.

3. Credit Cards – If you have many number of credit cards and you do not use them, it’s best get rid of them as they counts towards your application. If you have any existing debts, try to pay off as quickly as possible and do not apply for any credit during this time.

4. Pay Bills on Time – Always pay your bills on time, if possible set as direct debits or if you are paying manually set reminders in your phone to pay the bills via phone or post office or in a bank. Approximately 60% of the population is suffering bad credit due to late payments and other CCJs (County Court Judgements)

5. No Credit – If you are new in UK and never had any credit then this could also be a problem and regarded as bad credit history, since lenders will not have any information about you in your credit file. So if you are applying for credit, first check your credit file and then find see if there are ways how to improve credit rating based on the report.

Learn How to Improve Credit Rating Fast with SIM Only Contract

If however you are applying for a mobile phone contract and you have bad credit or no credit, the most advisable is to apply for a pay monthly rolling SIM Only contract as having a SIM Only contract helps you to get into the books of the network and then pay-off your bills consistenly without any late payments and defaults for minimum three months and then try to get it upgraded via the upgrade team of your mobile network.

To get into the fast track on how to improve credit rating, we would recommend The best SIM Only deals with unlimited internet specially The One Plan SIM Only monthly rolling contract from 3 Mobile Network which gives you 2000 minutes any time any network + 5000 UK texts + 5000 3 to 3 calls + All you can eat data for just £25 a month. Use the SIM for minimum three months and then try to possibly upgrade for a full monthly contract. There are other SIM Only deals that could also help you to improve your credit rating.

How to Improve Credit Rating if Declined Before?

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