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Watch: 4 ways to improve your credit score

March 2016Capital One Essentials

Your credit score, sometimes also referred to as your credit rating is really important. It's used to decide whether you're offered credit cards, loans, mortgage, mobile phone contracts, car insurance amongst other things. It's a number that lets lenders know how healthy your history is with regards to paying back money that you've borrowed, paying bills on time and is an indication of how you have handled your finances in the past. But don't worry, your credit score is actually within your control and what's gone before is in your past, so let's focus on your future and what you can do to improve your credit score which in turn can improve your chances of being considered by lenders.

See our helpful tips below:

  • Pay your bills on time

    Pay all your bills on time, a missed payment can affect your credit rating for up to 6 years so set up a Direct Debit so your bills come out automatically.

  • Pay more than the minimum

    Pay off more than the minimum payment off credit cards and loans each month - it saves you money on interest and lenders look positively on it.

  • Make sure you're registered to vote

    Lenders use the electoral roll to confirm where you live and who you are – if you're not on it you're unlikely to get any credit. Register online at gov.uk/registertovote opens in a new tab

  • Try not to apply too many times

    If you keep applying and keep getting declined it goes against you. Use eligibility checkers to first see your chances of being accepted for a credit card before you apply. Our eligibility checker will tell you if you'll be accepted for a credit card or not before you even apply - this protects your credit score from the damage a 'decline' can do.

Check if you'll be accepted

Try Capital One QuickCheck today to know if you'll be accepted, so you can apply with confidence.