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How to boost your credit score in 90 days

Do you know what your credit score is? It's a great idea to find out, so that you can stay in control of your finances. If you don't know what your credit score is, finding out at least three to six months before you want to apply for a loan or a new credit card can allow you time to boost your credit score, if it's a little lower than you expected.

Quick guide to boost your credit score in 90 days

The are many ways to boost your credit score. But if you're looking to boost your credit score in the next 90 days, then check out some of the practical ways to improve your score before your next loan or credit card application.

Get a copy of your credit report

It might seem like a simple thing to do, but the first step in boosting your credit score should be getting your hands on a copy of your credit report and finding out your credit score. Your credit score will be between 0 and 1000* (Below Average to Excellent).

With a higher score, banks or financiers consider you less likely to default on your repayments, and are more likely to approve your loan (subject to other criteria).

In addition to your credit score, obtaining your full credit report lets you see all the times you have applied for credit, your repayment history, any bankruptcy or defaults, overdue accounts, and any court judgements.

Checking over the information for any errors can greatly assist when applying for finance in the future.

Another benefit of getting a copy of your credit report is that you can check the items and repayments listed, to ensure they are all legitimate and you haven't been caught out by identity theft.

* Credit Card Compare are partnered with Experian on our credit score service which provides a range between 0-1000. If you check your credit score using an Equifax provider, your credit score may exceed 1000 as their scale goes up to 1200.

Avoid new purchases

We live in a fast-paced world where it's hard to not want to 'keep up with the Joneses'. With the latest and greatest tech gadgets, beautiful designer clothes, and must-have appliances all around us, it is easy to get caught up in thinking we need the best of everything.

Slowing down your purchases, at least for a few months, can help to boost your savings and give you a buffer for any unexpected expenses that might pop up.

This can help improve your credit score as you will also ensure you have enough money put away for all your expenses and monthly repayments. It will also give you more of a chance to channel these savings into any loan repayments you might have.

Stay on top of bills and repayments

One of the most important things you can do each month is to ensure that you make all your repayments for loans, credit cards and any other bills on time.

Whether it's your mobile phone bill, your electricity or gas bill, or your mortgage or rent, having a solid repayment history is a good indicator that you can meet your commitments.

If you have a habit of receiving your bills in the mail and forgetting about them – even if you have the money to pay them in your account – then setting up a direct debit or automatic repayment should be at the top of your list.

With recent changes to credit reporting starting from July 2018, a good repayment history can play a major role in your overall credit score.

Keep an eye on your credit score

By getting a copy of your credit report, using our free credit score tool, you can keep an eye on your credit score on a regular basis.

You'll then not only have access to your credit report and score whenever you log in to your account, but we will email you when there is a change on your report, or a credit enquiry is made.

By keeping an eye on your credit score each month, you can be better prepared when you are looking to apply for a loan or credit card in the future.

Andrew Boyd

CEO and Co-Founder of Credit Card Compare.

(Click here to download the app to access your credit score)

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Tuesday, 15 October 2019