5 ways to improve your credit rating - Dorsia Finance

5 ways to improve your credit rating

5 ways to improve your credit rating

When it comes to car finance, each lender has its own criteria of deciding whether or not to lend to a customer which is why there’s a big benefit to using an independent luxury car finance broker like Dorsia Finance, as we can talk to multiple lenders at the same time and see what will work best for your personal situation. Your rating is important when it comes to agreeing any kind of finance deal so here are 5 ways to improve your credit rating.

1.Pay your bills on time.

Paying late can negatively affect credit scores. If you have got behind with payments then try your best to get them current as soon as possible. 

2.Prove where you live.

Register on the electoral roll at your current address – this is so easy to do and will really help your credit score. You can register online here.

3.Avoid payday loans!

If a finance company sees payday loans negatively (because they see them as less reliable borrowers) then having one in your credit history is likely to count against you.

4.Keep your credit use low

Eg. if you have a credit limit of £1000, try to only use half of it. This will be seen positively by lenders.

5.Don’t withdraw cash on credit cards.

Many lenders see this as bad money management however it’s fine to use specialist cards to do this when abroad.

Hopefully this post has given you some ideas on how to improve your credit rating. If you are looking to finance your next luxury, classic or sports car and would like to discuss your options, get in touch with Dorsia Finance – info@dorsiafinance.co.uk | 01522 420 420