How to Boost Your Credit Score with ClearScore

Credit score. That 3 digit number that plays an important role in determining your chances of being approved for certain financial products like personal loans or credit cards.

We’ve shared how you caneffectively build your credit score from scratchbut how can you boost it in 2023? We partnered withClearScore, a leading financial marketplace that gives you access to your financial data, to get their top tips on how you can boost your credit score with them.

7 steps to boosting your credit score

The higher your credit score, the higher your chances are of asuccessful loan approvalwhen applying for loans or credit cards. To get a high credit score, though, you need to work on improving your current credit score.

Here are 7 steps that ClearScore recommend:

1. Keep yourcreditutilisation low.
2. Get organised.
3. Fix any mistakes on yourcreditreport.
4. Look out forfraudulent activity.
5. Monitor yourcredit score.
6. Plan ahead when youneed credit.
7. Build your creditscore.

Read ClearScore’s full post on the7 steps to a great credit score.

Check your credit report

Your credit report is a detailed summary of your credit history, which includes the type of credit accounts you have had, your payment history and yourcredit score. At ClearScore, you can check your credit report andcredit score for freeso you can monitor your credit report.

Once you have signed up with ClearScore, it can take you as little as 5 minutes a month to check your credit report and look out for things that can help boost yourcredit score, such as:

1. Enquires:check any and all hard or softcreditapplications listed in your account.
2. Accounts:check that the list of accounts in yourcreditreport are correct.
3. Your payment history:check that your payment history is accurate.

Read ClearScore’s full post on their5 minute monthly credit report checklist.

Understand how your credit score is weighted

Boosting yourcredit scorein 2023 depends on you and the steps you take. But what influences yourcredit score? Here is some insight from ClearScore:

• Payment history.
• Amounts owed.
• Duration ofcredithistory.
• Newcredit.
• Types ofcredit.

Once you understand to what degree each of these factors influence yourcredit score, you can start to take responsible action towards boosting your credit score consistently. When you are ready to start a loan application and improve your credit score, see howFASTAcan help you achieve just that.