How to improve your credit rating

Tips to improve your credit score by Furness Building Society

Understanding your credit score

A gloriously high credit score - or credit rating as it’s also known - can unlock many doors. Conversely, finding yourself with a low score can leave you a little stunted and unsure of what to do for the best. In this situation, knowing how to improve your credit rating is crucial.

Affecting almost all financial decisions, a low credit profile can even result in certain life plans being unexpectedly shelved. So it’s something of a surprise that 72% of 18-24 year olds* have never checked their rating. But where does the score come from, what does it mean and how can you improve your credit rating? Here, we break down everything you need to know to get yours skyrocketing.

This is Money*


Man sat at table checking laptop to represent checking your credit rating online.

What is a credit score and why is it important?

This is essentially your financial profile. It's developed, often without your knowledge, and is reviewed and updated every time you apply for a mortgage, pay back student finance or even take out a new phone contract. This all happens without you even lifting a finger.

Your credit report is important to tidy up because it’s what lenders like us use to assess your money management and your eligibility for loans of all kinds. It gives lenders an indication of how consistent you may be with future payments and assesses the risks that you pose.

In a nutshell, the higher your rating, the better. A high credit score gives you a more generous access to the best loan and mortgage interests, credit card increases and much more.

What affects your credit score?

What is a good credit score?

Do savings accounts help your credit score?

What credit score do you need for a mortgage?

How can you improve your credit rating?

How long does it take to improve your credit score?

Does an overdraft affect your credit score?

Does Klarna affect your credit score?

Does PayPal Credit affect your credit score?

Does Clearpay affect your credit score?

Does writing off debt affect your credit rating?

Next Steps

Things to note

Working slowly but surely on your credit profile over time, to get it where it needs to be before applying for loans and credit, is always recommended.

If you have a good financial profile, you’re much more likely to qualify for the lowest and best interest rates. Whilst your credit history may have opened doors for you in the past and you’ve been approved by your lender of choice, it’s always worth shining it up in order to get the best possible deals for you and your family moving forward.

Do you have any questions?  

Hopefully, this guide has helped you understand how to improve your credit rating. If you have any concerns and you’re thinking about applying for a mortgage with us, please get in touch by either visiting us in branch or giving us a call on 0800 781 4311.