Ways to improve your credit rating

• Register on the electoral roll - If you do not register to vote, lenders cannot verify your identity. Lenders use the electoral roll to check that you are who you say you are and live where you say you live. Lenders also look for stability. For instance if you have lived at the same address for a number of years as opposed to moving to a new address every year or two.
• Reasons for rejection - high debts, late payments, and court judgements can all result in rejection. To lenders, they indicate that you may not be able to make your repayments. If anything in your credit report is missing or not up to date, this could also lead to rejection. Contact the credit company and find out why your application was rejected. If they have incorrect information on their records, you are within your rights to state your case and explain your circumstances.
• Avoid repeat rejection - if you have been refused credit, don't keep applying. If you keep applying and keep being refused, each refusal leaves a credit search footprint on your file. Too many footprints will lead lenders to think that you are financially over-committed and a high risk.
• Budget for your payments - make sure you always make at least the minimum monthly payment on your credit card and accounts. If you miss a payment, it will be registered on your credit file and could affect your future credit rating.
• Watch your available credit - too much available credit on a number of different credit cards is not a good thing. Lenders will think that you already have enough credit. If you have accounts open that you don't use, close them down.