Top 6 Tips to Build Your Credit Score

March 18, 2024

Improving your credit score can seem like a difficult task, but some simple steps and tools can help you make progress within a few months. Here are a few tips on simple ways you can build your score:

1. Register on the Electoral Roll

Make sure you're registered to vote at your current address, even if you live with your parents or share accommodation. Also, avoid frequent moves if you can: stability in your living situation can positively impact your credit score. You don’t need to wait for an election to register, you can register at any time on this page.

Not eligible to vote in the UK?

For those who do not have resident status and therefore are not able to be listed on the electoral roll, you can request all three credit reference agencies to include a 'notice of correction' on your credit file, indicating your ability to provide proof of residency (like an utility bills or a UK driving licence) to potential lenders. 

2. Make Regular Payments on Time

‍Paying your bills on time shows you're responsible with money and can improve your credit score.

💡Pro-tip: with your Pockit account you can set up direct debits to your bills and ensure you never miss a payment.

3. Upgrade to Pockit Fast Track to Credit

When you're a Pockit Fast Track to Credit subscriber, your monthly subscription payments are reported to the UK's main credit agencies. Within three months of membership, you could even become eligible for a personal loan, that could boost your credit score further when repaid on time. Learn more and upgrade here. Terms and conditions apply

4. Reduce the number of credit applications by using online calculators

Applying for credit leaves a footprint on your credit file, and multiple checks could negatively affect your credit score. You don’t need to apply for a loan to check your eligibility but you can use some free calculators to find out whether you are eligible for a loan or not.

5. Check your address is up to date

One important point to check is if your address and mobile phone are up to date in your credit file. If an old address or phone number are listed, this could impact your ID checks and even making you ineligible for your credit application, which would have a negative impact on your credit score. 

6. Check who you're financially linked with

Did you know that even having a joint utility bill with one of your flatmates could link your credit histories? Therefore if  your flatmate or partner has a poor credit history this could negatively affect your score. Ensure you keep your finances separate.

And if you’ve split up from someone, it is recommended to notify the credit reference agencies and request something called a notice of disassociation. 

Improving your credit score can open doors to better financial opportunities, so start implementing these tips today!