When looking to improve your Credit Score there are a number of things that can help to improve how potential lenders view you. We have included a couple examples below but for a more concise list it’s worth looking at our guides: https://www.totallymoney.com/free-credit-report/how-improve-credit-score/
Lenders want to make sure they are lending to people that can show they are sensible with credit and able to pay this back. For example, using a credit card regularly and making sure you clear it off without defaulting on your payments, will show lenders that you can manage your finances efficiently.
Whilst it may seem strange, remaining below 25% of your Credit Limit is viewed highly by lenders as it suggests that you are not ‘desperate’ for credit; making you less of a risky choice when it comes to lending. It’s also worth closing any credit card accounts that you are no longer using, as lenders may be less likely to lend to you if you have several cards still open, as they will see this as potential credit that you may not be able to manage.
When building up your credit, please note that it will be very unlikely to be an overnight solution. Your Credit Report contains six years of credit history, which means there is likely to be a lot of data affecting your score. If, for example, you defaulted on a credit product within the last year this will continue to impact your score (at least a little) for the next 5 years until it drops of your Credit Report. This is not to say that you will never be able to recover, but it will take a while and will require a lot of work.
If you are concerned about debt it is always worth speaking to a free debt advisor as soon as you can. StepChange are a free impartial debt advice charity that we partner with. They provide individuals with a great line of support and are worth looking into if you feel you are currently struggling with your finances: https://www.stepchange.org/