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For those who haven’t heard of credit ratings before, it is basically a lenders way of deciding how safe it is to give you their money! The lender scores you on a set criteria (which is never published) to see how credit-worthy you are.

It’s based on a number of things such as your borrowing and repayment history, any CCJ’s, any current credit agreements, time at address, and whether you are on the electoral role.

So……..what’s next?

Firstly, I would highly recommend getting a free credit report from Equifax.
I started by getting a free trial, and now I find it worth my while to subscribe to a credit reference service so that I can check my report at any time. It lets me see outstanding credit balances that I have, and also allows me to ensure that no one has set up any borrowing facilities fraudulently in my name.

Once you have looked at your report, then why not purchase their score report, which actually scores you…so you know how likely you are to get accepted for credit.

So how to improve my score:

1) Ensure you are on the electoral roll, and this is reflected in the Equifax report

2) Ensure all of your lenders have your current address

3) If you have any unused credit facilities, such as credit cards which you have paid off the balance, then shut it down. If you have credit available to you then you may be less likely to be approved for future credit.

4) Ensure you do not default on payments. If you have a secured loan then you may find yourself losing your house – which is far worse than just having a bad score!!! Make your monthly payments on time.

5) Be careful who you “get into bed with”! If you decide to set up a joint bank account with your loved one – then ensure they have a good credit rating! Once you set up a current account, or get a mortgage with someone, you then become financially linked. So beware!

6) Don’t apply for lots of finance loans within a short space of time. If you get rejected, then wait a few months before re-applying. This can seriously mess up your score, and happened to me a few years ago.

So, what are you waiting for? Visit Equifax and make the most of their free trial. I found a free trial so helpful in sorting out my finances, spotting errors, and ensuring I maximised my chances of getting the unsecured loan I required to buy my motorbike!

Bankruptcy is an ugly word, but a very real possibility to many people struggling to pay a laundry list of bills that never seem to end. At times, that pile of bills seems impossible to deal with, a mountain you’ll never get out from under without taking drastic measures. But bankruptcy isn’t the only alternative to a life chained to the never-ending cycle of bills, late fees and more bills.

Think about consolidating your debt in a single loan, a form of refinancing that helps you put your finances back in your control and your life back in order. But refinancing is for people who own a home, right? What if you don’t have a home, or you don’t want to risk losing it by putting it up for collateral? That’s where an unsecured debt consolidation loan comes into play.

Unsecured debt consolidation loans do not require collateral. You can pay off all your other creditors and keep your house – or lack thereof – out of it. Lenders are able to stay in business by covering their risk with higher interest rates than they offer on secured loans.

But this can still translate into lower monthly payments for you, especially if your credit cards carry high interest rates to begin with and you’ve fallen into the trap of paying late and accruing late payment fees. Those disappear when you pay off that debt with the moneys from your are competitive and you may be able to negotiate a better interest rate. It helps to have a good unsecured debt consolidation loan. And don’t forget, shopping around always pays off; lenders credit score since lenders do look at your credit and employment history when they consider you for a loan.

If you shop around, negotiate, and still find that the interest rate is not going to make enough of a difference in your monthly payment to make life comfortable again, consider choosing a long-term loan. While you will generally end up paying out a greater total amount by the end of the loan, lengthening the life of your unsecured debt consolidation loan will lower your average monthly payment. That right there could make all the difference in the world.

Unpaid or slow-paid bills wreaking havoc on your credit score? Some lenders will consider you despite your credit history. A good employment history proves stability, and even if you don’t have the best employment history there are, again, lenders who will offer unsecured debt consolidation loans to almost anyone. While the interest rates are higher and the limits to what they’ll loan are lower, your credit score will improve when you get the loan, and having all those creditors paid off will do nothing but increase your credit score.

If you bills are getting the best of you to the point that you’re actually considering bankruptcy, stop. Gather up those credit card bills, utility bills, department store card bills, medical bills and any other bill that’s costing you sleep at night. Look into an unsecured debt consolidation loan and see how easy it can be to save your credit and peace of mind.