Although some things to do with improving your credit score can take many months and years to improve, there is a lot you can do in a short space of time if you want to improve your credit profile quickly.
I take you through 9 quick tips on how you can make immediate changes to your credit, improve your chances of qualifying for better financial products and reducing the cost of borrowing in the future.
In the space of 90 days, some short-term metrics that lenders use to assess you can be changed considerably. Things like the number of recent searches, cash withdrawals, total amount owed and your utilisation are all usually looked at in the short term for periods of 1 to 3 months back from when you make an application.
This means that doing the right things for 3 months and getting into better credit habits can make a noticeable improvement to your credit score.
I take you through 9 quick tips on how you can make immediate changes to your credit, improve your chances of qualifying for better financial products and reducing the cost of borrowing in the future.
In the space of 90 days, some short-term metrics that lenders use to assess you can be changed considerably. Things like the number of recent searches, cash withdrawals, total amount owed and your utilisation are all usually looked at in the short term for periods of 1 to 3 months back from when you make an application.
This means that doing the right things for 3 months and getting into better credit habits can make a noticeable improvement to your credit score.
A question if I may about spreading payments. I already have a 12month 0% loan that I can pay off if needed. However I took it in the first place with the assumption that using credit and paying it back, as per the terms, would show I'm good for the loan and am responsible with credit. It sounds like those assumptions were wrong. Are you able to comment on that? Thank you 🙂
Hi Sasha,I haven't gotten something right about my credit payments. I tried paying off my credit card always 8days before the day that my bank set for my minimum payment and when my statement comes it shows new balance 0 and minimum payment 0 do you think its a good thing to my credit rating ?I will appreciate your response as I am just coming out of 4years of credits card indebtedness because I didn't understand how it works.but through watching this channel I was able to get my credits card payment up-to-date
Great video as always. After watching your video about suggesting not to use debit card, I've got a credit card and misused it. Surely, my credit score went to a toilet. Then I've watched your other videos about improving credit scores and followed them. 6 months in, my credit score jumped two bands! Now it is in fair use. I think I've got all steps but registering an electrol poll. Since I am ineligible to register, I couldn't actually do it. In coming months, I am going to apply for a premium credit card that has balance transfer feature. Currently, all credit brokers have been showing me I am highly likely to get rejected. How does not registered for electrol poll affect a decision for issuing a premium card? Is there any other way to increase the score?
Hi Sasha, I was trying to find the video where you talk about utilisation percentage but I couldn't find it, I normally use 10% or less but if I don't remember wrong you said it's better to use more then 10% but less than 25% is that right? If you know what video I'm talking about can you put the link so I'll watch it again? Thanks.
Do lenders care whether the balance one is carrying (and making minimum payments on) is on a 0% promotional rate?
And is it overall or individual utilisation they care about? Say you have 4 cards, with 3 of them at 10% utilisation and one at 90% utilisation, but the overall utilisation is 30%, is this a bad thing for lenders?
My messed up my credit score to all the way to 45 points in clear score now I’ve got it all right!! Paid all my debt in last 4 years & now recently been accepted again for a Aqua credit card!! I feel so blessed 🥲
The subscribe bit really made me 😂🤣, so I've subscribed. Amazing content, keep up the great work.
Hi Sasha, my credit score went down by a couple hundred points last year out of nowhere. I didn’t change anything or miss any payments so I’ve really struggled on finding the issue and improving it. I recently got my first credit card to help fix my credit but I still think there’s an error that caused this. Do you have any advise ? Thank you
What is the best utilization then? I dont quite understand your rationale for getting a whole second credit card to decrease utilization, why not just spend less with the one credit card you have if the utilization is too high?
Hey Sasha. I want upgrade a card to a better rewards card. Any suggestions how to go about it ideally
Hi, appreciate making vids for the UK. Regarding the gambling topic etc. Could buying lottery tickets actually lower the score or simply worsen your credit history when analysed deeper by a lender as it might send red flags?
Another question is, could depositing on a forex broker account be classed in the gambling category? I was going to get a card with no exchange fees to save some money on brokers that don’t provide GBP accounts
Hey Sasha, great content love your videos mate! (Tiny suggestion tho maybe lower the volume of the animated intro:)
I’m a master student right now and I moved to UK about a year ago from EU. I’ve never owned any credit card, and my only income is from my parents, any suggestions which card or how I can start to build up my credit?
im a student and i have one credit card which is capital one that i use for petrol every month and only petrol. Online shopping and any thing else i pay with my debit card. Would you recommend getting another credit card? I have like 3 debit card and 1 credit card atm. Great video