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Top Tips for Building up a Credit History

If you’ve never had a credit history before, you might be wondering how to build up your credit history; several top tips might help. By following these top tips, you may find greater success in getting good loan offers with favorable terms and low-interest rates.
As experts in the credit industry, we here at Personal Tradelines are on hand to help you find the solution that’s right for your needs. So, don’t delay; for more help and advice on the topic of building up a credit score, contact us ASAP so we can help.
Why People Start with No Credit Score
If you’ve not held a credit account in the last six years, or if your current credit account is your first one, then you will likely have a low or no credit score. This is because, quite simply, there is no or little past data for companies to judge you and your financial management habits on! Therefore, if you’re thinking of taking out a loan, it is important that you quickly build up your credit score. Fortunately, there are many ways in which you can do this.
Top Tips to Improve Credit Score
Your credit score is important, and these top tips could help you make the most of it if you’ve never had one before. Our top tips for building a credit history from nothing include:
# Get on the electoral roll and make sure your address is legitimate.
# Have and manage a bank account. While doing so, it’s important that you try to reduce or otherwise entirely avoid having outstanding payments or loans, such as an overdraft. However, if you have no choice but to take out an overdraft, try to keep it as low as possible to reduce the damage done to your credit rating.
# Take out credit. This might sound like odd advice, but taking out credit can be good for boosting your credit rating as you’ll be shown to be reliable when you pay this loan back. In turn, this will make you more trustworthy for potential lenders, getting you better offers.
# Try an instant score boost! Instant credit score boosts can be highly effective if you’re struggling to bump up your credit score! Small forms of credit include mobile phone contracts and store cards. Try to stick to small credit options, though; larger credit, such as a credit card, maybe looked on less favorably.