Tip 4: Don't apply too hard for credit.
- If lenders see that many people have been checking your credit score, they might think you’ve been hunting for more loans than you can afford.
- Don’t apply for too many credit cards either — it makes you look desperate.
- Quotation enquiries are when credit providers look at your credit history without making a difference to your credit score.
- Complete credit applications do make a difference, but just in the wrong way.
- Too many complete applications will make it look like you're desperate for cash and drop your score.
- So check what kind of enquiry you're getting when applying for either a loan or a financial checkup from a credit reporter.
- And, if you're running a complete application before taking out a loan, make sure you need it first!
- You can always use Yonda to check your credit score for free without it hurting your score in any way.
Tip 5: Don't default, don't abandon.
- If you’ve got a credit or store card you’re not using, cancel them.
- Don't allow defaults or missing payments to stay on record.
- Make a plan to pay them back instead of leaving them open.
- Also — don't move your debts around between credit cards or shift credit over if applying for hardship. It's an actual red flag for lenders.
