If you have a less than satisfactory credit rating in the UK, the chances are that you’re not alone. In fact, one-in-three Britons had credit applications rejected for this reason as recently as 2015, and this remains a prominent issue in the wake of the great recession.
Having a bad credit record does not necessarily need to represent the beginning of a downward spiral, however, as this can be reversed and improved incrementally over a period of time.
But how can you achieve this? Let’s take a look at three relatively simple ways to enhance your credit score:
1. Consider Taking out a Bad Credit Loan
In many ways, the idea of taking out a loan in response to a poor credit score may seem a little counter-intuitive.
After all, not only is this likely to increase your unsecured debt levels, but a negative credit history may require you to make several applications without success.
To negate this, you should consider making a bad credit loan application through a reputable lender such as Ocean Finance. This will afford you access to a viable line of credit, which has a restricted limit and demands manageable monthly repayments.