Before we get started, let’s just address that headline. There’s an implication that this article may offer a few ‘quick credit fixes’; actions to take that will improve your credit rating straight away.

Bad News. When it comes to your credit score, there aren’t any instant solutions. Improving your creditworthiness is a slow burn. The credit reference agencies like to see little bits of trustworthy behaviour over a long period of time, rather than a several actions all crammed together the week before you apply for credit.

That said, there’s never a better time than now to start improving your credit rating. So here are five things that you could feasibly do in a single day that will help build your credit rating.

Get on the Electoral Role

Not registered to vote? Get on the government’s Register to Vote website and fill in your details. Go on. Do it. It takes less than ten minutes and it makes a big difference to your chances when you come to apply for credit. Lenders like to make their decisions quickly, and if they can’t find your details on the electoral register it could cause a delay and in some cases count against you. They also like to see that a potential customer has a bit of stability in their life. If you move around a lot then consider using a fixed address, perhaps a family member’s, as your ‘electoral home’.

Time to complete: 10 – 20 minutes.

Cancel any Unused Credit Cards

Credit companies like to see that you are borrowing money, but having a large number of little-used credit accounts in your name (and therefore a high amount of available credit) is counted against you. Unchecked cards are also seen as a fraud risk; if you’re not using a card regularly you are less likely to notice any suspicious activity. All this doesn’t just include credit cards, but any store cards or other types of credit that you might have in your name as well. In short, if you’re not using them, call up and cancel them. Do, however, keep one or two cards that you use often. As long as you’re paying it back on time, you’re slowly building your credit score.

Time to complete: 30 mins + depending on the number of cards you have.

Set up a Direct Debit to Pay Your Credit Card

Now, for that small number of credit cards you do keep, you need to make sure that you’re paying them off on time. The easiest way to do this is to set up a direct debit from your current account that is paid off once a month. Of course, you’ll need to remember when these payments are coming out – you don’t want a payment to suddenly take you past an overdraft limit. But setting up a direct debit to pay off your cards is much easier than remembering to make payments by some date in the distant future.

Time to complete: 1 hour – a simple phone call to the bank will sort this for you. Allow a little longer if you need to apply for a card.

Check Your Credit Report

Many people don’t realise that thanks to the Consumer Credit Act (1974) they are entitled to request a document detailing all the information the credit reference agencies have on them. So why would you want to see this? And more importantly, how will it improve your credit score? Well, unpleasant as it may be to trawl through a list of your past financial transactions, in some cases you will find anomalies or mistakes on your report. If you do find anything that shouldn’t be there, call up the company to rectify. This is a case where the effect on your credit score could be instant. To request your report, simply contact one of the three main credit reference agencies: Experian, Equifax or CallCredit. There is a nominal £2 charge to see your report. Requesting a report will have no effect on your credit score.  

Time to complete: One rainy afternoon.

Pay your Rent Through Credit Builder

Yep, here’s the plug. But it’s true. Use the Credit Builder app to pay your rent and every month you’ll build your credit rating, just as you would if you were paying a mortgage. No more wasted payments. Now your rent is working for you, demonstrating your ability to make payments over a long period of time and helping build your credit score while you are still a tenant.

Time to complete: 30 minutes max to set up, with hassle-free, credit building benefits right up until the day you no longer have to pay rent.