Improve your Credit Rating

Improve your Credit Score

 

Here at Pay Weekly Store we give you the opportunity to improve your credit rating/score even if you have had bad credit in the past. By taking out a product with us on Hire Purchase and making all your payments on time you will see a significant improvement in your credit file over time (as long as you are keeping up with payments elsewhere also). Even if you have had bad credit in the past the credit referencing agencies will update your score with up to date information, by completing agreements and paying on time this will go a long way to show lenders you can pay on time and increase your chances of lenders saying yes. A lot of our customers have already seen significant improvements in their credit scores.

It is a well-known fact that all lenders look at something called risk when weighing up a decision to lend to a customer. The better your credit score, the less risk you are to that lender and the more likely it is you will get the decision you want.

Things that decrease the chance of getting accepted for credit are:

  • Not making payments on time
  • Too hungry for credit (applying for lots of credit in a short space of time)
  • Not being on the electoral role.
  • Defaults and CCJ’s

If you have been declined by a lender it is important to take a look at your credit file to see what may be the problem before applying for further credit.