What factors affect my credit rating?

Your credit score is calculated based on a number of factors, including your payment histories, age of credit, your credit utilisation, and the mix of credits that you use. Of these factors, your payment history has the most bearing, which indicates how timely you are in making your payments.

What is credit utilisation?

Credit utilisation is a term used to define how you are using the credit that is assigned to you, in terms of percentage. Generally, lenders prefer that you utilise a maximum of 70% of your credit limit.

For instance, if you have a credit card with a £1000 credit limit, the maximum charges you should make should be around £700, in order to keep a healthy credit score.

Should I close all of my credit cards?

We advise against closing all of your credit cards, especially if you only have one or two. This is because one of the major factors that affect your credit score is your average age of credit. Lenders generally prefer borrowers who have had experience with credit for quite some time, and closing your accounts, especially the old ones, will shorten your average credit history.

Do I need to file bankruptcy or debt settlements?

We do not recommend going to the extremes of debt settlement or bankruptcy, unless absolutely necessary. We are focused on helping you get out of bad credit situation through free, proven methods, although we can refer you to such companies that will handle your debt problems as a last resort.

How soon will improvements be seen on my credit rating?

Once you start making positive changes on your spending, borrowing, and payment behaviours, you may start to see improvements within 6 months to 1 year. Of course, your interest rates might not decline immediately, but your chances of getting approved for loans that you need will become much better.

How much does it cost to use your service?

We offer our services to you completely FREE of charge. We are here to simply guide you on your journey to credit repair, not to add further strain on your finances.