All of us, no matter what our situation or circumstances, should take time to manage our credit scores. Do you even know what your is?

Many people don’t, but the best way to deal with it is to take accountability and to take charge of it. These days, your credit score isn’t just about if you can get a mortgage or not. So many more companies will look into your credit score, from phone contracts to get a new bank account. After all, it is an indicator of how good you are at paying back money that is borrowed.

If you haven’t checked your score in a while, go to do so and find that it isn’t the best, then there are a few dos and don’ts when it comes to credit. Though there are some myths surrounding that too. So here are some of the things you should do if you have bad credit, and some of the things you shouldn’t do if you’ve got bad credit.

Do Check Your Report Carefully

Errors and mistakes are made when documents are compiled. And there could be some errors in your credit score. So get a report of your credit history, and check it carefully. If there was a card on there that you never opened or a missed payment recorded that was actually made on time, then you can have it altered to remove it.

Don’t Miss Any Payments

If you have outstanding credit at the moment, and can’t pay it off all at once, then it is a good idea to make sure that you don’t miss any more payments. The credit score isn’t to check off that you clear your debts each month. It is all about if you can pay back at least the minimum amount required each month.

Don’t Be Put Off Applying For More Credit

The only time to do this would be to consolidate the credit you may have from several providers into one larger loan. This would not only help with managing payments but also save you missing more than one payment on the various credit facilities you may have.

There is a bit of a myth that you can’t apply for more credit if you have bad credit. While it might be harder to get credit when your score is low, it is certainly still possible. There are things like poor credit homeowner loans and credit cards for poor credit too. So just do your research into the ins and outs, and if you really need to borrow. A word of warning, though; if you apply and the application is denied, then that will be a mark on your credit score. So weigh up the odds of applying with an online assessment perhaps, first.

Do Keep Finances Separate

If you have a partner or flatmate with bad credit, and you’re trying to build up yours, then you need to think about keeping your finances separate from theirs. Even if you’re just housemates, but share the water bills or a phone bill, it can mean that you have co-scored. So in a way to make it easier to build your bad credit, keep things separate and don’t share the accounts.


Are there any other myths around credit score that you’ve found out along the way?

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