Can I Improve My Credit Score in 30 Days?

6th May 2024

Your credit score is one of the most important factors in your finances and plays a key role in your ability to get a loan or a good deal when you apply for a new credit card. Credit scoring and finance can be very complicated and it’s perhaps not surprising that lots of people don’t really understand how it all works, or what things they can do to improve their credit score and get access to a wider range of financial products.

Understanding Your Credit Score

The first thing that important to grasp is that the three major UK credit bureaus - Experian, Equifax, and TransUnion - each have their own way of calculating a score. This is why the exact number assigned to your credit score will be different depending on which website you are looking at. It is perhaps more important to look at where you fall on the agency’s scale – is your credit score ranked as average, excellent, or poor?

If you sign up for one of the apps which shows your credit score and then get into the habit of checking it regularly, you will soon see how the financial decisions which you make affect your credit score. It may take several months for positive changes to be reflected on your credit report though.

Practical Tips to Boost Your Credit Score

If you’ve checked your credit report and noted that your score is hovering around the lower end of the average rating, or worse, then there is still plenty which you can do to improve the picture. It might take a bit longer than a month, but some of the quickest things you can do to improve your credit score are:

• Register to Vote: Make sure you're listed on the electoral roll at your current address, as this is the first thing that lenders check to confirm your place of residence.
• Regular Repayments: Take care to pay all your bills on time and in full as this shows reliability and positively impacts your credit score.
• Responsible Credit Card Usage: Manage your credit card wisely by only using a portion of your credit limit. Keep a low outstanding balance or clear it monthly to avoid interest charges.
• Regular Credit Report Checks: keep checking your credit report and flag up any errors as soon as you spot them.
• Opt for Monthly Payments: When taking out a new contract for something like a mobile phone, opt for monthly billing rather than pay as you go as this will reflect positively on your credit score.
• Utility Bills: Get utility bills and other services in your name, so that on-time payments will be reflected in your credit report too.

Improving your credit score is achievable by taking proactive steps such as registering to vote, using a credit card responsibly, and regular credit report monitoring. It might not be as quick a fix as you were hoping for, but it shouldn’t take long before the numbers start creeping upwards again.