Martin Lewis

Money on my mind... the Martin Lewis column

He’s the UK’s leading money saving expert - a journalist and presenter who has kept millions of pounds in people’s pockets as well as lifting the lid on the threats and dangers we need to be aware of as consumers.

In this month’s column, Martin Lewis looks at how we can repair our credit score.

Let’s be honest, the last couple of years haven’t been kind to our fi nances. The good news is the ability to rescue and repair that credit rating is within our own hands, and with a concerted plan we can get back to where we want to be. And that’s important – having a good credit rating means gaining access to preferential interest rates; it could be the difference between being able to buy a house, or rent a fl at, or not; and it also gives us peace of mind that if an emergency crops up we can lean on fi nancial support. When it comes to improving

our credit score, fi rst check your current rating – with the likes of Experian or Equifax – and know what you’re dealing with. When you’ve done that, see about disassociating yourself from others who may be pulling you down with their own chequered credit history - their activity may be negatively impacting yours. Next, get yourself signed up on the electoral roll. It’s a great way for credit agencies to be able to verify who you are and adds a layer of authenticity to When it comes to improving any application. any application. Spring cleaning your fi nances is another really sensible option. Many of us have old credit cards or bank accounts that we don’t use. They may seem harmless on the face of it, but they all represent risk as far as your credit score is concerned.

Next, start investing in your credit future. Using a credit card may seem a peculiar way of improving your credit, but done sensibly it will. And by sensibly, I mean use it for everyday purchases on the specifi c understanding you’ll clear the balance at the end of each month. Doing this will boost your credit rating and prove to any lender that you can be trusted.

Finally, if you can’t afford to clear your full balance at the end of the month, at least pay off more than the minimum payment. Mending your credit score won’t be achieved overnight, but your future self will thank you for your efforts today!