What Unusual Aspects Are Impacting Your Credit Score
Your credit score is a major aspect of your financial life, whether you like it or not. Hence the importance of taking care of your credit and finances. However, for some people, getting their credit score where they want just seems impossible. In fact, no matter how hard they try by repaying bills on time and paying in full, their credit score just doesn’t seem to improve. This is due to the fact that there are tonnes of factors that impact our credit scores, perhaps many more than you’d originally imagine. These factors aren’t all self-explanatory; in fact, there are quite a few that may shock you. So, never mind how much hard work you’re putting into some elements; if you’re slacking on the rest, your journey to a great credit score will take much longer than planned.
Taking Advantage of Credit Card Offers
We are constantly faced with credit card offers and deals throughout our daily lives, however, the consequences are something that we have to find out ourselves. Each time you take advantage of a credit card offer, your credit score suffers. Just like when applying for a payday or short term loan, lenders and banks will conduct hard credit checks to ensure that you are an eligible candidate to receive whatever you’ve applied for. So, when applying for a credit card offer, the same process is used, meaning your credit score will be impacted every time.
Somebody Else’s Mistakes
Did you know that 72% of young people aged 18–24 have never checked their credit reports? This shows that millions of people are likely to have mistakes on their credit reports without even knowing it. Even the smallest mistakes can have the biggest financial impact when it comes to credit acceptance. If you have a common name, accidental mistakes are much more likely. Therefore, we advise that you take an in-depth look at your credit report to ensure everything is correct. This information can be commonly found in any credit reference agency. You have the legal right to obtain a free copy of your credit report. However, these checks are limited and fees may apply.
Marrying Someone With Bad Credit
Marriage doesn’t impact your credit score, even if your partner’s score is the complete opposite of yours. There is no link between the two separate credit histories, even when name changes occur. However, if you decide to apply for some sort of credit, like a payday loan, or open a joint account together, this is when your score may be impacted. Therefore, we advise that you should review your financial records jointly. With elements from your salary, savings, investments, and debts, and your credit reports being covered. This way, you are both aware of how each of you manages your finances.