How to improve my credit score by at least 100 points?

Question

I need to improve my credit score, it is currently really low at 104. i want to increase it to at least 200 so i can take mobile phone contracts out with bt [my employer] and close my current contracts used by me and my partner. Any quick way to do this? I am paying off £300 of my £1100 overdraft on Monday, would that help? I dont know if age makes a difference, but im 22.

Answer 1

The only way to do it is to pay off your debts.  Any kind of balance or overdraft is going to kill your credit score.

Answer 2

Having an overdraft facility available but not using it certainly helps you rating. This way the banks are taking the risk of giving you the access to the cash but you are not using it, therefore they give you a bigger overdraft, its like the oppertunity of a loan but not accepting it.

The easiest way to improve your history is ironicly, Mobile phones. As it is a utilitybill they give you monthly scores and there fore increses it quite quickly.

Avoid getting creditcards and swithcing them before the interest period kicks in. The banks see this as you having to much access to cash and therefore more likely to go into the red.

Clearing your Overdraft will help in the long run but unfortunatly little difference in the short term.

Answer 3

Pay off all your debt.

Answer 4

I recommend you try calling a local credit restoration company. http://www.tipstoimprovecredit.com They should offer you advice to help improve your credit.