All right, here is the last post (for now) that will tackle practices that kill credit scores. In the last post, we talked about the importance of continuity when it comes to your place of residence and your job. Here are several more things that are factored in when coming up with an individual??s credit score. As usual, they are to be avoided if you want to have a good credit score. 1. Not being on the electoral roll. In the UK, this is a very important thing when it comes to credit scores. It is not enough to just be on the electoral roll, though. The address you have specified on the electoral roll must be the same address you specify in your loan application. This has something to do with stability once again. As you have perhaps surmised by now, lenders really have this thing going for anything that gives you, the borrower, a sense of stability. 2. No bank account. This definitely makes sense. As many loans these days are processed electronically, the money is usually transferred directly into your bank account. Having no bank account is definitely a minus on your part. Your credit score will take the hit for this. However, your credit score is also affected by having only new bank accounts. Here comes the stability factor once again. The point is, the longer you stick with one bank, the more it favors you. So don??t go about closing your old bank accounts for new ones. That??s it for now. Till the next post!
Credit Scoring