KNOW THE RULES - Applying for credit
Keep your credit history healthy
Having a good credit bureau file makes it easier to get credit. It also means you have will a wider range of lenders to choose from, potentially giving you access to better terms.
The following steps can help to keep your credit bureau file healthy.
- Fill in credit application forms consistently. For example, always entering your name the same way will help to reduce errors in your file.
- Keep credit applications to a minimum. Applying to a large number of lenders - especially if your applications are rejected, may imply to potential credit providers that you have credit issues.
- If your file shows any outstanding credit defaults, repay them if you can, and ask that your file be amended. The default will still be listed, but will no longer appear as unpaid.
- Always inform credit providers when you move. This way bills will arrive on time – letting you pay on time and maintain your good credit bureau file.
- Pay all your bills on time - unpaid utility and phone bills can affect your credit rating.
- Even if your credit bureau file is imperfect now, it is important to manage credit wisely in the future. Your credit bureau file can improve over time.