As we approach 2025, many people are setting New Year's resolutions, and improving financial health is a common goal. A good credit score is essential for obtaining favorable rates on loans, mortgages, and credit cards. John Webb, a credit expert at Experian, emphasizes the importance of understanding and enhancing your credit score. To help you achieve this, he offers several practical tips. First, getting on the electoral roll can significantly boost your credit profile by confirming your identity to lenders. Regularly checking your credit report is crucial to ensure accuracy and to identify any potential fraud. Keeping credit card balances low—ideally below 30% of your limit—can also improve your score. Building a positive credit history through responsible account management and timely payments is vital. Additionally, using online eligibility tools can help you find credit deals without negatively impacting your score. Lastly, breaking financial links with former partners can protect your credit score from their history.
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