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Credit Improver is a unique and risk-free way to improve your credit score so that lenders are more likely to give you credit. If you are already able to get credit but the interest is really expensive, then improving your credit score with Credit Improver means that future credit should be cheaper.
What is a credit score and why do you need to improve it in the first place?
Most of us are not on first name terms with our bank manager. So when we want to borrow money by getting a credit card, overdraft, or loan, we can’t just call him up and ask him to arrange it. In fact most lenders don’t have any real idea who we are or what kind of a person we are. When we ask them to lend us money, they need to try and quickly work out how likely we are to pay them back. They do this by looking at your credit report which is put together by one of three Credit Reference Agencies (Experian, Equifax and CallCredit). Your credit report contains lots of information about you, (where you live, whether you are on the electoral roll, whether you have been bankrupted in the last 6 years amongst other details). It also contains the most important piece of information about you as far as a lender is concerned, your credit payment history. This is a list of loans and credit products that you have and whether you have paid the instalments on them on time. Lenders then use the information on your credit report to decide whether or not you are likely to be a safe bet for them to lend money to.
But you haven’t mentioned credit score yet?
Indeed. Your credit score is an indicative number that the Credit Reference Agencies calculate based on the information in your credit report. The higher your credit score, the more attractive you are likely to be to a lender. The lower your credit score, then the opposite which is why a low credit score means that it can be difficult to get credit at all or, if lenders are prepared to give you a credit card or loan, they cover their risk that you will not repay it by charging super-high interest.
So how does Credit Improver work?
When you buy the Credit Improver book, you’ll enter into a finance agreement to pay for it – even if a low credit score means you’re refused finance elsewhere. This kick-starts your Credit Improver journey. After a first monthly payment of £14.99 to cover setup costs, you’ll pay 11 instalments of £9.99. It sounds a lot for a book, but there’s a clever idea behind the sums… The minimum monthly repayment on a subprime credit card is £4.99. By showing lenders you can repay double that each month, you’re proving you can comfortably manage credit. And because every instalment counts as a loan repayment on your credit report, you’re boosting your credit score too. If you sign up for 24 or 36 months, you can give your credit score a potentially bigger boost. It works so well that it comes with a money-back guarantee that your credit score will increase.
At the end of your Credit Improver journey, you can use your improved credit score to get better priced credit!
