If you’re applying for a loan, credit card or even a mobile phone contract, lenders look at your credit history to decide whether you’re likely to be a reliable borrower. A good credit rating is key to increasing your chances of being accepted, as the higher your rating, the lower the risk for the lender.
If you’re planning to apply for credit now or in the future, it’s vital you keep a close eye on your credit rating. No credit rating is set in stone, but if you have a low rating, it can’t be changed overnight. That’s why it’s best to regularly check it so any improvements can be made well before you apply for credit.