Page 68 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

days the scoring is very likely to be done by a computer, in which case you
can ask the lender to take another look at your application using a manual
system. Be prepared to supply further information to support your claim.

You can also take some simple steps to improving your own record. Credit
reference agencies have the right to charge a fee for revealing your details
but Experian UK and Ireland is currently offering a free sample service
online so you can check your reference information through their website
(www.experian.co.uk). Take a look at it and see what might be the problem.
Remember that while creditors do indeed have better memories than debtors,
they don’t remember for ever and some negative points are automatically
removed after a period of time. Similarly, each time you ask for credit a
record is made but that only stays on your file for two years with Equifax
and Callcredit and only one year with Experian. You may also up your
score simply by getting a bit older, so patience can pay.

HERE’S AN IDEA FOR YOU…
Different countries, different rules. In the UK you can improve your
score just by joining the electoral register, so do it. In the US you can
balance your cards to bring down the average limit—four credit cards
at 25% of their limit gives a better score than three nearly paid off
and one out of control.