Understanding Credit Scores: How They Work and How to Improve Yours

Understanding Credit Scores: How They Work and How to Improve Yours

Credit scores affect loan approvals and interest rates. Learn what influences your score and practical ways to improve it.

Lenders use credit scores to estimate how likely you are to repay borrowed money.

What Affects Your Score

  • Payment history
  • Credit utilisation
  • Length of credit history
  • Number of recent applications

Improving It

Pay bills on time, keep balances low relative to limits and avoid opening many new accounts at once.