It’s easy to find the things that can affect your credit score, less harder to find are the things people think may affect their credit score, but actually don’t. Here we lift the lid on some common misconceptions about what impacts your credit score.
- Getting Married
Just because you’ve put a ring on your finger doesn’t mean this automatically means you get a boost (even if your other half has a better score than you! Unless you have a financial association with them!)
- Having a better paid job
An increase in salary doesn’t actually mean anything in terms of credit scores. As it’s your behaviour and money management that affect your score i.e showing you can responsibly use money, paying your bills on time and if you’ve borrowed any money that you can pay it back without any penalties
- Getting a parking fine
You may think that getting a parking ticket puts you on the credit black list (by the way there is no black list for credit scores) but don’t worry that’s not the case. It goes without saying though - don’t rack up the parking fines!
- Staying with the same bank
Are you still with the same bank you signed up for at uni? If you are you may want to review (you could be getting a better deal!) - as the length of time you’ve stayed with your bank doesn’t impact your credit score
- Medical Records
The state of your health has nothing to do with your credit score. And if you’ve been ill in the past this doesn't matter either. It’s your ability to show you can pay back what you owe that is most important.
- Student loans
Student loans can be well over £40K, and maybe the biggest loan you've ever faced (without getting a mortgage!). But the good news is student loans do not appear on your credit report. So do not impact your credit score! But note lenders could still take your loan into consideration when running an affordability check for an application.