Hello, Hello, Hello. We are back for another financial installment and today we are going to have a look at your credit scores and how we can improve them! A recent study found out that people were more embarrassed to talk about their credit score compared to their weight! We may not be able to give you the guide to a washboard set of abs but we can definitely help you to buff up your credit score.
Happy Friday one and all! It has been another work-fueled week at QuidCycle HQ and we have stumbled across some interesting statistics along our way - according to The Money Charity (http://themoneycharity.org.uk/money-statistics/), the UK owed £1.443 trillion in repayments at the end of July 2015. This left an average of over £54,000 owed and an average of £1,986 in annual interest repayments. Those are some quite scary figures!
An investment banking professional turned financial adviser, with over 13 years experience in the financial industry, I’ve spent much of my professional life talking to the UK’s middle-income families about their finances and helping them to plan for the future.
The truth of it is that during my time as a financial adviser, working for some of the biggest brands in the financial services industry, there wasn’t one single product that could really help.
In a report by the Financial Times dated 22nd April, http://on.ft.com/1OK2KZ1 it was noted that consumer demand for credit cards had increased as investors are being squeezed out of the market by new regulations. With banks offering looser investing criteria and competitive rates, more and more people are taking on more credit, rather than refinancing and taking control.
Your credit rating affects far more than you think. It does not just dictate your ability to obtain a loan or credit card. It also affects some major financial areas, such as mortgage application, utility contract and mobile contract.