Interested to know where your location ranks in terms of the best and worst credit scores in the UK? A credit map released by Totally Money, highlights the best and the worst hotspots for credit scores across the country.
Here, we’ll look at some of the areas featured on the map, the advantages of having a good credit score and some top ways to improve your credit score if needed.
What are the best and worst credit hotspots?
According to the map, the areas surrounding London generally have the best credit scores. A total of seven of the top credit score areas were located within the Greater London, with Kingston upon Thames ranking the highest with an average credit score of 547. Other areas which came in the top 20 include Llandrindod Wells in Wales, Aberdeen and Bournemouth.
So, what about the worst credit hotspots? Yorkshire came out as the worst area, with a total of six areas in the county making it onto the list. The north of England in general appears to have a lower than average score whilst other poor performers include Wolverhampton, Nottingham and Stoke-on-Trent.
The benefits of a good credit score
Having a good credit score comes with a lot of great benefits. A lot of things in life today require you to have a good credit score, including applying for a mortgage. When you apply, your credit rating can determine whether or not you are accepted and can also contribute to determining how high your interest repayments are. The better your score, the lower the repayments will be.
If your credit rating is good, you’ll also have access to higher levels of credit. Your acceptance rate will also be improved for all kinds of services such as mobile phone contracts, rental agreements and car insurance.
How can you improve your score?
If your credit score could use a little improvement, there are a few things you can do. Firstly, checking over your credit report for any errors is a great first step. If you notice any errors, you should request for them to be removed. Furthermore, getting on the electoral roll can improve your credit rating as potential lenders are able to use this information to check that your personal details are correct.
Taking control of your banking is another thing you can do. These days, there are a lot of different types of banking available, such as the Thinkmoney current account; which automatically sets money aside for bills, showing you what you have left over. Paying any existing debts off will also help to significantly boost your score.
Overall, having a good credit rating is important and it does deliver many great benefits. The above are just some of the ways you can improve your score to achieve better financial freedom.