Your credit score is important. Period. But why? Quick Loans Express explores 10 vital reasons why you should improve your credit score!

Story Highlights:

  1. Taking out a mobile phone contract
  2. Renting a home
  3. Arranging your utility bills
  4. Job applications & promotion
  5. Starting up a business
  6. Opening a credit card
  7. Borrowing money urgently
  8. Higher costs for credit
  9. Impact on your partner
  10. Taking out a mortgage


Reasons to Improve Your Credit Score

Is your credit score really that important? After all, it’s just a number! You might think that a low credit rating doesn’t matter if you’re happy with your life as it is. However, having a poor credit score can have a serious impact on your life when you would want to avoid it most. Furthermore, if you have a bad credit score, you’ll find it difficult – if not impossible – to access major financial products. This can be a real roadblock when you need to make important life-changing decisions. Don’t let your credit rating stop you! In this article, we give you ten compelling reasons to improve your credit score. If you need guidance on how to repair your rating, you can read about 8 ways to improve your credit score here.

  1. Taking out a Mobile Phone Contract

    If you want a mobile phone contract, your provider will check your credit score as standard industry practice. If it’s too low, you could be turned down. You’ll still be able to get a pay-as-you-go card, but tariffs tend to be more expensive with such cards. Most of the special monthly deals are only available for contract customers. Why pay more to keep in touch with friends and family?

  2. Renting a Home

    Private landlords also carry out a credit and identity check of prospective tenants before letting their property. You might find your dream home, but your poor credit score can get in your way. You can get around this by asking someone to act as a guarantor for you. However, do you really want to involve others in your housing arrangements? Improve your credit score to pave the way to independence.

  3. Arranging your Utility Bills

    Even once you have somewhere to live, your troubles aren’t over. Energy providers might be concerned that you won’t be able to pay your bill. Therefore, tenants with a poor credit score might have to have a meter installed. The tariffs for such meters are the worst of all, and you won’t be able to take advantage of any exclusive deals. A poor credit score is a silly reason to pay more for utilities! Improve your credit score to get it in shape today!

  4. Job Applications & Promotions

    Some employers have a credit report done as part of the recruitment or promotion procedure. However, you must give your consent beforehand. Although the report won’t show all the details like a credit application, they will be able to pick up on any outstanding financial issues.

    Employers tend to do this if your job description requires handling money, accounts or other sensitive data. The way you deal with your personal finances is one indicator of how well you’ll do your job. Other employers check because they’re concerned that worry over financial difficulties will distract you from your job. Don’t miss out on your dream job because of a low credit rating!

  5. Starting up a Business

    Is one of your life’s ambitions to enjoy the independence of being your own boss? Be forewarned: it’s tough to start a business alone without borrowing money. Without a good credit score, many financial institutions will reject your credit application. They figure that if you can’t deal with your own finances, you definitely can’t cope with the additional strain and complexity of business finances. Could your poor credit score prevent you from achieving your dreams? Improve your credit score now to avoid this scenario!

  6. Opening a Credit Card

    The press writes a lot about people using their credit cards to spend recklessly. While this is definitely true, you mustn’t forget that credit cards are extremely convenient ways to make major purchases. When you handle credit cards responsibly, they can be a powerful financial tool to your advantage. You can spread payments over a few months, be protected by Section 75 of the Consumer Credit Act and receive additional bonuses such as cashback or airline miles.

  7. Borrowing Money Urgently

    There will always be times when we need money urgently, but we haven’t got the cash to hand. In emergencies, it’s imperative to have credit options, such as credit cards, to fall back upon. Without this possibility, you’ll have to use high-cost short-term credit facilities like a instant loans online. It’ll help you out of a tricky spot but is one of the most expensive ways to borrow, especially if you have a bad credit score. But don’t worry! Quick Loans Express offers short-term loans for bad credit with a high acceptance rate for people just like you. If you haven’t yet started to improve your credit score and find yourself in need of quick cash, we are here to help you.

  8. Higher Cost for Credit

    Your credit rating might be poor, but not low enough to have your credit application turned down out of hand. In these cases, financial institutions will approve your request but will charge you higher interest rates to cover the extra risk. Therefore, you might be able to get a loan, but the APR you pay will be significantly higher than someone with a good credit score. Why should you pay more money for credit? Improve your credit score instead!

  9. Impact on your Partner

    You feel that you’ve met the right person and want to further your relationship by settling down. This might mean moving in together, or perhaps getting married. You and your partner will inevitably share a financial agreement such as a shared tenancy, utility bills or bank accounts in your joint names. However, as soon as your names are linked financially, your poor credit score will adversely affect theirs. Is this really fair? Work to improve your credit score before it interferes with your personal life.

  10. Taking out a Mortgage

    You may think you’ll never want to become a homeowner, but circumstances always change. If you’re moving in with someone, you might feel it’s time to buy a house. Why should you carry on paying rent without seeing a return on your money? So you might try to take out a mortgage to help finance your new home. However, mortgage providers are much stricter in their lending criteria nowadays than they used to be. With a low credit score, you’ll find it extremely difficult – if not impossible – to find any lender willing to loan you the money you need.

Conclusion: Improve Your Credit Score and Improve Your Life

In this article, Quick Loans Express, an payday loan direct lender, gave you 10 reasons to improve your credit score. Having a low credit rating can affect you in multiple ways and cost you lots of money in the long run. It takes time and patience to improve your credit score. We can’t know what the future holds and how your circumstances will shift. It’s always a good time to improve your credit score and get your finances back on track. When you invest time to improve your credit score, it’s a decision you’ll never regret.

Taylor Rose
Taylor has been an avid writer since her early school days. At 5, she was creating candy floss planets where heroic candy canes stood up to the evil Russel Sprout. Later, she was documenting historic events, and her writing was always appreciated by all who read it. After working as a program developer for many years, she traded her successful career to make a living out of her writing skills. Nowadays, Taylor helps the Quick Loans Express blog bring current and useful information to people looking for helpful financial advice online – hopefully with a fun twist!

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