Ways To Build Up Your Credit Score

I don’t know you but I find credit scores bizarre things. I understand why they drop when you have a high amount of debt and aren’t paying it off but I also find it crazy that if you manage to pay it all off, it also drops for a little while. My credit score is currently not too great so I was thinking about ways to build it up.

Make sure your name is on the electoral roll

If you want to get credit in the future, your name needs to be on it.

Pay Off Your Debt

If you cut down your debt, then your credit score will increase- but as I mentioned before, don’t pay off all in one go as this will cause it to drop down too. Pay it off steadily and as debt goes down, your score goes up. Make extra money wherever you can to wipe out your debt as quickly and as steadily as you can.

Rebuilding your credit itself may be worth trying.

You could choose to use a credit rebuilding card or perhaps a loan for those with bad credit such as CashLady – but only take these out if you can keep to the repayments. These will often be higher interest than those available to people with better credit but they are great for helping you build up your score if you are making regular repayments and not missing any payments. You can pay way over the minimum repayment if you like – as long as you are paying it off regularly, it will help boost your score.

Artem Bali

Check for errors

If you have errors on your credit report, you will want to get them removed. Checking on a regular basis means you will spot them quicker.

Pay on time

My final point to building up your credit score is to make sure you are paying bills on time. I know it can be hard to juggle everything, especially when finances are super tight, but if you are determined to get your score up, then you need to make sure those bills are getting paid on time. Selling old stuff, getting a second job, taking on overtime – do what you can to keep up with everything and you should reap the rewards when it comes to your credit score.

These are a few ways you can build your credit score – do you have any suggestions?

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How To Make Big Money With Property

Perhaps you have been saving for years, and you’re now ready to put your hard earned money to good use, or maybe you’ve struck lucky and found yourself with some extra cash – either way, property is undoubtedly something to consider investing your money into. While it may not be the most straightforward way to grow your capital, it indeed allows for great profit potential. Here are some tips on how to make big money with property.

Begin with your home

Do you really use all of your home? Maybe you are an older person living in a house that once accommodated your family, but now they have grown up and flown the nest. If you have spare bedrooms, you could very well turn your home into flats. You could split the house up, keeping a flat for yourself, while renting the others out. This is a sure way to release some equity, as well as a great way to begin a property development portfolio, supervising the development in the comfort of your own home.

Seek young professional tenants

A great way to ensure profit is through tactical accommodation. A great example of this could be developing a flat for shared accommodation, targeting young, professional people. The best way to achieve this is through developing to a high quality while keeping the rent lower. This transforms the property from a single occupant paying one rent, to several occupants paying a fair rent each, drastically increasing your capital.

Purchase flats instead of houses

In the majority of cases, flats generate a better return than houses when buying-to-let. Not everybody agrees with this, and some hold their opinion on houses coming out on top. Despite this, there are some pretty good advantages but buying a flat that should not be overlooked. Some of these advantages include the purchase price being lower – meaning that you can buy more to increase your portfolio, the maintenance of the building is shared, and you can get significant discounts through bulk buying. All of these equate to better returns.

Partnering with professionals

It is imperative to partner with professional people who will aid you in your developments, taking on the bits that you aren’t qualified for, such as the logistics of the build, finances, and legislation. They must excel in their field in order to be an asset to you and your portfolio. Trustworthy and reliable partners are essential for a good profit and reducing the stress of development!

Diversify your portfolio

It’s very wise to cover yourself financially, in case the situation arises where you come across unexpected financial difficulty. This could be through a gamble on another property not playing in your favor. Providing that you have another development (or developments) that act as a fail-safe – shared student accommodation for example – you should be able to ride out the temporary strain, knowing that you have security through that property.

Jesse Roberts
Be wise with your tax

Ensuring that you are paying the correct amount of tax is essential when considering capital increase. While paying too much is a grievous error, it is not worse than having a massive surprise bill to contend with. There are plenty of ways to be savvier about your tax, understanding them and putting them into practice is a strong way to save money.

Be patient

Rome wasn’t built in a day, and neither will your portfolio be. Property investment takes time, effort, money and energy, and often the rewards will only seem prevalent after a period of time. Remember to weigh up advantages and disadvantages of investment beforehand, take into account that investing in property is long-term.                                                                          

Add value where possible

Simple steps like modernising and updating property can increase the value of your development, as well as making it more appealing to those looking to rent or buy from you. Other ways of increasing value to property includes having an extension done, to increase the size of the downstairs space, and loft conversions, adding another large bedroom to the property. Another way to increase value is through the addition of a second toilet.

Look for gardens

It is well known that properties with a garden return more than those without. Although having an outdoor space means a little more maintenance, people love fresh air and will pay to have this. Fresh air doesn’t just come in the shape and size of a garden though; it could be as simple as allowing for a small balcony for a first floor flat.

Consider rail links

This is an effortless way to make some money on property. Consider the current rail links in the proposed area, as this increases the value of property due to the trusty commuters. You can also get ahead of the game and beat others to it, by researching plans for future rail links in different areas and choosing to invest in these places instead. This way you could jump in before the property price booms and be smug (and better off) in your decision of looking ahead.

Know your location

When looking for property to invest in, it is sometimes better to keep to what you know – especially when it comes to the area. Although you may be tempted by what appears to be a steal of a property with lots of potential, but is miles away, consider that fact that you know nothing about the town or what it has to offer. There could be a valid reason why it is such a bargain! Instead, stick to where you are familiar. This way, not only are you close by if needed by a tenant, but you will also already have the important information regarding the surroundings of the property, which is required in order to make an informed and smart investment choice.

Whether you’re looking to make some money on your own home, ready to invest in other properties to grow your capital, or seeking to improve your current buy-to-let properties to increase your profit; property often equals big money.

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How will a growing population affect the UK’s economy?

The UK’s population reached around 65.1 million individuals in 2015 and is expected to go beyond 70 million people by the time we reach 2026. Will the UK’s growing population result in the government having to make revisions when it comes to the amount that they need to invest into the nation’s economy?

True Potential Investor, who are on hand to assist when you want to open a personal pension account, investigates in the infographic below. Check out the graphic and you’ll discover the UK’s GDP, Great Britain’s Historic CPI inflation rate, the UK real households’ disposable income per head and much more when various generations were turning 16 years old and adjusting from education to work life.

From these findings, a few pointers are made for what future generations may face if trends are anything to go by. Keep reading to find out more…

What are your thoughts?

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