Home East africa economy Oldham residents rank 11th in the North West for credit scores

Oldham residents rank 11th in the North West for credit scores

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PEOPLE living in Oldham have the 11th highest credit score for money lenders in the Northwest.

This is according to analysis of over 200,000 credit reports from MoneySuperMarket’s credit monitor.

He revealed that Oldham had an average credit score of 559, the same as Liverpool and Wigan.

The highest in the region is Stockport with a score of 573.

Neighbor Manchester was above Oldham with 561 in ninth, as were Blackburn, 10th with 561 and Bolton with 563.

People living in Kingston upon Thames had the highest average credit scores in the country at 586. The scores are out of 710 possible points.

Getting on the electoral roll is a simple way to increase your credit rating. The average credit score of a registered voter is 573, which is 34 points higher than unregistered people.

MoneySuperMarket spokesperson Sally Francis-Miles said: “While your credit score is not directly affected by your location, our research shows that those with a Kingstone upon Thames zip code are the best credit scorers. in the UK, scoring 17 more points. than the UK average. This means that they are among the most attractive clients to lenders because their level of risk is generally lower than those with lower scores.

“There are, however, many ways to increase your score. The easiest way is to make sure that you are registered to vote on the voters list. It might not seem like a big deal, but it can have a huge impact – confirming your name and address, which is essential for lender verification processes, can also help, as it shows lenders that you are trustworthy and unlikely. to fail.

In addition, using free monitoring services, such as MoneySuperMarket’s credit monitor, can help you keep tabs on your own credit score and offer personalized advice on how you can increase your score. . ”

MoneySuperMarket’s top tips for improving your credit score include:

• Debt repayments – keep control over loan, mortgage and credit card payments by setting up direct debits where you can. This will make sure you don’t miss any payments and avoid black marks against your name.

• Pay your bills on time – one missed payment can leave a mark on your credit rating for a period of time. To avoid this, set up direct debits when possible to make sure you don’t miss a payment in error.

• Get a credit building credit card – Credit building credit cards have above average Annual Percentage Rates (APRs) and low credit limits. While you can’t borrow a large amount of money, if you can afford to keep repaying, a credit card can help boost your credit score over an extended period of time.

• Close unused accounts – if you have credit cards that you no longer need, it is important to close them. Having a large credit limit even if it’s not in use will impact your score. Don’t worry if you see a drop in your credit rating first, it’s totally normal.