Tuesday, 1 September 2015

How To Maintain A Good Credit Record When You’re In The Military

Are you a good or a poor credit risk? You may not know until you submit an application for a loan or credit. Here are some top tips on how to maintain a healthy credit score, regardless of your location.

The result can sometimes be surprising. Moving around with the military doesn’t always help your credit score, although significant effort has been made in recent years to improve awareness within the financial industry of the circumstances of military personnel.

How does a credit rating score work?

Your credit score measures you as a financial risk. A poor credit score can make it difficult to borrow money. This can affect your application for credit cards, motor finance, a mortgage and other services such as mobile phone contracts.

How is your credit risk measured?

All lenders want different things and have their own ways of scoring but are likely to take into account the following:

  • Occupation
  • Address history
  • Length of employment
  • Annual Income
  • Previous and existing creditors and your credit payment history
  • County Court Judgments
What is likely to make you a poor credit risk?