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My name is Victoria Ajadi and I am a Nigerian lifestyle and business vlogger
Currently residing in United Kingdom. In today's video, I'm going to be talking about credit score what
is credit score
Credit credit credit score
You know when I first came into the UK and I started hearing that word credit score
I was wondering wetin wetin be this? wetin be credit score? and why is it even important?
Why why should I care about it? I have my money and I can just buy anything
I want to buy without needing to buy all credits
so why credit score? now that you know the background let's dive into what exactly a
Credit score is and how you can actually get a good credit score that speaks for you
Especially if you are in the UK for a very long time say like three to five years and above
You need a good credit score and using myself as an example
I've been in the UK for just six months and I have a fairly good credit score. How did I do it? keep watching
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So let's get right into the video credit score is a tool that is used by lenders to determine whether you qualify for a particular
loan credit card
Mortgage or service. so using the information on your credit report and any other information that you might have supplied,
these lenders use their mathematical model to arrive at a numerical score that
represents your credit history and it differs from
Credits suppliers. Should I call them suppliers or providers to another. there are different bunch of
companies that
Supplies your credit information your credit score. So the score you get with a maybe different from the score you get from B and
different from the score you get
From C but basically you are most likely to be in the same range of whether good, fair or bad
within different
Credit score suppliers, so it doesn't matter whether the score you get from A, B or C are different
Their range of good, bad or fair would still
Most likely be the same for your particular scope. So why should you care about credit reports and credit scores?
Well credit scores plays a
very very important role in the financial products that you are able to apply for and you're able to take out like
credit cards or mortgages
your credit score will actually help to determine whether they will give you the credit card or the mortgage and
Also helps the lender to determine what you will end up paying at the end of the day
So people with a higher score are seen as lower risk, which means that lenders are more likely to give them credit
So the higher your score is the higher you are seen as being financially intelligent and
Financially able to manage your credits
they see as you are financially reliable and
You can actually pay them back on time
And as a person, having a good credit score a good credit reports makes paying for goods and services
much more easier and flexible for you and
if for any reason, there is a problem or an issue with a company that you are paying for goods or
Services, you're much more likely to get your money back when you've used a credit card to get the goods or the service
so the importance and benefits
actually outweighs the
imaginable
Disadvantages that you might actually think off
So, how do you get good credit score?
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That is just coming to the UK and would find this information very very helpful. Thank you
So you got less than six months in the UK and want to start building your own
credit
Reports and you want to start building and having a good credit score
I'll advise that you do this: from my own experience and experiences of people around me, Number one is
The register or the electoral poll. Yes
have your name on the electoral poll of the country. I was so amazed when I think it was three months
into my stay here in the UK and I actually saw the
electoral people came to my
apartment
Then and they were asking for some information and then I received a post and they were asking me to join the electoral roll
Because I can vote
I was so amazed like what?! so it's a very good thing for you to actually have your name and the Electoral Register
It is very very key. It is very very is one of the
most important things that lenders and those credit companies try to look out for so have your name on the
Electoral Register. if you have not registered,
Please do so you can go online and just search for how to register and you'll get everything online . number two is
To have lived in two different addresses lived in two different places
Because they will normally ask you for the places that you've actually lived since you came in
but baving lived in two or more addresses in the UK is
Actually a good thing for you inorder to
start building your credit reports and no you don't have to have lived in the UK for three years
Before you start having a credit report and of course the most obvious of it All is that you open a bank account
Opening and having UK bank accounts is like the most basic
of it all, so you need to have a bank account and at times the bank might even actually just introduce their credit cards
to you immediately
and if you think that you can actually go ahead and have it at that point when they are introducing it to you fine you
Can actually go ahead and do that and having started this, okay
Now you have your credit report your credit score and all that, there are simple ways to maintain a good credit score as I have learnt....
Is to maintain being on the Electoral Register and even actually voting. Yes
Make use of it. Don't just be on the Electoral Register
when you have the opportunity to vote go ahead and vote and
Also, make sure that you have been viewing your credit report regularly. Sometimes they get your information wrong. So
review it regularly and make sure your information is up-to-date
With them. Another thing is to ensure that you don't miss any payment
Don't miss any payment you have to be very very up-to-date with your payment this also helps build and
increase your credit score and for every credit score that you get there are usually
List of things to do and things not to do that will be supplied by your credit provider
So for example, let's say you get r500 out of 700 as your credit score
There are some things that your credit score
Provider will actually tell you to do in order to increase your score
So make sure they are going through and reviewing that every time as this can actually help also
to increase your credit score. I hope this is useful. Please share with a student,
Professional that's just coming in to the UK that you know, they will find it very very helpful
Thank you so much for watching
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Hi guys, welcome back to my channel, thank you so much for taking on that on this video
Maybe I knew em. My name is Victoria
I daddy I am like a lifestyle business blogger currently residing in the United Kingdom in today's victim. Let me share it with you
Hello guys and welcome back to my channel
Thank you so much for taking on this video if you knew my name is Victoria a dirty