Credit score. That 3 digit number that plays an important role in determining your chances of being approved for certain financial products like personal loans or credit cards.

We’ve shared how you can effectively build your credit score from scratch but how can you boost it in 2023? We partnered with ClearScore, a leading financial marketplace that gives you access to your financial data, to get their top tips on how you can boost your credit score with them.

7 steps to boosting your credit score

The higher your credit score, the higher your chances are of a successful loan approval when applying for loans or credit cards. To get a high credit score, though, you need to work on improving your current credit score.

Here are 7 steps that ClearScore recommend:

1. Keep your credit utilisation low.
2. Get organised.
3. Fix any mistakes on your credit report.
4. Look out for fraudulent activity.
5. Monitor your credit score.
6. Plan ahead when you need credit.
7. Build your credit score.

Read ClearScore’s full post on the 7 steps to a great credit score.

Check your credit report

Your credit report is a detailed summary of your credit history, which includes the type of credit accounts you have had, your payment history and your credit score. At ClearScore, you can check your credit report and credit score for free so you can monitor your credit report.

Once you have signed up with ClearScore, it can take you as little as 5 minutes a month to check your credit report and look out for things that can help boost your credit score, such as:

1. Enquires: check any and all hard or soft credit applications listed in your account.
2. Accounts: check that the list of accounts in your credit report are correct.
3. Your payment history: check that your payment history is accurate.

Read ClearScore’s full post on their 5 minute monthly credit report checklist.

Understand how your credit score is weighted

Boosting your credit score in 2023 depends on you and the steps you take. But what influences your credit score? Here is some insight from ClearScore:

• Payment history.
• Amounts owed.
• Duration of credit history.
• New credit.
• Types of credit.

Once you understand to what degree each of these factors influence your credit score, you can start to take responsible action towards boosting your credit score consistently. When you are ready to start a loan application and improve your credit score, see how FASTA can help you achieve just that.

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