You need a good credit rating if you love sport.
The glamorous life of a sport star is something we’re all keen to emulate – but attempting to match their spending budgets is never advisable. For sports fans, improving your credit rating so you can get to the latest matches and fixtures is key. Here’s why.
Why you need a good credit rating if you love sport
At various points in our lives, it’s essential for us to have a good credit rating. When we’re applying for financial support – be it through a mortgage, loan or credit card – it’s understandable that those to whom we apply are keen to receive information on our financial history.
The bottom line is that if you’ve never been in trouble with your finances, your credit rating is probably fine but if you’ve never taken any form of credit then you’ll have no rating at all.
This can make it more difficult to get credit cards, loans or other financial applications approved. Want to put your latest sports tickets on the credit card? Looking for a loan to help fund an overseas holidays to catch some of the best international fixtures? All this will be impossible without a decent credit rating behind you.
Thankfully, there are always things you can do to get the most from your credit rating. By improving your rating, you’ll find it easier to borrow money in the future and will have a better chance of securing an affordable rate when you do – giving you even more money to spend on sports memorabilia, tickets or goodies.
Head to CreditExpert.co.uk for more information on how your credit rating works before browsing our tips on how to boost your record.
Tackle your credit cards
Just as you need to disarm your opponents in a game of football by winning the ball from them during a tackle, you need to wrestle your credit cards away from providers and win possession. Any existing credit card agreements you have are likely to play a significant role in the state of your rating. If you go beyond your spending limit, or fail to make payments on time, there’s a good chance that this will have a negative impact on your rating – and give lenders control of the ball!
While it can be easy to fall behind with payments on your credit card – particularly in the event that you’ve been offered a special deal which eliminates fees for doing so – it’s worth paying attention to the impact that this could have. Not every missed payment will harm your rating, but it is always best to be safe and keep up to date. Dominate possession and ensure you’re always aware of how your credit cards bills stand.
Remember it’s a team sport
Sometimes it’s not just your activity which affects your credit report. If you have a financial history which is linked to somebody else – perhaps a sibling, parent, or partner – their fiscal conduct could well be having an impact on your report.
This isn’t limited to products which you seek in conjunction with that person. If you’ve had a shared account with somebody in the past, their credit report could affect your chances of securing a loan on your own in the future.
If you find that you’re still linked to somebody you don’t think you should be, it is possible to request that this link be removed to stop it affecting future performance. Think of it as you would any team sport – there are times when you need to use the support of others to achieve a group victory and times when you need to distance yourself from others in order to gain personal success.
Protect your reputation
As this source suggests, it can pay to be aware of your credit rating at all times. Not only can this save you the trouble of being denied credit needlessly, but it can prompt you to make the changes which are necessary to securing credit in the future.
Only if you pay close attention to the current state of your credit report will you be able to recognise when out of date information is responsible for your poor credit. It is your responsibility to see that old information working against you is removed from your credit report wherever possible.
If you don’t keep an eye on your credit report, there’s a good chance that it could contain out of date information which doesn’t accurately reflect your current financial strength. Checking regularly can ensure that you don’t make applications prematurely and safeguards your reputation – just as any premier sportsman must do in the sake of guaranteeing a long and prosperous career.