Building your credit
is a commonly used catchall phrase which actually means several different things depending on the status of your
For some people it means working to build or create a good credit profile and to others it means working to improve or repair their credit profile.
The ultimate goal is to achieve a strong credit score so it's easy for example to get credit at reasonable interest rates, be able to rent a home, or get a mobile phone contract.
There are many factors influencing your credit score. One powerful way of improving it is to make your payments on time, not just for your credit agreements but also your phone and utility bills.
A Creditspring membership lets you build your credit flexibly because you don't have to borrow to build. Simply paying the monthly membership fee on time leaves a positive imprint on your credit profile. When you do decide to use your advances, making the repayments on time adds another positive imprint.
So, even when your budget is stretched and you need to use your advances to help you manage spikes in expenditure, you have the power to build your credit.
The monthly fee and loan repayments for Creditspring are just a small part of what makes up your credit profile and in isolation will only have a small impact on your credit score.
A credit profile is a document which provides information about someone's credit history. Credit profiles are used by lenders and other agencies that offer credit to determine someone's creditworthiness.
A credit score is defined in several ways, here are just two:
A credit score is a tool used by lenders to help determine whether you qualify for a particular credit card, loan, mortgage or service.
A credit score is a 3-digit number that shows you how likely you are to be accepted for credit, the higher the number the easier it will be for you to get credit.