Think of Bits like a service designed to help you build your credit. Here’s how it works:
Timely Payments: We report your account activity to credit bureaus like Experian, Equifax, and TransUnion. Making your payments on time is crucial, as this is the biggest factor that can boost your credit score.
Credit Utilisation: By just paying your monthly fee and/or credit card on time, you're not only maintaining a low credit utilisation ratio but ideally keeping it under 20%. This is beneficial as it shows you're not over-relying on credit, which can positively influence your score.
Age of Credit: Keeping your Bits account open for a longer period helps increase the average age of your credit accounts, which is another plus for your credit score.
Additionally, to fully leverage the benefits Bits offers, we suggest keeping your overall credit card utilisation below 30% and addressing any financial issues like CCJs, bankruptcy, or defaults. This proactive approach can help enhance your credit score even more!