Does a Very Account Improve My Credit Score?

Sometimes borrowing money to improve your credit score can be helpful. It's not the only way to boost your credit, and you should only do it if you're confident of paying the amount back, but borrowing and paying off a small amount shows other lenders that you're financially responsible. Credit, such as a store card, can boost your score and give you a better chance of borrowing for a mortgage or car finance. With that in mind, we've put this quick-fire guide together looking at a Very account and if it helps improve your credit score.  

First Thing's First, What's a Very Account?

Ok, so you might ask yourself, "what is a Very account?" Very sells lots of stuff, from clothes to toys to electrical goods, to home and garden furniture. It's sort of a one-stop shop for all your retail needs and gives customers the opportunity to get a Very account to pay for items over several payments. 

A Very account is essentially a store card. Called Very Pay, you can buy items and pay for them later, either in set instalments, over three or four separate payments or a specific amount each month. Its representative APR is 39.9%, though, so it's probably best to keep any borrowed amount low or pay it back sooner rather than later. 

How Can I Get a Very Account?

You'll need to apply for a Very account on Very's website. There's an eligibility checker so you can see if you're likely to qualify for finance offers from Very, and there's an app to manage your finances once you've opened an account. 

Very has flexible payment options, including a method allowing you to pay the full amount back in three months without incurring any interest. You can also set up a direct debit, so payments come out each month automatically. 

How Much Can I Spend Using a Very Account?

The amount you can borrow depends on what's available to you. Like any other form of lending, Very will perform a credit check to see your eligibility. However, store accounts tend to be more relaxed with their lending criteria than finance for a brand new car. Therefore, you don't necessarily need an excellent score to qualify for finance, especially if you plan on spending little. Very might even decide to limit your available credit if you have a lower score, meaning you can use it to borrow small amounts of credit and pay it off easier. 

Does a Very Account Improve My Credit Score?

So are you looking to improve your credit score and searching for ways to improve your credit score? We've reached the big question: does having a Very account help improve your credit score? It depends, really. If you borrow a certain amount from Very and pay it back within the agreed time frame, then, yes, having a Very account can help improve your credit score.

Of course, failing to make the payments on time will likely harm your credit score. So you should only use credit from Very if you're confident you can repay the amount without any issues. Late payments can stay on your credit file for up to six years. 

How Else Can I Improve My Credit Score? 

So what is the best way to improve your credit score? Opening a Very account shouldn't necessarily be at the top of your list if you want to improve your credit score. It can help, but there are other actions you can take to improve your credit score. 

  • Electoral Roll – registering on the electoral roll confirms your address, which is helpful to lenders as they have an address for you. 
  • Make Payments on Time – making payments on time is a surefire way to build your credit score and show lenders that you're reliable with borrowing. 
  • Keep Your Credit Amount Low – utilising a lower amount of available credit shows you're responsible with money and can boost your credit score. 
  • Check for Errors on Your Report – it's worth checking your credit report to see if there are any errors. If you spot any discrepancies, contact the credit reference agency to get them amended. 
  • Consider a Credit Builder Card – using a credit builder card can help increase your score. They tend to have low spending limits and high-interest rates but can be helpful for small amounts. 

Very Good Credit

A Very account can help boost your credit score, but there are other ways to see the numbers go upwards. There are many ways to increase your credit score, some of which don't involve borrowing money. Whichever route you decide upon, regularly viewing your credit report and paying back debt on time will improve your score in the long run.