If you’re keen to improve your credit score, you may want to consider your options sooner rather than later, according to an expert. Mamta Shanbhag, Help Me Borrow Director at Tesco Bank, has explained it’s important not to put off taking action, otherwise you risk being held back financially later on.

Speaking to the Express, she said: "Your credit score shows banks how good you are at paying back and managing money." She added: "When you apply for credit – whether it’s a loan, a mortgage or even a mobile phone contract – lenders want to know whether you’re someone they want to lend money to.

"Your credit history is used to calculate a simple score - the higher the score, the less of a credit risk the lender thinks you are. You can check your credit score free of charge using a credit rating agency. This lets you see where you stand, and what sort of progress you’ve made."

As such, it’s recommended that you take action to improve your credit score as soon as you can if you need to boost it. Shanbhag explained: "If you need to improve your credit score, and this can be especially important for young people, it’s best to take steps to boost your rating as soon as possible so you’re not held back financially later on."

There are a range of ways to improve your credit score. "This can start by simply registering on the electoral roll and ensuring you pay rent, household, and utility bills on time," she added.

"It also helps build a credit history by opening a bank account, credit card or other forms of credit (e.g. mobile phone contract) and paying any minimum monthly payments on these accounts on time. Avoid going over your credit limit or using too much credit, as this will incur additional fees and charges and potentially damage your credit score."

If you don’t know your current credit score, you can check out credit rating agencies such as Experian, Equifax or TransUnion for a free credit check online, says the expert.

You can also use eligibility calculators to find out how likely you are to be accepted for credit without impacting your credit score. "This can be helpful because if you apply for a credit card or loan in full and get rejected, or complete multiple applications, it could affect your credit score," she shared.

"While you can have a credit score without a credit card, they ultimately offer lenders a reliable way to see how well you handle credit and, therefore, are a big factor in determining their decision to lend to you.

"Even if you have a limited or poor credit history, some banks will offer credit cards designed to help improve or build your credit score. These accounts typically begin with lower spending limits that may increase over time, provided you make your payments on time and keep your balance below your credit limit. Some will also allow you to monitor your credit score as you go."