Third, try to avoid debt spiral behaviour. In other words, do not borrow to pay
your installments on other credit facilities. Likewise, you should try to pay more
than the minimum installment amount on each credit facility as this indicates that
you have disposable income. Lastly, avoid expensive debt, such as short term (30
day) loans.
Fourth, whenever you apply for credit an "enquiry" is added to your credit record.
This is fine if it is done seldom, but if you make several enquiries for credit
you will seem desperate and this will also reflect the possibility that you have
already been declined credit. It is therefore best to rather clear your credit record
of negative information and then apply to as many creditors as possible on the same
day. That way they are unlikely to pick up the enquiries immediately as the enquiry
data usually takes a couple of days to reflect on your credit record.
Fifth, if you apply for credit when you have "maxed out" all your credit facilities
you will also run the risk of the application being declined or the interest rate
being "loaded" (made higher), so ideally, try to apply for credit when you have
paid down your existing credit facilities.
Sixth, the fewer different credit facilities you have the better. You do not need
to consolidate all your credit but you should aim to reduce your "lines" of credit,
as the fewer you have the better.
Seventh, if you are applying for credit with your spouse (or even someone else standing
as surety/security), you should also ensure they have fixed their credit record
and gone through all of the above tips and done their best to add to the good impression
you are trying to create.
Those are the keys tips to ensuring you get credit and get it as cheaply as possible.