{"id":8541,"date":"2022-12-21T12:58:49","date_gmt":"2022-12-21T12:58:49","guid":{"rendered":"https:\/\/www.mouthymoney.co.uk\/?p=8541"},"modified":"2025-03-03T09:41:20","modified_gmt":"2025-03-03T09:41:20","slug":"must-know-money-this-week-credit-scores-energy-bills-and-interest-rates","status":"publish","type":"post","link":"https:\/\/www.mouthymoney.co.uk\/budgeting\/must-know-money-this-week-credit-scores-energy-bills-and-interest-rates\/","title":{"rendered":"Must-know money this week: credit scores, energy bills and interest rates"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

With skyrocketing energy bills and mortgage rates, it\u2019s becoming more important to balance your monthly income and spendings.<\/p>\n\n\n\n

Here are some of our favourite stories from around personal finance this week to help you get your head around money.<\/p>\n\n\n\n

Five things you didn\u2019t realise were affecting your credit score<\/strong><\/h3>\n\n\n\n

Nicole Garcia Merida, writing for Money Week<\/a>, highlights tips to ensure that you\u2019re keeping your credit score in good shape by avoiding key mistakes:<\/p>\n\n\n\n

    \n
  1. Taking out a mortgage or joint account with somebody with bad credit: Couples often combine their finances in joint accounts and take mortgages together. However, if you are linked with somebody with a bad credit score, this can negatively impact you.<\/li>\n\n\n\n
  2. Avoiding credit: A good credit score comes with a mix of credit products and being able to show lenders that you can make timely repayments. If you do not take any credit at all, you cannot show them that.<\/li>\n\n\n\n
  3. Applying for too many credit cards: Multiple applications for credit suggest that you are in desperate need of money and have a high risk of default.<\/li>\n\n\n\n
  4. Receiving a county court judgement (CCJ): A CCJ is registered when somebody claims you owe them money. This can seriously affect your score and take around six years to clear.<\/li>\n\n\n\n
  5. Not being registered to vote: Lenders will find it harder to access and verify your details and identity if you are not on the electoral register. Being on it will record your personal data and make the process easier.<\/li>\n<\/ol>\n\n\n\n

    You can use credit reference agencies like Equifax, Experian, and TransUnion to check your credit score.<\/p>\n\n\n\n

    Consumers save nearly \u00a33m by reducing energy use at peak hours<\/strong><\/h3>\n\n\n\n

    Consumers saved nearly \u00a33m by reducing energy usage throughout peak times according to National Grid\u2019s latest data on its money-saving scheme. <\/p>\n\n\n\n

    Nicole Garcia Merida, writes for Money Week,<\/a> to help readers better understand why National Grid is offering the scheme, and how to save energy efficiently.<\/p>\n\n\n\n

    The electricity system operator (ESO) is worried about the strain on electricity networks with plunging temperatures in December. Paying customers to reduce energy consumption is their easiest way to balance the system.<\/p>\n\n\n\n

    Running appliances outside of peak hours (between 4-7pm) could lead to credit on bills, and ultimately lower monthly energy bills for your household.<\/p>\n\n\n\n

    Money Week also presents several comparisons between heating modes and dryer options for you to determine which one works best for you.<\/p>\n\n\n\n

    What 12 months of interest rate rises did to our finances \u2013 and what to do next year<\/strong><\/h3>\n\n\n\n

    Rachel Mortimer, writing for the Telegraph<\/a>, takes you through the 12 months of 2022 that changed your finances and helps you prepare for what\u2019s coming in 2023.<\/p>\n\n\n\n