Credit experts at price comparison site Moneysupermarket.com have offered advice to those wanting to get a better credit rating.

Good credit ratings can save thousands of pounds in mortgage interest rates and can determine which credit cards and loans are given.

Peter Harrison, credit expert at the website, has said that being on the electoral roll can help banks check addresses quickly, mobile phone bills will help them check how often people make payments on time and already owning a credit card will improve credit ratings.

However, owning more than five credit cards can be seen as a sign that people cannot manage financially, and will mean they have a high credit limit already.

Mr Harrison said: If you need a mortgage then naturally you want the best possible deal. Your credit rating will play a major role in deciding whether you get a low or high rate or, worse still, are rejected.

Those who have been in debt will also have a poor credit rating, and recent research by Kensington Financial Management Consultants found that a quarter of British people have got into debt because of shopping.