Build my credit score

bumblebee_xxx wrote: »

Hello ill tell you about my sutuation, the only thing I had credit wise is a contract 4 years still using it never missed a payment etc applied for a car Loan got declined excellent credit history then 3 months later called credit expert to get some advice they told me to get a credit card have done so my credit score has dropped to 444 they say I have 5 negotive things now because my credit limited is low £250 paid in full each month etc all the negotive things relate to this credit card so I now trying to build my score back up which think will take months x

Dont worry it wont take long to bounce back as the same thing happened to mewhen i upgraded my Bank Acc once it showed a month of good trading it went back to what it was pre application

Hi Jemma

You hadn't mention having a CCJ before - what is the date of your CCJ, and how much was it for?

Some people have been able to get a mortgage with a CCJ, but usually only if the CCJ is old, say 4-5years old, and even then they can only get subprime mortgages which have a higher APR and require a higher % deposit. What percentage deposit do you have saved up?

As an aside - if you have a CCJ showing on your credit file and settled defaults still showing, then depsite what score or category the credit reference agency sells to you, you will be considered by potential lenders to have a poor credit history and to be high risk.

You asked in an earlier post about how the cashplus prepaid card works in terms of your credit file - its a last resort option for someone trying to build a credit history who cannot get a subprime credit card. Effectively there is a annual fee for the card which is charged monthly, and it is this that is shown on your credit file - as a small loan of £60(?) that you are repaying over a year. What you load on the card and spend is irrelevant (providing you always have the money to pay the monthly fee).