Credit file trashed. How can I fix it.

indigowarrior · 23 February 2018 at 12:46AM

I have been watching my credit report get worse over time. I am aware that the score doesnt matter but when you have credit score of 0 with one of the credit companies you know its bad. I have over 28 deflauts and 20 closed accounts dating back to 2012. Also a CCJ dated June 2015

I have started paying minimum repayments on my accounts and managed to clear 4 of the small balances today but I have a long way to go.

I had planned to buy a house in the next 6 years but I have no chance do I

Superscrooge · 23 February 2018 at 9:38AM

Would you lend money to someone if you knew they had borrowed money on over 28 previous occasions and failed to pay it back?

You are unlikely to get a mortgage until your credit file improves. .

robber2 · 23 February 2018 at 10:36AM

just out of interest how did you find out that....."you have credit score of 0 with one of the credit companies"?

Rob

StokieBecks · 23 February 2018 at 10:47AM

What dates are the defaults? These will drop off your file after six years of being there so if some accounts defaulted in 2012 they should be due to drop off this year. You need to be very careful though as any that are approaching the six year time frame may well be taken to court for CCJ action

The CCJ is important - you need to find who you should be paying and get a payment plan in place for that,they can apply for attachment of earnings or bailiffs if you do not pay.

It would be wise to ring one of free debt charities and get some specialist advice on this

Good luck, take this as your lightbulb moment and go from here... It can be fixed over time if you manage your finances well from this point forward and start settling accounts (and as I say the defaults drop off your file after 6 years which starts to slowly improve you score and make your history look better- this is not to say you do not owe the money if they come off your file but be careful of them issuing a CCJ in the meantime which then ruins your file for a further six years)

indigowarrior · 23 February 2018 at 11:40AM

Robber2 I checked my clearscore and have a lovely score of 0 with them.
Stokiebecks. I have started paying the minimums on my all debts and plan to clear them off asap. I was tempted to avalanche the lot but I think the snowball works better. I have contacted step change and done a debtremedy with them and they say that I can pay the contractual payments.

Candyapple · 23 February 2018 at 11:47AM

28 accounts to default on is a lot - what on earth happened?

Any defaults you have will be removed 6 years after the start date and same with CCJ. Given your CCJ has another 3 years to run, use that time wisely to pay off your debts and save as much as you can for your deposit.

indigowarrior · 23 February 2018 at 11:52AM

All but 2 of them are mobile and telephone related. I managed my money really badly and do have mental health problems. I have cleared 4 of the balances. Most of the debts were less than a £1000 but they all add up when you ignore them for so long.

Pudding123 · 23 February 2018 at 9:44PM

Just keep chipping away at it and you will get there. Best of luck. I have suffered mental health problems and sometimes been unable to face my financial situation, but with help, i have got it back under control.

Thrugelmir · 23 February 2018 at 10:40PM

indigowarrior wrote: »

I had planned to buy a house in the next 6 years but I have no chance do I

Depends how badly you want to. Onus is on you. Clear your debts first. Then be prepared to save a decent deposit. Nothing is impossible.

Richey_ · 23 February 2018 at 10:58PM

You have has 26 mobile phone accounts or similar in 6 years.. how!?

Anthorn · 23 February 2018 at 11:02PM

indigowarrior wrote: »

I have been watching my credit report get worse over time. I am aware that the score doesnt matter but when you have credit score of 0 with one of the credit companies you know its bad. I have over 28 deflauts and 20 closed accounts dating back to 2012. Also a CCJ dated June 2015

I have started paying minimum repayments on my accounts and managed to clear 4 of the small balances today but I have a long way to go.

I had planned to buy a house in the next 6 years but I have no chance do I

6 years is around the time needed to fix a bad credit history because 6 years after a default date defaulted accounts drop off the credit history.

Start by paying more than the minimum payment so you avoid the minimum payment flag. That may or may not be important for some lenders but it's best to play safe. Just one pound more than the minimum payment is enough.

Likewise the CCJ should drop off after 6 years. The problem is closed accounts that have not been defaulted. They stay on your credit history for longer and any red marks such as late payments stay with them. Whether any lender actually checks closed accounts and also the history on them is debatable

For the next 6 years you need credit accounts which report to the CRAs. Make sure all of them are kept in good order without exception so that when the defaults drop off you are automagically hopefully left with a good credit history. If you're stuck try a monthly sim-only mobile contract, a catalogue account such as J.D. Williams and try for a loan from your local credit union if it reports to a CRA (if it does that should be noted on the loan application form).

Good luck.

Credit file trashed. How can I fix it.

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