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  • FIRST POST
    • simmian
    • By simmian 17th May 17, 11:06 AM
    • 12Posts
    • 1Thanks
    simmian
    How can I improve my credit rating?
    • #1
    • 17th May 17, 11:06 AM
    How can I improve my credit rating? 17th May 17 at 11:06 AM
    Apologies if this has been asked before but I am sure everyone's circumstances are different.

    I will try and explain things as best I can and be honest its my first post so please be gentle.

    I always maintained a good credit rating for a long time and I got my mortgage and was approved for several loans. 8 years ago through no fault of my own I got made redundant, I managed to keep the payments up on my mortgage but missed payments on the loans. I had insurance for redundancy which didn't pay out and I ended up getting into debt and my credit rating suffered. I managed to get a job a few months later and where I could I tried to get back on top of my finances but some of them spiraled and got out of control and I had a CCJ against my name. I have not bothered trying to get credit since this all happened and my CCJ eventually dropped off my report after 7 years. Anyway bringing the story up to date I started to check my credit report and to begin with it would say "You have got to be joking" to just below average. So I felt like I was eventually getting somewhere. I though I would apply for a credit building credit card with Vanquis which I got accepted for about 4 months ago which I have borrowed from and paid religiously. I checked my credit rating on Noddle and its dropped? I am so confused I just cant win! I need help, has anyone got suggestions?

    I also checked my finance on the Credit Club on this website and noticed that I had a defaulted account with Brittania Building Society for £235.00 which has confused me no end. I never had a loan or overdraft with them and had the account from the age of 16 and closed the account when I was 30 something over 10 years ago. It appears that the charge was taken over by a collection agency but I have not got the foggiest as to who or what I owe that charge for because I had no loan or overdraft and I informed them that I was leaving?

    Anyway sorry for the long story any help or pointers would be appreciated as I would like to improve my rating as I am employed and have been for a long time and always paid my mortgage and credit card bills etc.
Page 1
    • zx81
    • By zx81 17th May 17, 11:51 AM
    • 13,157 Posts
    • 13,468 Thanks
    zx81
    • #2
    • 17th May 17, 11:51 AM
    • #2
    • 17th May 17, 11:51 AM
    The key is to ignore the rating.

    Sort out any anomalies on your file but ignore the scores.
    • simmian
    • By simmian 17th May 17, 1:14 PM
    • 12 Posts
    • 1 Thanks
    simmian
    • #3
    • 17th May 17, 1:14 PM
    • #3
    • 17th May 17, 1:14 PM
    I am not so sure that I can just ignore things because I cannot get decent rate loans etc.
    • Candyapple
    • By Candyapple 17th May 17, 1:44 PM
    • 2,268 Posts
    • 1,724 Thanks
    Candyapple
    • #4
    • 17th May 17, 1:44 PM
    • #4
    • 17th May 17, 1:44 PM
    The default from Britannia is likely what is causing your poor credit history. You need to write to them and enquire about the account and how the charges were incurred and proof of debt.

    It could be that when you closed the account a direct debit, or some other payment was paid out later which caused your account to go into an unauthorised overdraft and the charges are from that.

    Until you resolve that issue, all you can do is wait. Time is the only healer for a poor credit history and the default will drop off 6 years after the date it was applied.

    Ignore any scores as they are meaningless and just a marketing tool. Your credit history data is what is important.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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