Credit Rating: How it works and How to improve it discussion area

Kt8

i recently rang experian just to check over some things on my file, he states i have a good credit file, but what is going against me is the fact i dont have much credit or a credit history..only a 5 grand loan however my income/salary to that is great and nothing to worry about..and also the main biggie for bad credit is alot of searches which i only have 1 in last year.
I was worried that alot of defaulted missed cc payments from 4-5 years ago at uni might have wrecked things for me as i thought there was a 6 year rule but he said it only takes 12 months after a missed payment to clear again if that helps anyone.

so as i have read on here before it seems getting them higher interest cc to build credit is best way to go


does anyone know what address to send an appeal to halifax to?

BugsyBrowne

Kt8 wrote: »

i recently rang experian just to check over some things on my file, he states i have a good credit file, but what is going against me is the fact i dont have much credit or a credit history..only a 5 grand loan however my income/salary to that is great and nothing to worry about..and also the main biggie for bad credit is alot of searches which i only have 1 in last year.
I was worried that alot of defaulted missed cc payments from 4-5 years ago at uni might have wrecked things for me as i thought there was a 6 year rule but he said it only takes 12 months after a missed payment to clear again if that helps anyone.

so as i have read on here before it seems getting them higher interest cc to build credit is best way to go


does anyone know what address to send an appeal to halifax to?

So experian have told you that you have a good credit report but you don't have much credit or a credit history.

Don't know about you mate but to me without credit history how can it be good?

Kt8

i mean good in a way that nothing on there at the moment or recently has made it worse, and that past missed cc payments from few years ago which i thought would still affect it ..hasn't. I was conviced that had ruined my credit rating but its all good.

its up to me wether i want to get credit, tho i dont need it really but a cc in the next year or so wouldnt be too bad from my own bank.

too much credit can be seen as good..or bad...

geordie_ben

Kt8 wrote: »

i mean good in a way that nothing on there at the moment or recently has made it worse, and that past missed cc payments from few years ago which i thought would still affect it ..hasn't. I was conviced that had ruined my credit rating but its all good.

its up to me wether i want to get credit, tho i dont need it really but a cc in the next year or so wouldnt be too bad from my own bank.

too much credit can be seen as good..or bad...

I'd say apply for a credit card, spend a little amount on it every month and pay it off in the full EVERY month. that way you'll be using the credit and paying it off, thus building your rating

They way I look at it is I normally spending say £100 a week on petrol. I now pay for the petrol with my credit card. The original £100 is still sat in my account earning interest, then when it CC bill time, i used that £100 to pay the amount on the CC off in full, and have earned a little bit on interest.

As long as you pay the amount off in full every month credit cards can be great for building your interest AND credit file

If you dont think you can make the full payments then stop using the card

If only I had learnt this before I racked up about £7k on plastic... all gone now tho

BugsyBrowne

geordie_ben wrote: »

I'd say apply for a credit card, spend a little amount on it every month and pay it off in the full EVERY month. that way you'll be using the credit and paying it off, thus building your rating

They way I look at it is I normally spending say £100 a week on petrol. I now pay for the petrol with my credit card. The original £100 is still sat in my account earning interest, then when it CC bill time, i used that £100 to pay the amount on the CC off in full, and have earned a little bit on interest.

As long as you pay the amount off in full every month credit cards can be great for building your interest AND credit file

If you dont think you can make the full payments then stop using the card

If only I had learnt this before I racked up about £7k on plastic... all gone now tho

£100 is sitting in my account earning interest lol

geordie_ben

star-fire wrote: »

£100 is sitting in my account earning interest lol

you what?!

BugsyBrowne

geordie_ben wrote: »

you what?!

Were you on a wind up when you said putting £100 in your account to earn interest?

geordie_ben

star-fire wrote: »

Were you on a wind up when you said putting £100 in your account to earn interest?

It was an example. I'm sure your jokes dont help people trying to build their credit ratings back up.

Lets stick to the topic please

Josiah2009

Hi hope this is the right place to ask?

I have two questions;
1) if I use one of the credit check companies, can they pass my info e'g address on to lenders I owe money to and or debt recovery company/ Bailiffs

2) I have some quite old debts that may or may not have turned into CCJ's (ive moved alot so dont know) do said debts stay on your file for 6 years??
and if so what happens to them after 6 years can they still be recovered from you??

mbaz

Hi there

Can anyone tellme whether you can finaincally disassociate yourself from your spouse if you have not split up but no longer have any joint accounts?

Basically my husband has a perfect credit report but is having problems getting credit presumably because he is linked to me through the mortgage we had nearly 5 years ago (we are now renting). I have 4 defaults on my file.

We haven't had any other joint accounts. Can he disassociate himself from me?

Thanks in advance.