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

KingElvis

star-fire wrote: »

Izools I am surprised you haven't told your flatmate that having 4 credit cards is a bit stupid, when 1 or 2 will build your credit rating up just as having say 5 credit cards.

Yep, I used to have three but dumped my Crap1 shizzle recently, they offered me a great deal but I didn't need it.

Just my Natpest Platinum and my Lotus MBNA card now.

Four does seem a bit pointless unless you're Alan Sugar :rotfl:

BugsyBrowne

KingElvis wrote: »

Yep, I used to have three but dumped my Crap1 shizzle recently, they offered me a great deal but I didn't need it.

Just my Natpest Platinum and my Lotus MBNA card now.

Four does seem a bit pointless unless you're Alan Sugar :rotfl:

I do like the sound of the lotus credit card, it might be an option for me once i've got rid of barclaycard.

mattedgie

Hi Guys,

What services/products could i sign upto that would report to credit reference angencies just as a way of improving it?

Obviously i know there are the sub prime credit cards....the cashplus credit builder option and current accounts etc. Are there any other options that i could look at?

I currently study with Open University and opted for the student account with them. This is where you pay for modules monthly and this reports to credit agencies and there is no credit search either when opening an account....is there anything similar like this?

Many thanks

Matt

geordie_ben

mattedgie wrote: »

Hi Guys,

What services/products could i sign upto that would report to credit reference angencies just as a way of improving it?

Obviously i know there are the sub prime credit cards....the cashplus credit builder option and current accounts etc. Are there any other options that i could look at?

I currently study with Open University and opted for the student account with them. This is where you pay for modules monthly and this reports to credit agencies and there is no credit search either when opening an account....is there anything similar like this?

Many thanks

Matt

Are you ruling out standard credit cards?

mattedgie

Apologies....didn't make it so clear in my original post.

Would be looking at things aimed to people with poor credit history so wouldn't be looking at signing upto credit cards.

I don't have a standard bank account just a basic one. I was looking at contract phones so that could be a start? Anything else i could look at?

izools

Barclays Basic Bank Account, Contract Phone line (SIM Only - Three Sim Zero), and Vanquis Credit Card. If you can't get these three chances are you haven't got a pulse and / or aren't at least 90% human. They're the easiest to get on the planet - the first two even during bankruptcy (undischarged)!

These three accounts will give your credit file a kick start and after a year of having run them well you will look appealing to more mainstream lenders.

mattedgie

Thanks very much for your response!

With the Barlcays basic bank account, how will that kick start my credit file as i though basic bank accounts dont report or have an effect on credit?

Money_Penny_3

I know my credit is shocking so I have my Credit file and rating which confirms it :embarasse

So anyway, looking at it I have quite a few defaults but they are all quite old.

When is the debt written off and wiped from the file, is it 6 years and if it is 6 years, is it from the default or from when the account was opened?

Example: Lowell Portfolio, Current Balance £1134 Default Balance £393, Start Date 17.05.06 Date last updated: 21.12.08

All of my defaults start dates run from 2006, with the last credit agreement start date being 2006.

I have 1 CCJ for £191 from 2005 should this now be removed?

Sorry for the mirage of questions I am quite anxious to do as much as I can to help my credit rating

Thank you!

geordie_ben

Money_Penny wrote: »

I know my credit is shocking so I have my Credit file and rating which confirms it :embarasse

So anyway, looking at it I have quite a few defaults but they are all quite old.

When is the debt written off and wiped from the file, is it 6 years and if it is 6 years, is it from the default or from when the account was opened?

Example: Lowell Portfolio, Current Balance £1134 Default Balance £393, Start Date 17.05.06 Date last updated: 21.12.08

All of my defaults start dates run from 2006, with the last credit agreement start date being 2006.

I have 1 CCJ for £191 from 2005 should this now be removed?

Sorry for the mirage of questions I am quite anxious to do as much as I can to help my credit rating

Thank you!

6 years from when they are put on your file. So if it happended on the 28th of Feb 2000 then it would come off on the 1st of March 2006

izools

mattedgie wrote: »

Thanks very much for your response!

With the Barlcays basic bank account, how will that kick start my credit file as i though basic bank accounts dont report or have an effect on credit?

Whilst it won't build an INTERNAL score with Barclays Bank, it is reported as a full current account on your credit file, so will build a positive history on your credit files.

Barclays Bank also don't pre-decline cash account holders for their Current Accounts, unlike Lloyds TSB, so once you've had these accounts for a year you stand an excellent chance of approval for a full current account, not least with Barclays, but anywhere.

Good luck! :beer: