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

jules58561

Ive now received 2 letters within a month regarding persistent debt on the one credit card i have. My balance is £6718 and i pay around £150 per month and more when i can afford it.  Since last July i have paid off £900.  I have not spent anything on the card since July.  I have also paid off my two bank overdrafts of £2500 and £3200.  I am self employed with a business and we have had to close due to the virus. I have formally complained but they just send another persistent debt letter out. Im hoping that once we can reopen i will pay more off.  Because of this i am deemed poor credit. The interest applied is £100 per month on my balance. I would like to go for a 0% card to get the amount owing down quicker but in a catch 22 at present because of eligibility. Any advice do you think the interest applied is fair.  Other than this i have a car loan and share a mortgage.

[Deleted User]

The interest applied will be as detailed in your agreement.  It you found it to be anything other than that, then it would be unfair.

You won't get 0% offers being in persistent debt.

boyishscorn

After some advice please. I have a glimmering credit report EXCEPT from a 2 months period 5 years ago where a couple of phone/internet bills were not paid as I had moved to Australia. I genuinely thought I had cancelled/contacted the relevant companies about these only to find out a year later when I got home a lot of underpayment letters unopened at my old address. Should I write a notice of correction and how do I go about doing these? Thanks!!!

DCFC79

boyishscorn said:

After some advice please. I have a glimmering credit report EXCEPT from a 2 months period 5 years ago where a couple of phone/internet bills were not paid as I had moved to Australia. I genuinely thought I had cancelled/contacted the relevant companies about these only to find out a year later when I got home a lot of underpayment letters unopened at my old address. Should I write a notice of correction and how do I go about doing these? Thanks!!!

So the debt is from 5 years ago yes ?

I take it you have checked your emails for any record of an email stating sorry to hear your leaving us etc or your last bill would be x date ?

Maybe send a SAR letter (google it, the ico link may help) if you had communicated with them about leaving it might be on your file and SAR would provide this.

[Deleted User]

Never do a notice of correction unless you were in a coma.

The accounts will have little impact now.

mrj5alive

I am currently trying to get my credit score to improve for a mortgage for next year. On clear score my credit rating is 476 out of 700. Which I don't think it too bad. However, it's been stuck there for a while now.
I've got two credit cards which to be honest, I don't need to use but I do spend a very small amount every month and pay it off in full every month just to improve my score. Do I need to be spending bigger sums off every month?
Also, should I be spending on both cards or is just one enough to make the difference?
Just wondering if any gurus out there can help me to why it isn't budging.

[Deleted User]

It doesn't budge because it's not a real thing. Your score can be any number you want.

Lenders only make decisions based on your credit history. What do you believe is wrong with your credit history?

mrj5alive

Deleted_User said:

It doesn't budge because it's not a real thing. Your score can be any number you want.

Lenders only make decisions based on your credit history. What do you believe is wrong with your credit history?

That's what I am trying to find out. I pay the credit off every month, on the regular but it hasn't moved in 12 months. I want to know if there's any steps I need to take in order to get a better score. Apply for a specific credit card? Spend more on my credit card every month and pay it off in full?

[Deleted User]

A better score is of no benefit to you.

What do your three credit files show? Not the fictional scores, the actual data 

sadie72

I have a very tricky question!
I took out a mortgage in 2004. 
I defaulted in 2006 then caught up with payments. 
I defaulted again in 2016 then caught up again. 

I’ll have paid my mortgage off next April. 

Question- when will all this info disappear from my credit file??