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

kstp2002

thank you moggles,yes i meant a credit rating,had it through experian,which came back poor! iv since got the pre-paid card and got on electoral role,aslong as i pay my iva in the designated time or before will i be able to improve my rating in 2 years? and how often should i check my rating without causing harm? last one was 4 months ago

Moggles_2

kstp2002 wrote: »

I meant a credit rating. Had it through Experian, which came back poor!

Right, that's the best available guide. This after all is the information UK lenders see, when you apply for new credit facilities.

I've since got the pre-paid card and got on electoral roll.

Your credit rating will have improved already then

As long as I pay my IVA in the designated time or before, will I be able to improve my rating in 2 years?

Once you have successfully completed your IVA, your credit rating will improve further.

How often should I check my rating without causing harm? Last one was 4 months ago

I think you're confusing this with credit checks. (These can only be performed by lenders.)

You can look at your credit reports as often as you like. This has no effect on your credit status.

kstp2002

thanks very much for your time moggles,much appriciated!

luxx

Im 19 and recently tried to apply for a phone contract with no credit history. So due to some idiots at 02 I had 2 credit checks peformed on me within the space of a week making my already low score even worse and now Im unable to obtain the phone contract. Im on the electoral roll and have lived at my address for 12 years, employed, so Im kind of at a loss on what steps to now take to improve my score.

matt1234

Hi, I was just wondering whether someone could confirm whether this is correct or not.

I phoned Halifax today to increase my overdraft facilty from 1.5k to 2k. My main income into the account are cash deposits and bank transfers, my salary does not go into this account. The person I spoke to said that after reviewing my account, he was not prepapred to increase the overdraft as no money had gone into the account in the last 4 months - which is true.

I then asked what steps I should take for them to increase my overdraft and he told me to have my salary paid into the account - which I refused to do. So then I probed him a bit more and he said that bank transfers would be just as beneficial as having my salary paid in. So I hypothetically asked him whether I could just get a family member to transfer over 1k every week or so and transfer it straight back for the purpose of showing increased income coming into my account....he answered, Yes. I was baffled. Can anyone confirm this is correct and if so, can it be applied to increase your credit rating?

Many Thanks

debtdestroyer007

luxx wrote: »

Im 19 and recently tried to apply for a phone contract with no credit history. So due to some idiots at 02 I had 2 credit checks peformed on me within the space of a week making my already low score even worse and now Im unable to obtain the phone contract. Im on the electoral roll and have lived at my address for 12 years, employed, so Im kind of at a loss on what steps to now take to improve my score.

if you def need a contract mobile, get a sim only contract which is easier to obtain. after 3 months go for an upgrade on the traditional tariffs with a new phone, you will be accepted no questions asked, assuming u dont go bankrupt in the interim or have new CCJ's etc

superdry

If my current account is always in a minus figure at the end of the month will this affect my credit score?

Moggles_2

matt1234 wrote: »

I phoned Halifax today to increase my overdraft facilty. My main income into the account are cash deposits and bank transfers, my salary does not go into this account... I asked whether I could get a family member to transfer over 1k every week or so and transfer it straight back for the purpose of showing increased income coming into my account....he answered, Yes. I was baffled. Can anyone confirm this is correct and, if so, can it be applied to increase your credit rating?

I doubt whether the bank's software could distinguish multiple transfers of this sort from other transfers from another bank.

This activity would neither help nor hinder your credit rating though.

kstp2002

moggles can you help? you answered my previous posts,i recentley found out i do not have an iva it was actually an informal arrangement that spectrum did for me,this ends 8/6/11 but im still going to owe money after this date! i spoke to spectrum to ask for balances for the money i owe so i could start to pay some final payments,they said they cant tell me unless i have proof i can pay some off (obviously so they can take there cut) would i not be better off ditching spectrum and approaching the banks i owe money to myself???????? many many thanks

Moggles_2

kstp2002 wrote: »

Moggles can you help? You answered my previous posts. I recently found out i do not have an IVA. It was actually an informal arrangement that Spectrum did for me. This ends 8/6/11, but I'm still going to owe money after this date. I spoke to Spectrum to ask for balances for the money i owe, so i could start to pay some final payments. They said they can't tell me unless i have proof i can pay some off (obviously so they can take their cut) Would i not be better off ditching Spectrum and approaching the banks i owe money to myself?

I know nothing about Spectrum (sorry), but the usual advice here is to avoid these firms.

This is not really a credit rating question and you may get replies more quickly if you post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have faced similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Very best
M