Debt problems (Blacklisted)

Andy_A_2

I am 25 and got a credit card when i was just 18 and regreted it ever since i run up massave debt but have now payed them all off and am now even starting to save some money each week. there is just one problen i am now on the black list is there any way i can clear my name off it as i am looking to get a morgage but have no chance at the moment with my past history

Andy

wigginsmum

Have you been applied for and/or been refused credit recently? Have you checked your credit report with Experian and Equifax? There's no such thing as a blacklist, as each institution has its own way of deciding who they lend to.

Jules

Entrepreneur_en_faillite

Hi Andy,

Wigginsmum is correct, there is no such thing as a blacklist.

Lenders (and in particular mortgage lenders) mostly employ a system known as credit scoring. This system takes into account many factors, including your past conduct on any credit agreements such as loans credit cards and bank accounts.

The first step would be to visit https://www.experian.co.uk or https://www.equifax.co.uk and apply for a copy of your credit files. These will show if you have a poor record registered.

If you do have poor credit noted (this will be indicated against any credit you have had as a series of numbers, the higher the number, the more payments were missed and the worse your credit rating is), the next step would be to rebuild your credit rating. There are many ways you can do this but probably the best would be to try to get a credit card and use it sensibly. There are companies who offer cards to people who have had problems in ther past (Capital One and Beneficial to name just 2) The idea would be to spend a very small amount on the card each month (Say £10) and then repay the balance in full at the end of each month. This will start to create a clean credit record for you.

Another way of improving your credit score from a mortgage lenders perspective would be to ensure that you are registered on the voters roll at your home address.

Good luck, and don't forget to get your credit files.

Eef