CAn someone help

tbathgate

HI all,

Just wanted to ask a few questions about credit and credit history.

I have a few defaults form student debt for an overdraft, two credit cards and a store card all from being a student. The overdraft I am making regualr repayments on and the debt collection agency are happy with this.

However the two credit cards and store cards were for amounts under £500 and depsite my best efforts to pay them being unemployed, I didn't manage to make the payments. I di try my best, borrowing money from my parents etc but never got there. In the end the companies stopped chasing me and I have never heard from them again. What happens with this on your credit history? I know the defaults will be on my history for 3 years, but will the debt be on my history forever or will it be wiped off in 6 years? And will it say something about being unsatisfied? If it is going to stay on my history how do i got about arranging to repay the debt?

I am depserately trying to rebuild my credit history as its very poor from being a student. I have though about putting a explantory note onto my history but am unsure of what to say and how to go about it. What effect would it have on my history?

I am so fed up of being turned down from credit, I have found from reading this site that too many searches is bad and have now not applied for anything in the last 8 months

Thanks in advance for any help!!

One more thing, this is a brilliant site, I can't believe i didn't find it sooner!!!!! Long may it continue!!!!!

matrix999

Hi Mate,

If you've not already done so get your credit report from Equifax or Experian. Equifax charge around £8.00 for you to get the report online, they can also offer you to see your credit score. If your score is under 249 then your classed as having poor credit. This can be the result of not keeping up payments on a credit agreement to simply things like not being on the electrol role. They can also arrange for a 200 word dispute to be written on your credit file for free.

Hope this is of some help

matrix999

This is Equifax's top tips for students:

You should order a copy of your credit report. This will show the information potential lenders see.

Plan ahead - know what out-goings will be incurred on a monthly basis.

Although details of student loans are not held by the credit reference agencies, credit cards and other credit agreements are, so always keep on top of repayments.

Aim to pay credit or store card bills on time - consistent late payment will appear on your credit report and influence a potential lender's decision to grant credit in the future.

Even as a student, you should make sure you are registered on the Electoral Roll - this information is used by lenders to confirm residency.

If a County Court Judgment (CCJ) is issued, it can be removed from your credit file if it is paid within one month. If you take longer than a month to pay the CCJ, it will remain on your credit file for six years.

If you find yourself in financial difficulty you should contact your lenders as soon as possible and come to a new arrangement for repaying your debt.

matrix999

Ways to improve your credit:

1. Make all of your payments on time. If forced to miss a payment, make sure to pay the following month.

2. If you're eligible to vote, make sure you are registered on the Electoral Roll at your current address with your local council. If you have recently moved, register as soon as possible with your new local council. For more information about the Electoral Roll, click here.

3. Correct any incorrect information that might appear on your credit report. Visit Fixing Errors on Your Report for more information.

4. If you fall behind on paying a bill because of illness, unemployment, or family issues, call your creditor to explain the circumstances and, if possible, work out a payment schedule you can meet. If you need help managing your credit, contact a reliable not-for-profit agency, such as:

Consumer Credit Counselling Service (CCCS)
0800 138 1111
https://www.cccs.co.uk

5. If your credit history is very poor, or you have a very short credit history, there are still ways to improve your credit rating over time. Consider opening new accounts responsibly and paying them off on time as this will show lenders you are capable of managing credit.

6. Keep control of your spending. High outstanding debts may negatively affect your credit rating, as you have a greater chance of missing payments.

And the best way…?

7. Learn what your current Equifax rating is and what appears on your credit report. Equifax Credit Rating™ gives you immediate access to your credit report and includes your current Equifax rating. Continue to check your credit report regularly and correct errors and inaccuracies that can damage your ability to get credit