Re-building credit rating.

BuffysMum

Hi,

I have posted before but not in a while, can't remember my user name or password... Never mind.

But, I've just reciently paid off swags of debt, and on my last 100 pounds to go (overdraft which will take my account back upto the free over draft facility). I've also looked at my credit report, where it states (quite rightly) that I defaulted on a capital one credit card for 800 odd pounds, which I paid back and now says settled (which it's supposed to). It's the only default on my rating. My credit rating is very poor so I'm wondering how I get it back up.

I have a loan from HSBC which I've never been late paying - that finishes in July and HSBC won't let me increase the payments to get it down sooner, and a store card which I've made my final payment to just last week. My credit report hasn't updated that the store card is clear yet. How long will this take?

Assides from registering at the electoral roll, what else can I do to increase my credit rating. Is it worthwhile trying to get one of those high interest credit cards (I trust myself now not to go mad on it) or should I wait another couple of months to apply?

Any suggestions would be appreciated.

Cheers

Bx

poorandindenial

I closed a card down today and they said it would take 2-6 weeks to show depending where on the file updating cycle we were.

There is an article under cards and loans where you can play with a tool that predicts your credit-worthiness. You can play with the options to see what has the most impact.

As you have a loan that you are repaying regularly that should help you. How old is the default? It will fall off after 6 years.

BuffysMum

I defaulted last year, so I know it's going to be on there a while. Will the loan info show up after I've paid it all off? It's not on my credit file at all.

BMx