Rebuilding Credit - Best steps

MrPolythene

Hello all!

I'm a n00b, but have been reading for many months now.

I'm currently in debt to Capital One, and HSBC, which I am paying off slowly but surely. My question is this.. Is it better to just pay off my debts, and avoid forms of credit cards etc for the forseeable future, to improve my credit rating. Or try and apply for a CC with a VERY high rate from the 'specialist' providers and use that a little, to help improve my rating.

Thanks

MrP

xx

moozie_2

Hello there MrPolythene

Welcome!I am by no means an expert but I would think that if you are meeting your current repayments and are patient, your credit rating will improve in time.

Also, make sure you are on the electoral and check with Equifax/Experian that all your details with them are correct and up to date.

All the best

ians1

Came across an interesting document about credit repair, anyone seen it before? Does it work?

http://www.dlahelpgroup.com/main/index.php?module=documents&JAS_DocumentManager_op=viewDocument&JAS_Document_id=22

Ian.

ps you'll probably need to right click on the "Download" link on that page and select "save target as" etc.

MrPolythene

Ian,

Looks good, sadly i don't have a CCJ to 'set aside'

kip

ians1

Hi

Why do you think you have such a bad rating? Have you got somebody to do a credit check for you and show you the report?

Ian.

MrPolythene

I've checked my report, and have had past credit problems..

THE_LONE_RANGER_4

ians1 wrote:

Came across an interesting document about credit repair, anyone seen it before? Does it work?

http://www.dlahelpgroup.com/main/index.php?module=documents&JAS_DocumentManager_op=viewDocument&JAS_Document_id=22

Ian.

ps you'll probably need to right click on the "Download" link on that page and select "save target as" etc.

a load of old rubbish in my opinion in many cases to get a cj removed etc is difficult and in just my opinion many companies ask you to lie in order to go there,in my case been in debt out of it now and finances are healthy life style good ,they only way to do this is pay what you owe dont take out more credit and the golden rule save save save and always have 6months wages saved incase of unemployment never touch it if i had done that i would never have got in to debt ,people look at cj as a black list it is not ..they stay on your file for 6 years creditors look at them and they decide whether to give credit to you or not most high street lenders wont, urban lenders do at a higher rate,if you will not use urban lenders then you wont get credit and your finances then can only improve you will clear your debts and will be in a very good position by time the cj are removed and as i found out a lot happier and the ability to have what you want with out the debt

ians1

I don't think saving 6 months wages is an option for most people. If you were looking for a mortgage and the credit ref agencies were keeping what amounts to lies about you, I think I would want to do something about it.

Ian.

Broken_hearted

I think saving 6 months wages is sensible it may take 5 years to do it but everyone needs a safety net.

THE_LONE_RANGER_4

ians1 wrote:

I don't think saving 6 months wages is an option for most people. If you were looking for a mortgage and the credit ref agencies were keeping what amounts to lies about you, I think I would want to do something about it.

Ian.

to be fair i dont think on average cra records on people are normaly incorrect very few are wrong and the majority are spot on ,as for 6 months wages saved yes it takes time and needs to be done but saving is not a thing enjoyed by many but when done it gives you options such as leaving a job if you wish with out having another to go to and is a massive safty net should you lose your job,so my advise is save save