Rebuilding credit after CCJ

lemma1968

In April 08 i received a CCJ from the HMRC. It has been fully satisfied and i have the certificate from the court stating that so hopefully that will have some positive impact on my credit file.

My question is am i doomed credit wise until 2014 when the CCJ falls off my credit file or can I actually do anything to rebuild my credit file that will make a difference bearing in my i have the killer CCJ?

I have a horrible feeling that no amount of credit building trumps a CCJ on your file.

snoppydog

lemma1968 wrote: »

In April 08 i received a CCJ from the HMRC. It has been fully satisfied and i have the certificate from the court stating that so hopefully that will have some positive impact on my credit file.

My question is am i doomed credit wise until 2014 when the CCJ falls off my credit file or can I actually do anything to rebuild my credit file that will make a difference bearing in my i have the killer CCJ?

I have a horrible feeling that no amount of credit building trumps a CCJ on your file.

Hi, I too have a CCJ and its wrecked my credit history but if you have a look at the credit cards thread, on there is a brilliant thread called subprime credit part III. If you look on post 8 there is a link written by never in doubt about how to get back on to the credit ladder. This has helped me a lot with rebuilding my credit history. Feel free to post any questions on the subprimecredit III as they are great bunch of people.

Hope this helps.

lemma1968

Thanks Snoppydog

What impact, positive or negative, will the following have?

1. I have a current account - had it for years - o/d up to £5k which i dip into all the time as self employed. But good history with the bank generally (a couple of blips about 4 years ago.

2. I have a mobile phone that i got on contract before my CCJ last year. Had it since Jan 08 and the account has been kept 100% up to date.

3. Just finished paying off a credit card with MBNA. Balance 4 years ago was about £12k - and i was in arrears. I set up a DD for the minimum plus a lot to get it cleared. Also got £2k ppi back so managed to clear it all off last month. They have declined to activate my account again so i have asked them to close it fully now.

4. Due to us moving house a few times have kept my current account and MBNA registered at my business address. My phone is registered at my home address. My CCJ is registered at my home address. Should i move my Current account address to my home address to boost my chances?

5. I am on the electoral roll.

6. Self employed with monthly income averaging out at about £5k.

Any comments would be useful to help me get more on the prime side of the sub prime market.

Thanks

property.advert

lemma1968 wrote: »

In April 08 i received a CCJ from the HMRC. It has been fully satisfied and i have the certificate from the court stating that so hopefully that will have some positive impact on my credit file.

My question is am i doomed credit wise until 2014 when the CCJ falls off my credit file or can I actually do anything to rebuild my credit file that will make a difference bearing in my i have the killer CCJ?

I have a horrible feeling that no amount of credit building trumps a CCJ on your file.

My gut feeling is that you are screwed for the best deals until it falls off and even then, I would not bet against it still being recorded somewhere as data storage is so cheap these days.

My best guess for credit would be where you bank. They have more information than they could get from a reference agency and I know that at least up to 4 years ago, HSBC never sent anything to the agencies. I had 3 accounts, 2 credit cards and a £35,000 line of credit. They may report now though, I do not know.

You don't want to raise a limit on some 40% card so they are not a medium term solution and I'll guess that most cards will forever use the information they get when you join them. I mean, even if say Barclaycard would give you a card with a limit of £1000 at 30%, I don't think they are going to review the 30%, even if years pass, your record is clear and your earn £10,000 a week, though they might increase your limit.

I think the best you can do is to leave some companies alone until your account is clean ( to apply to at that time) and deal with what you can, focussing on your main bank.

snoppydog

lemma1968 wrote: »

Thanks Snoppydog

What impact, positive or negative, will the following have?

1. I have a current account - had it for years - o/d up to £5k which i dip into all the time as self employed. But good history with the bank generally (a couple of blips about 4 years ago.

2. I have a mobile phone that i got on contract before my CCJ last year. Had it since Jan 08 and the account has been kept 100% up to date.

3. Just finished paying off a credit card with MBNA. Balance 4 years ago was about £12k - and i was in arrears. I set up a DD for the minimum plus a lot to get it cleared. Also got £2k ppi back so managed to clear it all off last month. They have declined to activate my account again so i have asked them to close it fully now.

4. Due to us moving house a few times have kept my current account and MBNA registered at my business address. My phone is registered at my home address. My CCJ is registered at my home address. Should i move my Current account address to my home address to boost my chances?

5. I am on the electoral roll.

6. Self employed with monthly income averaging out at about £5k.

Any comments would be useful to help me get more on the prime side of the sub prime market.

Thanks

Hi Lemma 1968,

I think the fact you have a current account and overdraft and mobile phone contract is excellent, as these are reported on your credit file. As is you being on the electoral roll.

You may want to change your current account to your home address though.

I agree with property.advert in that your bank will be best to go to if you do need to apply for credit as they have had your current account for some time and youve probably built up a good internal score. I'm with Halifax and despite my CCJ (I have two years left before it drops off) I managed to get a credit card last year and a loan this year.

Maybe applying for a catalogue account, which was what I did to Littlewoods to improve my report. I brought something little each month then paid it off in full each month.

I was not suggesting you had to go Subprime lending, just that there is some good tips on that thread.


Finally, remember to make sure your Direct Debits are in order so payment is taken each month.

Hope this helps but pm if you have any questions.

lemma1968

Thanks guys

I pay for everything now by DD so i don't forget etc. Its much easier and I don't have the internal debate in my head as to whether or not i should pay it today or put it off 24 hrs. I know that the money is going out on those days and that is that...no argument or debate. In fact setting everything up to go by DD has revolutionised by financial habits.

I will transfer my current account to my home address.

Thanks for the advice guys.