credit rating/score

savingmummy

I myself become debtfree last week :j
I have not seen my credit rating or score. I know it takes a while until things improve regarding any bad things on my credit rating already but am wondering what does having a bad credit rating prevent?

I only had small debts all under £300 and ALL were catalogues. Some of these i was late paying the repayments each month - normally by 1-2 weeks.
I did however receive some debt collection letters which then made me pay them instantly :rotfl:good ole mum
This all changed and i then started being very good at repayments and paid more then min payment.

I suppose reading that back my credit rating will be not too good. Will this stop me being allowed to buy a home in the future?x

Welshdebtor

Think anything stays on there for 6 years (from the orginal date, not when it was paid off).

Each company uses different criteria, so one may say no due to your credit report, another could say yes.

I once tried to get a contract mobile for example,

Orange - No
Vodafone - No
T-Mobile - No
O2 - Yes providing I paid £300 lump sum, if I kept up with payments for 6 months I would get that £300 back.

So I would not worry too much about it..........I did not get the 02 contract BTW lol

savingmummy

lol WELL DONE!!

Thank you for that, i will have to be very good from now on
Frightens you really, i never knew anything about credit rating until i became a dfw.
Too scared to look so i won`t be seeing the damage either x

Tixy

Hi and well done on becoming debt free.

Do get a copy of your credit reports f(£2 each by post or there are the free trials if you remember to cancel).

It sounds like you didn't have any defaults or CCJs? these are the worst things in terms of what could be on your report. If you just have a few later payment markers things won't be so bad. Items stay on your credit report for 6years but its worth starting to build up a new improved credit profile now before you want to buy a house.

A usual way to do this is to apply for a subprime card (assuming you can't get regular card - you may be able to get a regular card with a small limit from your own bank if your account has been run well).
Then you need to buy one or 2 items each month and then repay the card in full the next month - this shows you are now being responsible with handling credit. (One note of caution only do this if you are certain you can handle having credit without building up more debts, its vital to pay it off each month as the APR would be quite high).

savingmummy

Thank you Tixy!
Where is best to get them by post?

I may have had a couple of defaults but as soon as i got the letters i paid - so naughty!!

I have never had a card, not entirely sure it would be a good idea BUT i totally understand about boosting the ratings now and to prove i`m a good girl:A I will have a word with hubby about it.

Tixy

Idally get reports from both experian and equifax, there are links on both websites (though they can be a little hard to find) you are after the statutory report - http://www.experian.co.uk/wiseconsumer/
http://www.equifax.co.uk/Products/credit/statutory-report.html

I would say look for it first and then decide on whether to get a card. You could always do the freeze the card in ice trick when you don't want to use it (or the pass to Mum to hold bit). If you set up the DD to pay the card in full each month that should allow you to keep control.

BringtheStoneshome

I had a massive argument with Experian this week because my local council had registered me as not being on the electoral register when I should be. I managed to get a fairly horrific spelling mistake changed on my name so that I am not registered but Experian refused to remove the credit searches that had failed on four credit cards whilst incorrectly registered. It is very frustrating that unless the companies agree to remove the searches (done on incorrect information) then I have them on my file. As such I will proabably struggle to get offers. This could cost me money (as I will have to use higher interest things). :mad: Other than that I have an exemplary credit record!

I HATE EXPERIAN FOR ALLOWING FALSE INFORMATION TO BE PUT OUT ABOUT ME

savingmummy

Thank you
I will check them out then.

Giving mum the card is a good idea, she currently holds my debit card and savings pot:A