improving credit rating

mufc689908

As you all know im in the process of wiping off a majority of my credit card debt because the credit card companies are taking the p*ss with the increased APR and of course im not paying it,however this has affected my credit rating.

My brother in law is a licensed money lender (small amounts at ridiculous APR) if I officially borrowed money off him and in effect took a new loan of £100 a week for example but paid it back on time (I know you`re all thinking that will be a first:rotfl:) would my credit rating improve and if so how long would I have inconvenience myself doing this.

CLAPTON

why has your credit rating been affected?

to maintain a good credit rating just use a CC or two each month and pay in full.. quite simple really

mufc689908

CLAPTON wrote: »

why has your credit rating been affected?

to maintain a good credit rating just use a CC or two each month and pay in full.. quite simple really

Did you not read my first paragraph?

I refused to be shafted over the extortinate increased interest rates demanded by my card companies and as a result dont pay them anymore.

CLAPTON

ah
you have defaulted on your cards... why didn't you say so

there is no way of improving your credit rating until the defaults drop off after 6 years

PNPSUKNET

you wont wipe it off, also sounds like a provident special which may not report to cras

izools

PNPSUKNET wrote: »

you wont wipe it off, also sounds like a provident special which may not report to cras

Provident report to Experian and Call Credit now... and do it wrongly I might add!!

You knew the consequences of your actions when you chose to stop paying. It's sub prime for the next several years no matter what you do I'm afraid matey!

You could have just "Opted out" of the APR increases, you know