Improve Credit Score

akashi

Hi, I have only just registered to this forum. I have a few questions that I would like to ask and I would appreciate any information that anyone can provide.

I have tried applying for credit cards about 8 times and all have been declined. I have not heard back from Vanquis, I applied for this card on 19/07/06, I am not holding my breath on getting accepted.

I have 1 default registered under my credit file and a lot of late payments. I also have a "Gone Away" instruction on my file set by CapitalOne, I spoke to them about this, they promised to change it within 2 weeks. I shall be writing to them about this too so I written proof.

Since I can't get a credit card or a proper current account, I wanted to know if there was any other ways I could improve my credit score.

My mum pays all the utility bills but she has never applied for credit and never will. I was thinking of getting all the bills under my name as we live in the same house and perhaps this will go in my favour into my credit file? I wanted to change these accounts under my name:

B.T. Phone Account Land Line
British Gas
London Electricity eDF
Thames Water

My main question here is does any of the above report to Experian or Equifax monthly or so?

I hold 3 current accounts, Woolwich OpenPlan Account, Abbey Instant Plus Account and NatWest Step Account.

I would like to rebuild my credit so I can apply for credit in the future should I need it.

Thanks.

UK007BullDog

First of all stop applying for a credit card. You are damaging your record even more with all these reclined recorded on it.

Pay off your default, then write to the people you owe the money to sort out your credit record so it no longer shows and as long as you have late payments showing still active there is no chance of getting a credit card. You need to show at least 6 month of "on time payments".

It does not matter if you have the utilities switched over to you just to get a credit record. As long as the default and the late payments show up you will be declined by the main stream lenders and credit card companies.

Vanquis is an evil card. They rate is so high the last time one of those came between my fingers I nearly fainted when I read their up to 156% interest rate.

akashi

Hi UK007BullDog and thanks for your reply. I have paid the FULL amount that I owed CapitalOne. CapitalOne issued the default back in 2003 and I repaid the full amount owed in 2005. Right now it shows in my credit file as 1 registered default, "Gone Away" instruction and balance as "Satisfied".

CapitalOne said they will change the "Gone Away" but the default will stay in the file for 6 years as required by law.

I told the person I spoke to at CapitalOne that I did not receive a default notice, she said the letters they sent me were being returned, so this is why they put me as "Gone Away"

It seems there is no way I can get the default removed

UK007BullDog

if that is the case then there is nothing you can do about it, however it now is showing as paid up. So in a few years time it should not haunt you any further.

But you do need to get a grip on the late payments. maybe set up a direct debit so the minimum amount is paid every month and you then overpay the rest.

Also it is not my place to lecture like an old schoolteacher, but if you have all these late payments is it wise to apply for more credit?
Are you late paying just because you are not organised, or is it because you are struggling with the repayment? If you are trying to do a balance transfer to get a better rate then it is not possible at this time. Dont go near that Vanquish card, even if you get it or at least read the interest rate stuff. Vanquish and all those type of cards should be banned.

When I had lots of debt I paid the minimum on each card and then paid more on those with the highest rate to get rid of it quicker. I tackled each card at a time. Then waited another month to get a second statement showing all paid off and then cancelled the cards. Six month later I was able to reapply to get a new 0% rate to transfer the other debts over and keep on paying it off.

akashi

Currently I do not owe any money, I have no bills to pay, no rent. I work full time and my salary is £1088.

Those late payment in my credit file are from 2001-2003. The only thing I pay for now is my broadband, which is £72 ever 3 months and £5 each month towards my pay as you go phone.

Fitzy29

so you have 1k a month personal income,with no bills, why do you want credit so desperatly, i suspect there's more to your situation!:rolleyes:

kuohu

akashi wrote:

Those late payment in my credit file are from 2001-2003. The only thing I pay for now is my broadband, which is £72 ever 3 months and £5 each month towards my pay as you go phone.

Just going off topic for a second, but that's hellishly expensive for Broadband. There are 8meg unlimited packages for £15 a month if you have a look around these boards.

Good luck with the credit score rebuilding.

BONJOEY

hi akashi,

sorry to hear of your situation, there are goods points like the fact you have a good income, the main thing which i would say you getting declined is your defaults on your credit file,which as you have said take 6 years to come off,

other ways to improve your credit rating,

always stay with the same bank,

correct any misleading information on your credit file,

stop applyng for credit cards at present, to many searches on your credit file , lowers your credit rating, these will go off your credit file 12 monthsfrom the day you searched,

make sure youe on electrol role,

the best thing to do is to try and get a proper bank account, i,e current account or visa electron to start, banks never tell you what your entitled to, and you have to go into the bank about once every three months to see if your entitled to an upgrade in your bank account, i had an electron account for years , and decided to go into the bank to ask for a connect account,they said you were entitled years ago!, but i couldnt get an overdraft at that time, i went in three months later and was given an overdraft,

make sure you have a house phone,

living at your current address for more than 3 years improves your rating,

from now on always pay bills, dont do late payments as these are aslo logged on credit file,

hope some of this helps and good luck xx:o

richgirl

akashi wrote:

Hi, I have only just registered to this forum. I have a few questions that I would like to ask and I would appreciate any information that anyone can provide.

I have tried applying for credit cards about 8 times and all have been declined. I have not heard back from Vanquis, I applied for this card on 19/07/06, I am not holding my breath on getting accepted.

I have 1 default registered under my credit file and a lot of late payments. I also have a "Gone Away" instruction on my file set by CapitalOne, I spoke to them about this, they promised to change it within 2 weeks. I shall be writing to them about this too so I written proof.

Since I can't get a credit card or a proper current account, I wanted to know if there was any other ways I could improve my credit score.

My mum pays all the utility bills but she has never applied for credit and never will. I was thinking of getting all the bills under my name as we live in the same house and perhaps this will go in my favour into my credit file? I wanted to change these accounts under my name:

B.T. Phone Account Land Line
British Gas
London Electricity eDF
Thames Water

My main question here is does any of the above report to Experian or Equifax monthly or so?

I hold 3 current accounts, Woolwich OpenPlan Account, Abbey Instant Plus Account and NatWest Step Account.

I would like to rebuild my credit so I can apply for credit in the future should I need it.

Thanks.

Hi

There are a lot of help ful tips on upping your credit score and also a credit score calculator at http://www.moneyforums.co.uk/credit_score_calculator.php

hurricanewyn

I've checked my report with anuual credit report and my payment history looks pretty bad, because of one account. I was with Nationwide and had a basic account. We got our mortgage with them adn they offered me a new account with a debit card, and overdraft etc so I switched. We moved house and the time and I didn't bother changing the address on the old account because I thought it was closed when I switched accounts. However, I'd forgotten to switch a standing order and so for over a year there were statements going out to my old address with charges going on every month and I ended up over £400 overdrawn on an account with no od limit. They eventually sent a letter to me- it wasn't like I was hard to find with my current acount, credit card and mortgage all at my new address - and I phoned customer services and Nationwide sent a letter to me apologising for all upset and annoyance and refunded all the charges and closed the account. I thought that was the end of the matter, but now this credit report shows it's not. How long do I have to wait for these defaults to leave my history or can I do something about having them removed. Everything else looks fine on my file, but because of this one account I look like I won't pay anything back.

akashi

Hi, thanks to all that replied.

@Fitzy29, the reason I am after credit now if for the future. I would like to have a credit card so I can build up a positive background on my credit file. This is what I said on my first post:

I would like to rebuild my credit so I can apply for credit in the future should I need it.

@kuohu, I pay £72 every 3 months for a 24Mbit service provided by Be*

@BONJOEY, I have checked my credit file from both Experian and Equifax, all the information is correct apart from CapitalOne's "Gone Away" information. CapitalOne has promised to change it, so I will need to wait and see.

I am registered into the Electrol Role and this clearly shows in the credit file and I have been at my current address for 23 years and I am 24 years old

Also I have a fixed land line, the same line for 23 years

There is no fraud in my credit file.

I just like to be prepared, so should a day come when I need to apply for a mortgage etc I can be confident that there is a good chance I will be accepted.