Repairing my credit rating

theerroll

I'm not sure if I'm using the correct board here, so apologies in advance.

Having had £5000 worth of debts, owing to my overdraft, a loan, a credit card & various mobile phone contracts all of which I was able to clear in one foul swoop just over a year ago. I am now struggling to obtain credit, I'm wanting to repair the damage I had caused.
Its not as easy as it seems, I'm earning £30k a yr after tax I'm in the forces so my job is very secure, I have no debts bar a £250 overdraft which I will admit I have gone over a handfull of times when my wife has been out of work and then only earning a very small income. (these have not been recorded on experian it is worth noting) For the 6 satisfied defaults showing on experian, I have 7 or 8 accounts which read 'Satisfactory' also.
I want to be in a position over the next year or 2 where I can obtain a decent mortgage with credible rates, however I can't even get my self a mobile phone contract at the moment, I can't get any of the 'bad credit rating' credit cards that are available, I applied for a small payday loan to see if I could maybe rebuild my rating that way but guess what - DECLINED!

I'm the 1st to admit that I am rubbish with my finances, and my wife for all her nouse isnt a great deal better, however any credit we have is in her name, that being our car. She doesnt earn enough to even be considerd for a mortgage. But Im earning good money, I'm only just 25 and I have paid all of household bills and rent on time everytime.

Does anybody know of any possible solutions or even away of getting the ball rolling???
I know that in order to rebuild credit, you need credit but I cant get any! Please help!

Many thanks.

Tixy

Are you on the electoral roll?
How many credit products have you applied for over say the past 6months?

If you cannot get any of the subprime cards then the last resort is often a prepaid card - one in particular shows as an agreement after 12months. It costs to use but could help you. Will find a link to info....

http://www.moneysavingexpert.com/cards/bad-credit-credit-cards#prepaid its the cashplus creditbuilder card you would need. Make sure you've read all the other tips on that article to see if anything else might help improve things for you.

property.advert

If you had problems, then they will be on your record for 6 years and quite simply, a computer scored credit application will fail. You know when the defaults were so you know when they will fall off your record, after 6 years.

Stop applying for credit and stop using your overdraft. Perhaps then your bank can give you a credit card, say if you apply in 6 months, when all those months have seen you totally in the black.

You can get the Cashplus card, great card, I have one.

As to the mortgage, that is way off but you can start planning, starting with the date of your defaults. When chatting with an IFA the other month, problems over 4 years ago were more easily put aside than more recent problems.

Lottebear

The Forces thing often doesn't work in your favour, i.e living in shared accomadation before you married and moving, my husband had a dreadful credit rating becuase of this, it has taken time and paying off things to improve it. We put a notice of correction on his file, I am not sure this helped but worth a try.