Bad credit rating help for an idiot

NorthernLas

As you have applied for your credit reports then you may start getting letters related to your debts.

CCJ and defaults stay on your record for 6 years. They disappear after that whether they are satisfied or not. The link is for a national debtline factsheet on the statute of limitations, if you have not acknowledged debt in 6 years it is statute barred. http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act.

There is an article on this site on ways to improve your credit rating like get on the electoral roll, don't apply for credit too regularly - look in the cards and loans section.

mr.ton

The credit reference agencies have alarms set up in the offices of debt companies up and down the country.
So when you do apply for your credit report - the CRA's are only too willing to alert their best buddies in the debt industry like that.

nbell

I don't mind these debts catching up with me as I need to get them paid. Surely it looks better if I clear these debts rather than wait for them to become "statute barred"?

What would you guys do if you were in my position? What would be the quickest and easiest way to get this off my shoulders and start working towards a better rating?

It all seems so secretive - I spent the best part this morning on the phone to Equifax trying to figure out which documents I needed to send them, just for them to let me see my rating. It almost feels like I've been labelled as somebody who can't and wont be trusted with any sort of credit and there's no way around it.

I just want the opportunity to show creditors I can be trusted with money but don't know how to make a start. Can I maybe go to my bank and explain everything to them and ask them to help me boost my rating?

Thanks again guys I'm really grateful for any advice, no matter how small!

nbell

podperson wrote: »

CCJ and defaults will drop off your credit record after 6 years so hopefully you should be losing the CCJ quite soon which is a good thing
Regarding the debts with Barclaycard and Vodafone, obviously you will have to check current amounts etc when you credit report comes but think you need to decided what to be doing with these.
Sounds like they will be on credit record for a few years yet so might be worth contacting them and trying to sort something out - particularly for the Vodafone since it's a small amount. If you can get that marked down as paid it will obviously look much better. Regarding Barclaycard, you say most of the debt was made up charges - these can be claimed back which would probably clear the balance off, or at least make a big dent in it. Templates for letters and spreadsheets are on the site for that.
Stop applying for any credit for the moment as that will only be making it worse and don't get anything joint with your gf as it will link your names and drag her credit rating down.
Would definately advise being honest with your gf, we all do stupid things when we're teenagers and am sure she will understand that.

Thanks for the advice podperson, very helpful

KingElvis

Best thing? get your credit reports and work out when things will drop off there, stop applying for anything that produces a search, get control of those debts and get them "satisfied"

Looking at the age of those problem accounts, and if you STOP applying at random you could have a resonable rating with 18 - 24 months.