Advice on Credit Score

kyleapt342

Hi there

I was wondering if anyone could give me some advice on my credit score. I'll try and be as detailed as possible. I'm trying to get my score as good as possible so that in 3/4 years I can get a mortgage. Now I was not the best student I've ever heard of so messed my score up back then.

I had got a copy of my credit report back in April and learnt what I owed as I knew there were bits out there and I hadn't been chased or contacted at all:

1) £3k to Capital One who had then sold the debt off to Lowell
- this is now down to £998 with monthly payments since then and they are happy with the amounts i pay off, i do get a big payrise in October and will just clear this debt off then.
2) £328 to Vanquis who had also sold the debt off to Cabot Financial - this i havent touched yet but may just pay off with my spare cash next month.
3) I had a CCJ back in 2005 which was satisfied 1 week after the CCJ registered so this is paid but obviously still there.
4) A satisfied default from April 2004
5) Another satisfied default from April 2004

I owe £1500 on my bank overdraft which is interest free for another 2 years with a graduate account so I'm not really worrying about that yet. But like I say with the big pay increase I'll have about £1200 more spare cash each month so will be paying the rest of the credit card off and overdraft off before Jan/Feb latest.

Now the reason for this thread.......I know to make my score better I could do with a credit card to buy something small like the shopping and pay it off each month so build up a better score. As both the credit cards I did have sold the debt on I doubt they'll help me out. Is there anything anyone could advise for me to get it building up again. Or am I just going to simply have to wait until 6 years has passed from everything that went wrong before I can even start building it up.

Sorry for the essay but I'm struggling a bit. Thanks in advance for any help. Hope you're all well.

happycamel_2

Hi,

1) if you can get a card then do but make a max. of 3 applications - check the credit card boards out for advice and set up a direct debit for the full balance so you can't wriggle out of it

2) start saving, in as soon as the debts are paid off. Get a regular saver or fixed term to get a higher interest rate discourage you from touching the money. This'll be your deposit.

3) remember the higher the deposit the lower the loan value (don't just max out the mortgage and go for the biggest house) so get saving, it makes a big difference in the long run

4) most of your stuff is pretty old so may well have dropped off by the time you apply for a mortgage. If when you eventually do you get turned down then grit your teeth, save for another 6 months and then try again.

Good luck

happycamel_2

PS if you can get a 0% loan you might be able to balance transfer to save the interest on the debts but check the T&C and get advice here or on the credit card boards first!

kyleapt342

happycamel wrote: »

Hi,

1) if you can get a card then do but make a max. of 3 applications - check the credit card boards out for advice and set up a direct debit for the full balance so you can't wriggle out of it

2) start saving, in as soon as the debts are paid off. Get a regular saver or fixed term to get a higher interest rate discourage you from touching the money. This'll be your deposit.

3) remember the higher the deposit the lower the loan value (don't just max out the mortgage and go for the biggest house) so get saving, it makes a big difference in the long run

4) most of your stuff is pretty old so may well have dropped off by the time you apply for a mortgage. If when you eventually do you get turned down then grit your teeth, save for another 6 months and then try again.

Good luck

Hi there

Thanks for the reply. Yeah I have a savings account that ive already started building up and is going quite well. Its not getting things paid off im bothered about its mainly trying to get a credit card to build my score back up. I'll check the credit card forum out and see if there is a low credit card i can get or something, thats all id need to get started really. Its a bit of a thinker but ive cleared 2k off since April and will be debt free in a few months BUT with a rubbish rating.