Credit building

boogiemaster

I would like to ask a question to people who have been turned down for everything due to bad credit score.

How long has it took you to improve you credit score and start getting accepted for decent credit again?

I'm paying my bills on time and have nearly three years of green zeros and a few new accounts and my score is 480 poor on Experian.

I applied for a BT land line and was accepted straight away and have three months left to go of an 18 months contract with no missed or late payments but BT doesn't send your payment details to the credit reference agencies so that would have helped my score if they had.

Applied for a Virgin contract phone and was accepted for an 18 month contract and i have finished that contract and have started another 18 month contract.

No late or missed payments just lots of green zeros.

Also applied for a Virgin media broadband and was accepted and have had that for 8 months no missed or late payments just lots of green zeros.

Applied for JD Williams and Simply be and was accepted for both with £125 credit limit on each and I'm using these to build up my credit rating.

I will use the catalogues and order small items and pay them off but leave a month with a balance so i make the company small amount of money.

I have two defaults one dropped off recently and one will drop off next year and the other in four years time.

How long will it take to see an improvement in my score because it seems like I'm getting nowhere fast even though I've learned my lesson .

WRINKLES

boogiemaster wrote: »

I would like to ask a question to people who have been turned down for everything due to bad credit score.

How long has it took you to improve you credit score and start getting accepted for decent credit again?

I'm paying my bills on time and have nearly three years of green zeros and a few new accounts and my score is 480 poor on Experian.

I applied for a BT land line and was accepted straight away and have three months left to go of an 18 months contract with no missed or late payments but BT doesn't send your payment details to the credit reference agencies so that would have helped my score if they had.

Applied for a Virgin contract phone and was accepted for an 18 month contract and i have finished that contract and have started another 18 month contract.

No late or missed payments just lots of green zeros.

Also applied for a Virgin media broadband and was accepted and have had that for 8 months no missed or late payments just lots of green zeros.

Applied for JD Williams and Simply be and was accepted for both with £125 credit limit on each and I'm using these to build up my credit rating.

I will use the catalogues and order small items and pay them off but leave a month with a balance so i make the company small amount of money.

I have two defaults one dropped off recently and one will drop off next year and the other in four years time.

How long will it take to see an improvement in my score because it seems like I'm getting nowhere fast even though I've learned my lesson .

Your credit score means nothing , what a lender want to see is , you are a good credit risk , keep doing what you are doing , never miss a payment , it takes six years for a default to drop off , no way round this ,

edinburgher

I have two defaults one dropped off recently and one will drop off next year and the other in four years time.

Defaulting 2 years ago shows that you've recently failed to manage your finances and this will be why your 'score' is low. It took me 3-4 years after defaulting before I could get any access to real credit, so just remain patient.

Also, remember that the score shown is indicative - i.e. it considers various aspects of your credit report and lumps them together to show a rough idea of your creditworthiness. All lenders create an individual score for you when you apply for credit, based on their internal models and this is different from Experian offers. For this reason, a lot of people on the boards don't rate paying extra for the credit score - a good score with Experian doesn't necessarily mean you're getting a loan/credit card.

It's more of an indicator than anything else - but then again, if you defaulted on accounts 2 years ago, you know you're not squeaky clean in terms of credit.

Tixy

You are not really turned down for a bad credit score - but for negative things on your credit file. Its best not to focus on the score.

With 2 defaults on file, one of which is fairly recent then chances are you would only get subprime credit if anything. I'd say you were quite fortunate to have been accepted for the things you have been so far.
Are the defaults both settled and show as satisfied on your file?
Are you on the electoral roll?

Aside from that and just keeping up with making all repayments on time its just a matter of waiting for the defaults to go.