Advice on how to leave my 'bad credit history' behind?

jo.mcc644

Hi, I'm new to this. Hopefully someone can help?

I have adverse credit which I am currently paying off (very slowly!!) The debts originated through irrisponsible behaviour when i lived at my parents & has obviously followed me to the flat i have lived in for the past 3 years. I have now settled down and MAJORLY regret the situation i've got in. My partner, my little girl and I are moving to a new build where I am wondering if i could possibly re-establish my credit rating? Obviously i will need to advise my debtors of 'A' new address.

What i am wondering is if i could re-direct their correspondence to my Mothers which is already blacklisted because of me, pay the debt from there; open a new bank account (at my new address) (this would have to be an online one with no credit check) & establish a 'GOOD' credit history from there. I am thinking (hopefully not incorrectly) that i could do this as if i were a person who had never had credit before.

I know this sounds very corrupt but it is not for fraudulent purposes. As already stated, the debt will be paid but from my mums. The reason i need to do this is because our house will be on a 2 year lease after which either WE can buy it or it will be sold on the open market. I want to do all i can to buy it so i can give my daughter financial independence. Also, my partner has an all but perfect credit rating and i do not want to destroy this. He has never lived at the same address as me and is therefore not financially linked to me, this is how i would like to keep it for his sake!! It is also the only way we are going to be able to obtain a mortage as he couldnt get the amount we need on his own.

Any help will be most appreciated

jo x

talana

jo.mcc644 wrote: »

What i am wondering is if i could re-direct their correspondence to my Mothers which is already blacklisted because of me, pay the debt from there; open a new bank account (at my new address) (this would have to be an online one with no credit check) & establish a 'GOOD' credit history from there. I am thinking (hopefully not incorrectly) that i could do this as if i were a person who had never had credit before.

Credit history relates to a person not an address. Switching address won't change that, you'll still have a bad credit history then as you do now.
ie it's not your mother's address that's blacklisted and your new address that's good. Doesn't work like that.

Also, my partner has an all but perfect credit rating and i do not want to destroy this. He has never lived at the same address as me and is therefore not financially linked to me, this is how i would like to keep it for his sake!!

If he's not financially linked to you, then where he lives is irrelevant as explained above.

scottishblondie

As talana says, credit history follows a person not an address, so you can't "leave it behind". Just keep working at it by paying off debts and managing your finances well, and eventually it will fix itself.

In order for your partner to preserve his perfect credit history you should avoid any joint financial bank accounts ie joint current accounts, joint mortgage. Living together isn't enough to link you, even getting married won't do it.

So if you don't want to affect his credit, obtaining a joint mortgage is a bad idea.

sammi.jo

Yes, as the other two have said, there is no black-listing at an address, it's all down to you, and financial linking happens when you opt into it, such as joint anything.

However, have you tried the Capital One credit card? There's a type where the interest rate is nothing short of extortion, but if you can control yourself, it can really work out for you. I have sped up my credit rating (according to my banker's advice) by buying my shopping on a card and paying it back a few weeks later.

Other 'credit building' options are available and they do work.

jo.mcc644

sammi.jo wrote: »

Yes, as the other two have said, there is no black-listing at an address, it's all down to you, and financial linking happens when you opt into it, such as joint anything.

However, have you tried the Capital One credit card? There's a type where the interest rate is nothing short of extortion, but if you can control yourself, it can really work out for you. I have sped up my credit rating (according to my banker's advice) by buying my shopping on a card and paying it back a few weeks later.

Other 'credit building' options are available and they do work.

Thank you. I have heard of the capital one card but i'm afraid my bad credit is beyond even that. I am currently using the cashplus option which is basically a pre-paid mastercard. Same idea as what you've decribed but no doubt doesnt work as quickly.

I realise bad credit is linked to a person, not an address. What i am getting at is me moving my bad debts back to my mothers, bank account & all so that there is no link to my new address & opening a new bank account (with no credit check) at my new address and building a credit file from there as if i were someone starting out with no credit at all. Hence, the bad credit gets paid (all be it very slowly) & i establish a decent credit rating as though we were two people with the same name. Also a long process i would imagine but possibly not AS long. I do know this sounds dodgy but its not really as in the end everyones happy - bills are paid and i can live normally again

izools

I've moved four times since being declared BR. Experian has all the data linked. Call Credit had everything linked until my most recent moved. Equifax dropped the link after the second move.

It *should* follow you, and in reality is likely to unless you either lie on forms, or move many times, at least with the way Equifax works.

But Experian have address linking down to a tee and since nearly everyone searches Experian, there's no getting away from it.

talana

jo.mcc644 wrote: »

I realise bad credit is linked to a person, not an address.

With respect, it didn't sound like it from certain things you said.

What i am getting at is me moving my bad debts back to my mothers, bank account & all so that there is no link to my new address & opening a new bank account (with no credit check) at my new address and building a credit file from there as if i were someone starting out with no credit at all.

Well, to build a credit file from there you're going to have to apply for credit. And on the applications, where it says to give your previous addresses for the last 6 years or whatever, what are you going to say? Lying could land you in a deep hole......

Naf

Personally, I would suggest talking to your local credit union about savings and small loans.
Say, for example, you put £100 into a savings account with them, then asked them to lend you this back. You'd get a very reasonable lending rate (taking in to account that their customers are primarily people with poor credit), and it shows on your credit file as a proper loan. Although that £100 will still show in your savings account with them, you can't draw on it until the savings balance is higher than the loan balance.
Then you look at repayments of, say, £20per week; £10 to the loan, £10 into savings - you could even pay the £100 they loaned you into the savings too. So once the loan is paid back (after just 11 weeks) you'll have a savings balance of £300, and the loan will show on your credit file as fully paid and up to date. Then you can start the process over with that £300; at the same £10 & £10 per week it'll be roughly 6 months to pay off, and you'll have £900 in your savings at the end; and do it over again.
Although there's no way to get rid of the poor credit from the past (although it'll drop off of its own accord after 6 years), this'll show excellent managing of finances for the present, plus you're building up savings.

jo.mcc644

talana wrote: »

With respect, it didn't sound like it from certain things you said.


Well, to build a credit file from there you're going to have to apply for credit. And on the applications, where it says to give your previous addresses for the last 6 years or whatever, what are you going to say? Lying could land you in a deep hole......

Apologies if i sounded cheeky, certainly didnt mean to.

notts_phil

Well heres a little true story for the OP and others.

Years ago around 2002 when credit was aplenty and houses werent to expensive(i brought my first house for 25k) i took out a lot of credit cards and had some really big limits esp on Barclaycard (i managed to get thier gold visa card and mastercard)

I got to the tune of 24k from a mass of credit cards and loans. (the joys of egg showing your bill as being paid even though the direct debit hadnt gone through....)

I then purchased this house and all my mail then went to my friends house(i moved there for a week etc). Had one creditor get a ccj but this was never paid. My friend still gets the occasional letter.

You may ask how i managed to keep this new address link free from this previous address?, well i just used my building society account and various other non credit checked one. I was then after 3 years able to say quite legally i had been at the address for 3 year and started of with the Halifax card cash account. This was then upgraded over time and now moved twice and a house with NO mortgage

notts_phil

If anyone would like to leave thier debts behind drop me a message:)