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Came into money and want to improve my credit rating, how do I do this?!
Comments
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Careful with the season ticket loan. If it's interest free then HMRC may cause problems if they start nosing and you haven't spent it on a season ticket. Work might be a bit of a problem too and I'm not sure if I'd like to risk a £3k pm role for something like that. It might be over-cautious but definitely wait until next payday before paying off that little extra.
Also, have you actually got a copy of your credit report? You'll be able to see when the 'bad' dates are on there and the work out when they'll drop off 6 years later.
Good luck"Chuck Norris can remain solvent for longer than the markets can remain irrational"0 -
Careful with the season ticket loan. If it's interest free then HMRC may cause problems if they start nosing and you haven't spent it on a season ticket. Work might be a bit of a problem too and I'm not sure if I'd like to risk a £3k pm role for something like that. It might be over-cautious but definitely wait until next payday before paying off that little extra.
Also, have you actually got a copy of your credit report? You'll be able to see when the 'bad' dates are on there and the work out when they'll drop off 6 years later.
Good luck
Do they get weighted according to how long ago they were?
Say an event of going over an overdraft limit say 5 years ago is not as bad as say doing it last month for example?0 -
So by 6 years do yo umean all credit events stay on your file a full 6 years?!
Do they get weighted according to how long ago they were?
Say an event of going over an overdraft limit say 5 years ago is not as bad as say doing it last month for example?
Yes 6 years, and usually I'd expect most lenders to 'taper off' how much they care over time. As you say, spotless record for 3-4 years and a couple of late payments 5 years ago I would expect to look a lot better than 2 late payments in the last 6 months to most reasonable lenders...
Bear in mind it's all down to each lender. Some might literally not consider anyone with anything negative across the 6 years. There's little if anything you can do about that (retroactively anyway...)0
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