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Came into money and want to improve my credit rating, how do I do this?!

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Comments

  • Duke203
    Duke203 Posts: 113 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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"
  • sam4sam
    sam4sam Posts: 34 Forumite
    Duke203 wrote: »
    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 :)
    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?
  • pjread
    pjread Posts: 1,106 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    sam4sam wrote: »
    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...)
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