Need advice on upping my credit score

chris27

Hi guys not sure if this is the right section to ask this. I couldn't find a specific thread.

Looking to up my credit score. Just recently had a couple of old default accounts removed from credit file after 6 years, and am now wanting to get my credit score back on track.

Got an image of how my file looks. I think the main problem I have is that the only form of credit I have is my credit card. I have no other proof to show lenders that I'm a good risk.

I don't own my own home. I don't rent. I don't have finance on anything anymore. My mobile phone contract is in my mum's name due to the fact I've had it for 5 years and am still on my old staff tariff from when I worked for O2 which I am not getting rid of. The price is too good to lose.

How can I get my credit score improving now instead of the red junk?

Tixy

Don't worry about improving your score as such - its a pretty meaningless number (or numbers), its not really reflective of your chance of getting new credit, but improving your credit reports/credit history obviously is a good thing.

From the look of that extract above (which I assume is checkmyfile) the main issue now appears to be the old closed welcome account. Really until this account drops off your file your file is never going to appear great to potential lenders.
If you haven't yet you might want to also get a copy of your statutory file from experian as the data on there is no shown of the checkymyfile report (don't pay for the score, the £2 report is fine), just to check what is on there, what defaults show if any etc.

chris27

Tixy wrote: »

Don't worry about improving your score as such - its a pretty meaningless number (or numbers), its not really reflective of your chance of getting new credit, but improving your credit reports/credit history obviously is a good thing.

From the look of that extract above (which I assume is checkmyfile) the main issue now appears to be the old closed welcome account. Really until this account drops off your file your file is never going to appear great to potential lenders.
If you haven't yet you might want to also get a copy of your statutory file from experian as the data on there is no shown of the checkymyfile report (don't pay for the score, the £2 report is fine), just to check what is on there, what defaults show if any etc.

Yeah that was from checkmyfile. The Welcome Finance thing is being dealt with by the FOS as we speak, as the missed payment marks shouldn't be on there. That's a long story best left for another day and thread

I thought what may be holding me back is also the fact that I only have a single credit card as my only form of credit to show potential lenders how attractive a business opportunity I am. No evidence of having credit and paying it back is almost as bad as having credit and not paying it back.

If I was looking to apply for a mortgage for example, which is a real possibility with in the next 6-12 months, I would not be very confident I would get one.

Tixy

Hope you get the welcome issue sorted.
You do have other credit history visible to lenders - in the form of the closed accounts. Presumably they will still be visible when you apply for a mortgage - ie they are not coming up to 6years since closed. They'll help demonstrate that you can handle credit responsibly.

It wouldn't hurt to try and have another open credit line - once/if the welcome issue is corrected you could consider applying for another card elsewhere (as long as you won't be tempted to max it of course!) to just use and repay each month.

chris27

Tixy wrote: »

Hope you get the welcome issue sorted.
You do have other credit history visible to lenders - in the form of the closed accounts. Presumably they will still be visible when you apply for a mortgage - ie they are not coming up to 6years since closed. They'll help demonstrate that you can handle credit responsibly.

It wouldn't hurt to try and have another open credit line - once/if the welcome issue is corrected you could consider applying for another card elsewhere (as long as you won't be tempted to max it of course!) to just use and repay each month.

That's the only reason I got the Capital One card. To make small purchases each month and pay it off. I was thinking of another similar type card, but my options are limited. I think the only other cards I could get would be the Granite Card, Vanquish Card or Aqua Card. All similar to Capital One with high APR, which doesn't bother me as like I said I make sure it's only used for small purchases and paid off each month.

I've had the Capital One card for a good 2 years at least now, so that's 2 years of solid payments on there.

[Deleted User]

Take a look at Martin's guide on credit reports on the main site - it should give you all the info and advice you need.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

chris27

Domino9 wrote: »

Take a look at Martin's guide on credit reports on the main site - it should give you all the info and advice you need.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Cheers I'll have a read through that.

Applied for the granite card and got confirmed for that. So I'll now just split my monthly petrol expense between the 2 cards, and continue to pay off in full each month.