How to improve my credit score?

Gemini33

I have one last final debt I want to pay off, my credit score is still low due to my past, I dont have any CCJ's but do have a few defaults.

What is the best, tried and tested method to boost my credit rating score?

I want to boost my credit rating so I can get a consolidation loan to save approx £3500 off my current loans.

If you have any tips please could you share, bare in mind I am unable to get any more credit.

Thanks

faceuptoit

Are you on the electoral role? Are all of your utility bills paid in full by direct debit?

Gemini33

No I am not on the electoral role and yes the 95% of my bills are on direct debit.

How does being on the electoral role affect your credit rating?

Thanks

faceuptoit

Negatively. Get yourself on the electoral roll asap Other than that, and paying bills by direct debit, I can't think of anything else - there are some credit cards which you can get if you have bad credit, but they have punishing APRs so only get if you can pay in full.

Gemini33

OK thanks for the tip, I know this might seem ludicrous but how do I get on the electoral roll and what exactly is it?

There has to be some tips and insiders tricks to boosting my credit rating, surely!

I thought about getting really small payday loans and borrowing them for a few days, I know the apr on these are crazy.

But if I done this every month for 6 months and it cost even £300 which I know is high, which I am sure it wouldn't, just for example though, if this will push my credit rating up enough for me to get a loan, I am still saving huge amounts of money.

I have about £8500 left on my last loan, they have said I can have 60% off, therefore I would only be required to pay back about £4000, I just need a loan to do this.

This makes sense to me, is there any faults in this theory?

Thanks again

natlie

Hi
Nothing will really help you short term and really if they wont lend to you your stuck - what is your score like?

my score is 735 i have an arrangement from 2007 a late payment also 2007 and a late payment 2011

my score goes up when things drop off the report but thats after 6 years. I have 13 clean accounts - mostly closed - make no difference i wouldnt recommend taking out small loans - just try and pay bigger amounts off your loan to clear it faster

Nat

Gemini33

Sorry to be unclear, I am able to get small pay day loans, my intentions is to get them as they class as a loan, I will have no issues paying them back on time. Surely this will come up as a paid on time debt on my credit rating? or not?

I have to be honest, my focus is on how much I earn a month right now. I believe that if I focus on building a higher income, this debt can be cleared off less than a year.

Thanks

freshstart11

a lot of financial people see pay day loans and it makes them weary of you.

far better getting a bad credit card than PDL x

martinlondonuk1977_2

Gemini33 wrote: »

OK thanks for the tip, I know this might seem ludicrous but how do I get on the electoral roll and what exactly is it?

Hi Gemini,

To answer your question, the electoral roll is the list drawn up by your local council of its residents to help in some of the areas described below.

To apply to be on the electoral roll, you need to contact your local council. Some councils (like mine) send out forms through each door once a year encouraging people to sign up and ensure their details are correct, so watch out for these. But if you have not seen one of these lately or not been registered for some time, contact your council directly.

For the purposes of a credit check report, it helps to establish how long you have been linked to a particular address, assuming you have been registered on the roll for the duration that you have live there and that your name is something other than Mrs M Mouse. Just another way to say that you are who you say you are essentially.

Other than the above, it is used for the following:-
- To enable you to vote in General and local council elections.
- To be randomly selected (summonsed) for Jury Service.
- Direct marketing by companies that want to sell you stuff (uh-oh!).

Re the last point, if you are not keen to have a rainforest the size of Wales shoved through your letterbox each week, you can get around this quite easily. All councils now offer the option of removing your details from their 'edited' list while keeping you on their 'master' list. This way your details are not sold on and this arrangement has been around for the last ten years or so. Just make sure you select this option when you complete your roll registration.

If you have any further concerns about junk mail generally, you can register (for free, we like that word) to the Mailing Preference Service at www[DOT]mpsonline[DOT]org[DOT]uk. You might also want to check out their sister organisation the Telephone Preference Service to kill off the cold callers too, just follow the link for 'TPS'.

Cheers,
Martin