Credit repair

prone2accidents

Hi everybody,

I have recently paid off 3 accounts on my credit file but have been told that my credit score won't improve.

How ever I am looking at getting some small credit in the near future, what is my chance of this?

My credit score is 474 which is very low but I have been informed that this will not improve.

Can someone advise me on what is best to do?

cc4rhu

As much as I dislike it your safest bet is to get a store card, or credit card both of which will probably have a high interest. If you spend little and pay it all off each month your score should improve

obay

cc4rhu wrote: »

As much as I dislike it your safest bet is to get a store card, or credit card both of which will probably have a high interest. If you spend little and pay it all off each month your score should improve

Argos card is your best bet at 29.9 take something out for over £100 and set up a standing order for whatever you want per month + setup a direct debt for the minimum each month it will work wonders i tell you! just don't go into the zone with all the charges (when interest free period ends!) it's amazing how expensive it'll cost you.

Stigy

Paying off any amount of debt will improve your score with time. Last year mine was about 200 with Experian, now it's 980 (excellent)...Just need to kick the credit reference Agencies/creditors up the bottom sometimes so as to update their records. I joined up to Experian and am still with them, as well as Equifax and CallCredit (the other two main ones). The other two I have since cancelled though. A word of warning though, don't be disheartened if results differ, as Exifax still have me as very poor. I put it down to Experian having more possitives listed for me.

I took out a phone contract with o2 which cost me £100 deposit which I happily paid as it served in the long run, to help my score. Bear in mind new credit acts as a negative for at least the first 10 months until it shows that you are making regular payments on-time etc!

prone2accidents

Cheers guys, I'm with https://www.checkmyfile.co.uk. I will try the argos card.

I have 2 accounts on my file that are green and all good, i'm on the voters roll at my current address (15 months).

The thing that bites me on the !!!! is my file isn't updated fast enough and although i've paid 3 old accounts my file is still the same.

zharrt

Do things like have utility bills etc in your name help improve your score?

prone2accidents

I'm not sure, no utilities appear on my credit report.

zharrt

That's what I thought

bargainbetty

Did you have defaults on those accounts? If so, nothing will change it for six years till they fall off.

If you were maintaining the accounts properly, and didn't have any markers, then closing them doesn't make much difference anyway.

Stigy

zharrt wrote: »

Do things like have utility bills etc in your name help improve your score?

Utility bills never appeared on my report. Nothing to stop them though, I guess they just don't use these companies a lot of the time? I know Virgin Media do sometimes. I was with Sky last year and they didn't. In my opinion, things such as car insurance installments should show up, as it's a credit agreement afteral!

The closest I have for utilities showing is my o2 contract. Even my current account suddenly appeared!

RichL74

Virgin Media (or back when it was Blueyonder) has never shown up on either Experian or Equifax for me although I have never missed a payment, maybe it shows up if you miss a payment?

I wouldn't worry about your credit 'score' either.