My credit rating....

Oakdene

Hi all

I looked at my credit rating a couple of months ago & its poor. I know the reasons why, I took a couple of payday loans & am paying the price as I was desperate & put them into a DM company.

Ive managed to get a grasp on things & I always make my payments for existing credit (i.e phone, car insurance etc) & am making the payments to my DM company. How else can I boost my credit rating for the future- i.e. when Im thinking of purchasing a house?

Thank you!

Thrugelmir

Oakdene wrote: »

How else can I boost my credit rating for the future- i.e. when Im thinking of purchasing a house?

Thank you!

Clear the DMP as soon as practically possible. Do not get lulled into thinking that the DMP is an interest free loan. Be prepared to wait for some time after the DMP is settled to be approved by any of the mainstream companies. The best mitigation is size of deposit when it comes to a mortgage.

There are adverse mortgage lenders in the market but the interest rates charged are far higher.