Credit rating advise needed please!

winkler1

hi everyone,

I am new and need advise as to improving credit

here goes I have last year paid off all debts... but

I am struggling to get new credit now

I had no debts whatsoever after paying off all of my old ones

so started the year by looking at getting new credit I have been turned down by several credit card issuers though

advise requires

I have recently got credit reports shows no debt and no missed payments in last year

winkler1

just to advise I am on the electoral role but as it took them ages to put me on there have only been showing on their for about 9 months at my current address

I have just changed mobile contract and applied to a new network and they gave me a contract and the deal I wanted so that's one new credit agreement

have spoke to my bank and advised they cannot lend me any money overdraft/ loan etc at the mo as my credit rating is poor

winkler1

I have never had a CCJ or IVA or been bankrupt or been on a debt management plan

mainly just lots of missed payments on old credit cards and overdrafts all previous debts showing as settled on credit file
mostly settled early last yr so only just over a yr so report shows no missed payments in last 12 months

gazman100

Just lots of missed payments on old credit cards? It's a mystery...

Seriously, it's good they're all paid off but your credit record goes back 6 years. By the way, applying for credit leaves a mark too, so if you keep applying and being declined that's probably not helping. As a one off test, maybe worth trying one of higher interest credit score rebuilding cards and paying off in full every month as they're expensive.

winkler1

thanks just wondering what I can do to get my credit rating up as bank say they wont lend to me as credit report shows I have had past problems with credit

sorry didn't mention but when I checked credit report one credit card shows status as default satisfied

I was having problems keeping up the payments on this card a few yrs ago and did eventually pay off I full but report shows it was defaulted about 18 months ago


bank were chasing me for missed payments but got back up to date and paid off In full

winkler1

I recently applied for the Barclaycard initial one for bad credit and they said I have to wait for a decision and then turned me down

nicp60

So to clarify:
- In the last 12 months you have paid off all debts
- But prior to that you had debts with lots of missed payments
- Including one default which has now been satisfied
- Recently you've made lots of credit applications - this will definitely have a negative impact

Paying off your debts isn't enough I'm afraid, you will struggle to get any kind of credit whilst the missed payments and defaults are still on your file. They will remain there for 6 years from the default date, and 6 years from whenever the other accounts were closed in the case of the missed payments.

I would also question whether you need new credit, as you'd be better off at this point living without it and putting some savings away if you can.

If you've been turned down for a 'bad credit' card recently, then you're very unlikely to get any new credit for now. Try and live without it if you can.

winkler1

thanks for the advise


I don't currently need any credit but thought I better get some to improve my credit rating as I want to buy a house eventually in the next year or so

nicp60

If you're being turned down for sub-prime credit cards I think the chance of getting a mortgage in the next year or so is virtually nil, sorry.

I got an AIP from Aldermore Bank, but that was with 2 defaults over 5 years old and a 20% deposit on a mortgage only 1.75 times my salary.

Do you have a list of your actual defaults and missed payments?

The_Boss

What nicp60 said.

Try applying for a Vanquis card in 4-6 months time and start building from there. Will be pointless though if you miss further payments.

winkler1

thanks

with regards to new credit I am earning more money now
so no risk of missed payments I can currently save between 300 & 500 a month

all my open accounts on credit file that are open are perfect never missed a payment on any but are only bank account, contract phone all under 2 yrs old been with bank only 18 months so they are a bit carefull but rating with bank should be perfect
run bank account and multiple savings accounts all in credit bank account always in credit get paid fairly well

looking to buy and put down 10% on cheap property only looking to borrow £45k-60K