Credit improvments

rickysaving

Hi all.

I used to have cap1 and vanquis and a jjb credit card and well i was stupid and have learnt lessons from this.. Its now been 1 year on since defaults placed etc and i would now like to start improving it and getting it back on track.

At the moment i have a phone contract that ive had years and never missed payments.

Argos card and never missed payments

Catalog with littlewoods and very. - littlewoods never used and very 600 limit and used on buy now pay later so no interest and will be paid in full when required.

Is there anything else i can do to improve it?

Did have overdraft for over 1k that i reduced to 50quid as didnt want or need that.

matttye

Another bad credit card or prepaid credit card may help.

Only get one if you're disciplined to pay in full every month so as not to pay any interest.

I literally just use my two for fuel and occasional small purchases.

Curr946

did you pay off your defaulted accounts? That would help 10 fold

The_Boss

Ensure you continue to make the monthly payments on your cards so that you are building a better picture of yourself.

izools

OP you absolutely don't need any more credit accounts at all.

You already have just the right amount - one overdraft, one mobile contract, one credit card (The argos card is reported as a credit card on your credit file), and two catalogues.

Perfect.

Adding any more may leave you looking overcommitted and / or deparate for credit.

All you need to do to improve your credit is:

1. Keep the balances on your current lines of credit as low as possible, but at no point above 33~50% of the respective credit limits.

2. Ensure you've paid off your old defaults

3. Wait

This is the post important point of all, waiting. Don't take on new credit. Don't apply for new credit. Just sit back, relax, and as the defaults get older and your up to date accounts continue to report good payment history your credit worthiness will improve. The big one will be 36 months after your most recent default; you'll be relatively credit worthy by then so long as you keep all your accounts up to date and with nil or low balances.

Good luck! :beer: