Out of the country for 12 years. NIGHTMARE.

matttye

para69 wrote: »

If I run both numbers for say 6 months then close the accounts paying off the remaining balance does that report positive to the CRA's?

Lenders look more favourably on older accounts as it shows stability. Lots of revolving accounts looks bad. Id try to keep them open for longer than 6 months if you can.

para69

matttye wrote: »

Lenders look more favourably on older accounts as it shows stability. Lots of revolving accounts looks bad. Id try to keep them open for longer than 6 months if you can.

Thank you I will run them for the full 12 months.

izools

12 months is the bare minimum. You should always have an active credit agreement or two on your credit file. And older accounts are better so just stick to a couple of sub prime credit cards, whack them in a drawer and use them to buy something cheap you'd buy anyway, every couple of months.

And as stated, ensure to set up a DD with the card issuer(s) taking the full amount from your bank account each month.

para69

izools wrote: »

12 months is the bare minimum. You should always have an active credit agreement or two on your credit file. And older accounts are better so just stick to a couple of sub prime credit cards, whack them in a drawer and use them to buy something cheap you'd buy anyway, every couple of months.

And as stated, ensure to set up a DD with the card issuer(s) taking the full amount from your bank account each month.

Why the need to set up a DD? Is it to ensure I dont forget a payment or are there other benefits?

izools

Yeah, mainly to ensure you never miss a payment, and to ensure the whole precise monthly statement balance is taken, as even if you pay one penny less they charge interest on the whole statement balance.

matttye

para69 wrote: »

Why the need to set up a DD? Is it to ensure I dont forget a payment or are there other benefits?

Just the easiest way to pay.

para69

matttye wrote: »

Just the easiest way to pay.

Aint that the truth!

Thanks a lot.

para69

I have just had to set up a limited company for my new contract and get a 'free' Barclays Business Account.

What chance do I have of a small business loan given my current lack of credit history and will it reflect in my personal rating?

Thanks guys.

izools

As a limited company it won't reflect on your personal rating but a company with assets, no accounts, no turnover (yet), etc, chances? Well. If you were a lender, would you?

[Deleted User]

para69 wrote: »

So a prepaid CC counts towards my rating? Excellent, any suggestions/recommendations?

I've got an Orange Pre-paid Mastercard.

Costs £5 (which you can pay via a PAYG Mobile Phone), and is free to top up at Orange shops.