I'm having trouble understanding credit ratings..

guns511

Hi all

Just a few questions really..

Does things like netflix appear on a credit rating as it is a monthly expenditure? Also same question with monthly car insurance costs?

Also I currently have 22 searchs on my credit rating however 14 are insurance quotes, 2 are employment checks, 3 are by finance companies (two for asking about how much a product was on finance which somehow resulted in them doing a check for it..twice-,-) and the rest are from experian and barclays and are recorded as a generic check. Will any of these affect my credit rating?

Also I have one item on finance at the moment with a balance of £450 to pay. I have recently got a much better job and can afford to pay this off this payday. I am trying to get my credit rating up so I read the more paid debts you have the better the rating? So I was going to get a television on finance and pay it off after a month or two in full and then also some other things..would doing this affect my credit rating and if so in a good or bad way?


Lastly how can I get a good credit rating?


Thanks for all the help

happy_bunny_2

Netflix - no

Car insurance - only if you pay monthly and they report to CRAs. Rare

Insurance quotes no, generic or ID checks I don't think so.

Have you checked your credit file?

Mobile contracts, being on electoral role, credit cards for poor/no credit, catalogue all help. Ignore any credit score you pay to get, it's drivel and each company have their own criteria.

Your a TV should help as long as its on your report.

guns511

whats electoral role and why does it help..?

What if I got a credit card and used it to fill up my car with petrol and then paid it off at the end..? Do I pay the 30% interest if i pay it off? Would it make my rating good or bad haha


sorry for all the questions lol

matttye

guns511 wrote: »

whats electoral role and why does it help..?

It's the voters roll. It means you're registered to be able to vote.

guns511 wrote: »

What if I got a credit card and used it to fill up my car with petrol and then paid it off at the end..? Do I pay the 30% interest if i pay it off? Would it make my rating good or bad haha

Sounds like a good idea; that's pretty how I use my two cards.

You don't pay any interest if you pay your balance off in full each month.

Borrowing and paying back money on a credit card each month should benefit you.

happy_bunny_2

Creditors use electoral role for ID checks to make sure you live where you say you do.

Contact your local council if not on it, or if unsure your credit report will tell you.

guns511

cheers guys, now I need to find a credit card for people with poor ratings.

Is going with a credit card company which isn't from a major bank okay or would you avoid it?

happy_bunny_2

Anyone will do. I don't think companies see names of creditors when searching so when you look to get another one down the line they will just see credit card.

Do you have defaults, late payments, did you check electoral role status?

happy_bunny_2

Might find this useful
http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

guns511

I have no late payments and no defaults etc except for the first month of my finance as pcworld didn't tell me when it was coming out (turns out it was the next 2 days) but I rang creation up and they sorted it. Its not appearing on experian's check though. I am on the electoral list so I guess my mum put me on there last year some time when I turnt 18.

On the check it says I have a poor rating because of my age and I have the £400 left over from my computer to pay off..

happy_bunny_2

I would wait til your report gets updated to remove that Late payment. If it doesn't, complain to PC world in writing, hard to ignore.

Once sorted, best try the pre eligibility checker in the link. Maybe also talk to your bank, as they might be able to offer you a card as they know your history with them.

guns511

The late payment isn't on the credit rating that I have got..I guess creation didn't register it? I paid them on the day I rang them up?

I tried that checker and the highest percentage I got was 50% on capital..I think the problem is my income..I have a !!!! contract and only contracted to get £10k a year but if I work 40 hours a week I will get about 15k but obviously overtime is not guaranteed unfortunately