advice much needed regarding credit score

hopefulgirl

Hello ,


thank you for taking the time to read this possible nonsensical long winded post ..


Firstly i have been really bad with my credit in my past and i am now older wiser and desperately trying to repair the mess that been a di*ck in my younger years .

Where to start ?? i guess at the beginning , well long term youth unemployment and a total disregard for creditors and paying bills on time if ever (i know right but hear me out ) i always used to constantly move around so much so i have no idea in at least 60% of my previous addresses .

Anyway's fast forward to my life has it stands i am now a mother to three wonderful children life is great i got myself off ALL benefits and i am self employed earning around 38 thousand a year

but i still have a bad credit score and i am REALLY wanting to repair this somehow ,

i logged on to experian to find my score is 620 i am not on the election roll - which i intend on registering on monday - which leads me to my first question , Do any of you know how much this will help my credit score say for example how many points my credit score will rise by ??

i checked who i owe and what i owe and i have only two default delinquents on my file ( which has amazed me i expected to see enough CCJs to wall paper my house with lol ) , when i added up my total debt i only owe in total £2.324 (which im very happy about because i easily clear this in full ) .

I am on monday contacting the two debt management company's and offering to clear the accounts in full ( of course im going to ask for a discount or something

what im confused about is i hear that these default payments will continue to stay on my credit file for a further few years ??? so even if i pay back the debts in full this wont clear my credit defaults :mad:

what the hell , even if it don't clear them will it at least make my score better ???

The only thing i can physically do at this stage is register to vote and clear my outstanding debts off if this is done which it will be will my score raise from 620 ?? and if so how much do you think it would raise by ??

and lastly , once i have done all this how on earth can i start to make my rating better even though i earn what i think is a good amount i can not get a over draft , car finance , loan , credit card , i can't even rent a property from a estate agent let alone buy a house

I don't know how i will , if ever get out of this stupid mess i created my whole history is now biting my on the butt and im clueless into how to fix it

I dont need a loan or over draft i never used a credit card so i dont miss this but i would like to use a esate agent i would like to have a contract mobile phone (atm i am using my farthers and paying him for the line rental and costs of calls likewise for virgin media tv broadband and phoneline again in my farthers name because i did not pass even their credit checks )

I dont know how im supposed to repair my credit when i cant get get credit in the first place i am totally confused and there must be something i can do but that something i dont know

so im asking you guys for advice and help

after all i changed my life around for the better where as i dont expect a medal for doing this i would like the opportunity to protect my family with policy's , income protection insurance , contents insurance and the basic right to live in a nice regulated property (not the hovels that private landlords rent )

i just want to do best by my family i relies my past mistakes and im more than willing to correct them but i feel pretty down that i am not given at least a helping start ,

i created my own business with no business loans and absolutely no financial help from any company or anyone
so just to recap
i have a stable address for the last 3 years , i am self employed i owe a couple of grand which im paying off in full on monday i am NOT on the voters rolll but applying on monday my current score is 620 expeidan i have NO ccjs yay
and two delinquency defaults
i am single NOT nor ever been finacally conected with a partner
im single and live alone with my children

i just have no idea where to start or what to do , i hope i have not moaned on too much and my post isn't at all irreverent

Thank you for reading and hopefully taking the time to reply
Joanne xx

Tixy

Hi

Wow that is a long post.

A few comments
Getting on the electoral roll is very important and should make a big difference to your abilty to get credit. If you contact the council now you will be on the register from 1 Feb, and this will likely show on your file a month or so after that.

How much it increases the score that the credit reference agencies will sell to you is not important. Don't get hung up on the score, no potential lender ever sees that number.

Defaults - these drop off your file 6 years after the default date shown on your file.
If there are other defaults or CCJs you were expecting to see these have probably dropped off due to being more than 6 years old.
The ones that show still - if you pay them off then they will show as satisfied defaults which potential lenders are likely to prefer than outstanding defaults.

The best ways to improve your credit file (not score) is to get on the electoral roll, pay off your old defaults and then look into a subprime credit card which can be used to start building a positive credit history.

It probably makes sense to check your credit report with the other 2 agencies to check if they show any additional defaults etc that experian does not.

hopefulgirl

Thank you so much for replying great well i will def do all what you have recommended ,

so after i have done all this i should leave it until say April before i make any applications for credit such as a bad credit credit card ??
( thats a subprime card right ? ) that way i will positively be on the voters roll and i will be showing as able to settle my defaults

out of curiosity is there anyway i can be named on my virgin media package my dad is the registered person and also the mobile phone contact and if so will the bills always been paid show on my file to help a little , also i have a account with npower for gas that i took out last month will the payment of that bill help my credit and if so is it better to go on direct debt as i am just paying when i get a letter bill ??
thank you so much for replying xx

Fruit_and_Nut_Case

hopefulgirl wrote: »

Thank you so much...
<snip>

Welcome to MSE :wave:

And thank you for changing from blue to black. My eyes aren't what they used to be and your first post was difficult for me to read. Hope you get your finances sorted.

hopefulgirl

Fruit_and_Nut_Case wrote: »

Welcome to MSE :wave:

And thank you for changing from blue to black. My eyes aren't what they used to be and your first post was difficult for me to read. Hope you get your finances sorted.

awwt thanks for the welcome and yeah hopefully i will i understand it wont sort out over night ( nothing ever dose ) but fingers crossed by this time next year i will be in a much better position
xxx

theoretica

If you look at your credit report what is the date of your two defaults? Your file will dramatically improve 6 years after the last of these.

Oh, and don't get too hung up on the number - it is just something experian calculate from the information on your file and other organisations look at the information when deciding if they want to lend to you, not at the number.