Improving credit score.

Amygdala

Hey everyone!

You guys have been very helpful. I'm looking to get serious and sort my credit score out. I have 1 settled default and 1 default which I'm currently paying off :mad: My score is in the mid 600s.

My question is, if I attempt to improve my score with prepaid cards/joining electrol roll/credit cards will it all be in vain? Is it best to wait until I pay off my ongoing default? (which may take 6 months or more)

Will my credit improve? Will it not improve but improve significantly once the default is settled (more so than without the attempted credit boosts)? Or would it be in vain?

(Will continued monthly non-late payments on a credit card increase my score?)

Many thanks,

Tixy

Your ability to get credit won't improve massively until the defaults drop off your file (6years after the default date on file).

However you probably will be able to get non-mainstream credit once you have paid off the outstanding default and on the the e/r.

Getting on the electoral roll is certainly a good idea as soon as you can (the longer electoral roll history you have the better).

Once the outstanding default is paid off - do you have any other credit accounts that are open? if not then it probably would be a good idea to try to apply for a subprime credit card at that point.
The best way to use this for credit building purposes is to use it each month for a couple of purchases and repay each statement in full monthly.

Amygdala

Tixy wrote: »

Your ability to get credit won't improve massively until the defaults drop off your file (6years after the default date on file).

However you probably will be able to get non-mainstream credit once you have paid off the outstanding default and on the the e/r.

Getting on the electoral roll is certainly a good idea as soon as you can (the longer electoral roll history you have the better).

Once the outstanding default is paid off - do you have any other credit accounts that are open? if not then it probably would be a good idea to try to apply for a subprime credit card at that point.
The best way to use this for credit building purposes is to use it each month for a couple of purchases and repay each statement in full monthly.

Many thanks, I do not have any credit accounts, only my current account and mobile contracts. I was thinking of getting a credit card for poor credit or a prepaid card, but if it won't really help my score/rating, is it best to wait until I paid off the default before applying for credit?