Can't get credit so how do i improve my credit file?!

I-Want-To-Move

I've a terrible credit score, couldn't get credit if I tried (not that I want it at the moment). I have defaults which i know will come off my file in 6 years once the debts have been paid BUT how do you build your credit score up again if you can't get credit? Even when i've cleared the debts i doubt i'd get any credit then and all the tips seem to be get a credit card and spend a fiver on it each month to build a new credit history. I don't get it. My goal is to clear my debts, save up and move house but to do that i need to get a healthy credit score again.

redcard

Just live without any credit for a few years. That way there's 100% certainty your credit-worthiness will improve.

I-Want-To-Move

Really? I'd got myself in such a tiz thinking that even after settling my debts my credit score will stay at *AVOID LIKE THE PLAGUE* forever unless I got credit to build it up again. That's made me feel so much better because as soon as I've cleared them I am not getting credit again except for the mortgage of course.

BugsyBrowne

I-Want-To-Move wrote: »

I've a terrible credit score, couldn't get credit if I tried (not that I want it at the moment). I have defaults which i know will come off my file in 6 years once the debts have been paid BUT how do you build your credit score up again if you can't get credit? Even when i've cleared the debts i doubt i'd get any credit then and all the tips seem to be get a credit card and spend a fiver on it each month to build a new credit history. I don't get it. My goal is to clear my debts, save up and move house but to do that i need to get a healthy credit score again.

You can't get a healthy credit score as they don't exist my man.

Never pay Experian a penny for a meaningless number.

Thrugelmir

Look at the situation from a lenders point of view. You've defaulted on debt as you were not in a position not to repay it in accordance with the contractual terms. No sooner than it is cleared. Than you wish to increase your indebtedness again.

There are no quick fixes. Time will heal your credit record. The other is for you to make real sacrifices to save money/reduce your existing mortgage. If moving house is your number 1 priority. As the lower the LTV on the new property the more chance that you'll be accepted.

Experian_company_representative

The defaults go after six years regardless of payment. I just answered a question similar to this on the Experian site which may give additional guidance.

James