The have low credit, cant get credit to improve credit TRAP!!!

Tmeister

Stuck in a trap of not being able to get a credit card or any form of credit to build my credit up. Even the poorest credit cards wont accept me!!! Has anyone else been in this trap and if so how did they escape? How can I build credit when I cant get any? What can I do? Is it a case of waiting it out?

Checked my equifax, experian and noddle accounts. Equifax and experian show my credit as fair - there are 2 defaults dated 6/7/2009 and I have one satisfied default on from a payday loan company dated 06/7/13.

Now obviously the 2 defaults from 2009 will drop off greatly improving my chance of getting credit.

The one that worries me is the satisfied default from the payday loan company. Im considering going down the route of requesting a CCA and Default notice (I never received a default notice do they require to provide one by law??)

Tixy

Probably a case of waiting it out for a while yet.
The recent default will make it hard to get any new credit.

One possible option is the prepaid credit builder credit card, but even with that I doubt you will be able to move on to the subprime credit cards for some time yet.

The payday loan - presumably you did default?
Now the account is settled a 'CCA request' under section 77-79of the consumer credit act won't get you anywhere as the account is closed. You would need to do a subject access request under the data protection act to get the data you want (£10 fee).

They are not required to keep a copy of the default notice on file, only a dated note that one was sent. Yes there should have been a notice sent to you, although in some cases the ICO does state that it may not be necessary to send one (see section 35 https://forums.moneysavingexpert.com/discussion/3172602)

If you did default on the debt, then even if a default notice wasn't sent to you, or any letter that would serve as a notice of intention to file a default then it is still very unlikely that you would be able to get the default removed.

Tmeister

Yes unfortunately I did default. From your advice given it seems I may not be able to have this removed from my file but do you think its worth a go? Under the ICO guidelines they should have sent me a notice as nothing in section 35 is applicable to me.

Im interested in the prepaid credit card, will this impact my credit rating if I start using it wisely? Can you recommend any?

Tixy

Tmeister wrote: »

Im interested in the prepaid credit card, will this impact my credit rating if I start using it wisely? Can you recommend any?

The last resort heading on this link explains http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards#what it is just one specific card that shows like a very small loan on your file. Other prepaid cardswon't show at all.