Credit Repair

RedundantMother

I understand that there are probably hundreds of threads on the exact same issue and I have attempted to read through possibly months of them in the process.

I am currently attempting to repair my credit file after a couple of defaults 4 years ago.

To do so, it seems that in order to obtain future credit, I will need to demonstrate an ability to manage credit, which is something I can't do.

After reading a few tips, I've tried to obtain a "bad credit" credit card, to no avail. I've also tried to open a personal account with one of the shopping catalogues (JD Williams et al), again to no avail.

I already have a mobile phone contract with O2 and I have recently applied and paid for a Cash Plus card with Credit Builder facility.

After a little background I wanted to ask if there is anything else that I could be doing? I would have thought the old J D Williams trick of ordering cheapest item on account and paying it off straight away would have been rather beneficial but unfortunately, computer said no.

Any other tips welcome (other than the obvious, pay on time, don't miss payment and don't default again! )

Thanks MoneySavers

Thrugelmir

RedundantMother wrote: »

Any other tips welcome (other than the obvious, pay on time, don't miss payment and don't default again! )

It really is that simple. There's no magic wand that heals. Only time can do that. As it's time that provides evidence of your good behaviour.

JDawg_2

It can be done, it just takes a long time.

I was in this situation about 5 - 6 years ago. I had (and still have) five defaults registered on my credit file.

After going through the sub-prime credit file building process for the past 6 years, I have been able to get prime credit cards with decent limits, and will be shortly applying for a mortgage when I've got my deposit together.

I am suprised you got turned down by JDW, they may have changed their criteria but a few years back they would accept just about anyone, granting a £125 credit limit. You may want to check CIFAS for (fraudulent?) fraud markers.

Try applying for one or two basic bank accounts. Even though these do not grant credit, they do show on credit files, and the green 0's will help.

Also, try to pay off the defaults as soon as possible. This will help your credit file, as many lenders will automatically decline if there is an unsatisfied default on file.

A year or two of this, and you should be able to get a sub-prime credit card or two. Keep these for around 2-3 years, always paying off the full balance, and you will hopefully be able to get some prime cards at decent rates. I recently got accepted for the Barclaycard 33 month 0% deal, and that was with five defaults on file (admittedly, all were well over 5 years old and satisfied).

Don't be tempted to get payday loans to build your file, not only are they stupidly expensive, they will actually damage your file and make it very tough to get a mortgage within 1-2 years after taking them out - even if paid off in full.

Best of luck.