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How long to improve score
Abi2014
Posts: 3 Newbie
Hey all I'll try keep this factual- I travel 2 hours for work and rely on taxis some days due to no transport so I know a car is becoming a must and will be more cost effective. Problem is my score is 523.
Facts- take home income £1200 a month
Debt- £2000 on student account at 0% which they want me to start repaying in 2016- I paid my college fees with it rather than going through gov student loans
Credit card- £400 on £600 limit- I know reducing the percentage o use so I'm doing that
Been in my rented flat a year- previous address I was in 3 years. Added self to electoral start of 2014- this flags up on my credit report the two issues are not on register long enough and close to credit limit. No other warnings/advice on experian.
All bills are paid on time no missed payments. End of last year I starte the process of a car on finance which will have appeared as credit checking on report- also have used payday loans last year and one in May- yes I know- I was not paid by my new job so was desperate as they kept screwing about- I owe them nothing and would never ever use one again.
So my rating has been slow but sure increasing each month so o wondered how long roughly it would take to get to say 600/650 ao figured I'm not applying for any car finance until I get go that point of above.
Q1. How long does it take to increase that amount
Q2. What else can I do other than carrying on payments on time as reduce how much credit I'm using
Q3. How long is classed as adequate time having been on the electoral at my current address- I.e when will it stop being a tip on experian
Q4. Anything else I can do? I get that time is key but obviously what forking out on travel is in 3 figures
I'
Thanks all this forum looks full of knowledge
Facts- take home income £1200 a month
Debt- £2000 on student account at 0% which they want me to start repaying in 2016- I paid my college fees with it rather than going through gov student loans
Credit card- £400 on £600 limit- I know reducing the percentage o use so I'm doing that
Been in my rented flat a year- previous address I was in 3 years. Added self to electoral start of 2014- this flags up on my credit report the two issues are not on register long enough and close to credit limit. No other warnings/advice on experian.
All bills are paid on time no missed payments. End of last year I starte the process of a car on finance which will have appeared as credit checking on report- also have used payday loans last year and one in May- yes I know- I was not paid by my new job so was desperate as they kept screwing about- I owe them nothing and would never ever use one again.
So my rating has been slow but sure increasing each month so o wondered how long roughly it would take to get to say 600/650 ao figured I'm not applying for any car finance until I get go that point of above.
Q1. How long does it take to increase that amount
Q2. What else can I do other than carrying on payments on time as reduce how much credit I'm using
Q3. How long is classed as adequate time having been on the electoral at my current address- I.e when will it stop being a tip on experian
Q4. Anything else I can do? I get that time is key but obviously what forking out on travel is in 3 figures
I'
Thanks all this forum looks full of knowledge
0
Comments
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Your score is irrelevant. No one sees it and it doesn;t have any bearing on whether anyone will lend to you.
Use your credit wisely - don't go overlimit, don't miss payments. Time will take care of the rest.0 -
And cancel that Experian thing if you are paying the monthly fee, it's meaningless and you would do better just paying for the £2 report in 6 months to check it's still accurate and if they are correctly recording your financial behaviour
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
Is it not a good indicator of how likely I am to be accepted? If not what do likes of your car financing companies look at? And what do I need to measure to check I'm improving. It's just a free trial for now I keep up with payments so I just wanted one have a nosey and see the likelihood of being accepted which I would have guessed was low from that rating?
Thanks again0 -
They are looking for responsible financial conduct. Simple as that.
The further into the past any negatives move, such as the PDLs, the better.0 -
Ah right. I'll just give it time and carry on0
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