BAD Credit Rating, affecting my life, please advise me.

rexxiitiger

Hi there!

Quick background story I'm a 22 year old single mum working full time and am now in a good financial position, I can afford my bills and have money extra left over. Anyway as I'm sure everyone knows when you have kids you need a bigger house and to be stable.
I'm having trouble trying to rent a house for me and my daughter to have separate rooms. However, I do have extra income and can financially afford one. Back in 2011 a really immature me ran up 3 defaults and 6 late payments on two utility bills. Its now 2016 I've only just got myself into a good standing but am struggling. One default is satisfied but still on file. I only owe approximately 1000 pound. Is there anyway I can improve my credit rating? Is there anyway I can find a company that will pay it all off and I pay them? I've applied for two loans and I was immediately rejected! I need to improve it but just don't know how. Is there any advice anyone can impart? I am alone and my daughter to have a good future, I know improving my credit rating is important. I want to buy a house in 2017 as I know defaults will come off then whether satisfied or not. How can I improve my credit rating? Any advice please? Anyway I can do it quickly?

Thanks,

[Deleted User]

Stop applying for loans.

Time is the main thing that will repair your credit files. In the meantime, apply for a sub prime credit card, use it regularly and pay in full each month. That will help build up some positive history.

rexxiitiger

I've just done that. I'm going to see if I can use a credit card to pay off money owed a little and then pay it off at end of month. Two birds, one stone. See if I get accepted though.

Edi81

Are you on the electoral register.?
Get a sub prime card and rebuild your credit profile. You don't have a score or rating just information that lenders can assess into their own internal score.

solentsusie

rexxiitiger wrote: »

hi there!

Quick background story i'm a 22 year old single mum working full time and am now in a good financial position, i can afford my bills and have money extra left over. Anyway as i'm sure everyone knows when you have kids you need a bigger house and to be stable.
I'm having trouble trying to rent a house for me and my daughter to have separate rooms.

why are you having trouble renting a house? I believe defaults do not show up on the checks made by letting agents only ccj and bankruptcy information. Do you need money for the deposit? You have not made this clear.

however, i do have extra income and can financially afford one. Back in 2011 a really immature me ran up 3 defaults and 6 late payments on two utility bills. Its now 2016 i've only just got myself into a good standing but am struggling. One default is satisfied but still on file. I only owe approximately 1000 pound. Is there anyway i can improve my credit rating?

as already advised, apply for a sub prime credit card from capital one, aqua or one of the other companies specialising in these. Use the online credit card checker available on this site. Or try the barclaycard one as that will give an indication if they will accept you.

is there anyway i can find a company that will pay it all off and i pay them?

why would you want to do this if you are now in a good financial standing and are able to afford to pay your bills? I presume you have made arrangements to pay off your arrears? If not contact the companies yourself and offer to set up monthly payment plans. From my experience most of them will usually be helpful and happy to do this, particularly utility companies.

i've applied for two loans and i was immediately rejected!

stop applying for loans and concentrate on paying off your debts. If you are a renter with defaults on file the likelyhood of you getting a loan is practically zero.

i need to improve it but just don't know how. Is there any advice anyone can impart?

get a credit card, pay it off in full monthly and make sure you pay all of your bills on time.

i am alone and my daughter to have a good future, i know improving my credit rating is important. I want to buy a house in 2017 as i know defaults will come off then whether satisfied or not. How can i improve my credit rating? Any advice please? Anyway i can do it quickly?

it will take however long it takes, there is no magic wand to make your debts disappear. You will be in a better position once the defaults drop off your record. Just be sensible with credit, pay your bills on time, and try to put some savings away towards a house deposit if it is your intention to purchase a property.

thanks,

good luck.