improving my credit history

MNM2903

Okay so I've made a lot of changes over the last 12 months as I've been pretty careless with how I manage finances and I've been very laid back in my approach to debt in the past and let small amounts of debt spiral in to larger numbers and ultimately resulting in a number of defaults and also a CCJ.

I have called all my creditors and done partial settlements om all my debts and satisfied my judgement. A lot of the defaults were from 2011 - 2013 and one in 2014. My ccj is also from 2014. I had 5 defaults in total and 1 ccj.

All my recent credit is up to date phone bill, home broadband and tv and also my car finance. I've never missed payment on these and I always save now and my bank account is always in credit with a healthy balance. I'm on the electoral roll and all my details are up to date on my credit files.

I was just wondering if there's anything other than time that can help improve my credit. Like is it worth getting one of the pre paid cards that you top up etc or given my poor history would this have very little impact?

Thanks in advance.

MNM2903

Anybody, or have I answered my own question and it is just a matter or time and patience?

ClimbingOutOfDebt

Hi, I have similar circumstances to you in that I was appalling at managing money a few years back (resulting in an abysmal credit file), these days I'm as good as gold and pay everything on time, I do still have a few old defaults lurking on my file and personal circumstances have meant moving 4 times in as many years. So my credit 'rating' is classed as poor.

I've been looking into a card for bad credit to use purely to improve my file. There is a link on the main site as well as a soft search eligibility checker. I'm definitely tempted as I'm desperate to improve my credit file Asap!

However It appears time is the greatest healer when it comes to credit files. 6 is the magic number!

kirstybum

I wouldn't know for certain but I'm pretty sure those pre paid cards don't improve your credit score. You could apply for a bad credit card at a high rate and use it for fuel or something and always pay back in full. But there lies the risk of getting carried away, time is a great healer. I've been successful in emailing companies and paying off balances in return for the removal of a default, maybe worth a try if you can afford to pay a few off?

CLAPTON

mullen8627 wrote: »

Okay so I've made a lot of changes over the last 12 months as I've been pretty careless with how I manage finances and I've been very laid back in my approach to debt in the past and let small amounts of debt spiral in to larger numbers and ultimately resulting in a number of defaults and also a CCJ.

I have called all my creditors and done partial settlements om all my debts and satisfied my judgement. A lot of the defaults were from 2011 - 2013 and one in 2014. My ccj is also from 2014. I had 5 defaults in total and 1 ccj.

All my recent credit is up to date phone bill, home broadband and tv and also my car finance. I've never missed payment on these and I always save now and my bank account is always in credit with a healthy balance. I'm on the electoral roll and all my details are up to date on my credit files.

I was just wondering if there's anything other than time that can help improve my credit. Like is it worth getting one of the pre paid cards that you top up etc or given my poor history would this have very little impact?

Thanks in advance.

why do you want to improve your ability to get more credit?

andyfromotley

ClimbingOutOfDebt wrote: »

However It appears time is the greatest healer when it comes to credit files. 6 is the magic number!

This.

I am very sceptical as to how much a sub prime card actually improves ones credit history. It may well improve your score, which is meaningless, but i don't believe that spending £50 per month on a sub prime card goes anyway to convincing a lender to give you credit, particularly if you have defaults etc on your record.

Just run your finances correctly and let time pass.

MEM62

Proper management of your finances and time are the only two elements that will improve the way that financial institutions view you.

Prepaid cards do not involve any borrowing so will have no impact.

Forget credit 'scores' as these are randomly made up numbers. It is the information that is on your credit report that is important. Run your finances properly and things will gradually improve.

Thrugelmir

andyfromotley wrote: »

This.

I am very sceptical as to how much a sub prime card actually improves ones credit history. It may well improve your score, which is meaningless, but i don't believe that spending £50 per month on a sub prime card goes anyway to convincing a lender to give you credit, particularly if you have defaults etc on your record.

Just run your finances correctly and let time pass.

Akin to telling someone that's been through AA to pop into the pub and have a half. What's required is a change of mindset. Credit is useful for the right reasons but shouldn't be a necessity in day to day life. Save before you spend should be the emphasise.

MNM2903

Thanks for all your replies. I think that time is the answer. I'm not wanting to improve it to go out and buy randomly. I want to improve it because I'm almost 30 I've enjoyed my 20s and the result of it was immature borrowing. I really want it to improve as in the next 3- 4 years ill be going for a mortgage and in the mean time the mortgage is going of my girlfriend only.