Rebuilding:

eskbanker

Dandytf wrote: »

I cannot agree with cash withdrawals having a negative effect- cash withdrawals within your limit are fine.

Since credit scoring is more of an art than a science we may both be right - I can't say it'll definitely be seen as a negative and you can't say it definitely won't! But see point 14 at http://www.moneysavingexpert.com/loans/credit-rating-credit-score#boost, i.e.

Don't withdraw cash on credit cards
This is both expensive to do, as interest is higher and you're charged it even if you repay in full each month. Crucially, many lenders see it as evidence of poor money management skills.

Anthorn

Dandytf wrote: »

eskbanker wrote: »

likely to have a negative effect - making cash withdrawals and high utilisation versus your credit limit.[/QUOTE

I cannot agree with cash withdrawals having a negative effect- cash withdrawals within your limit are fine.

for a few pounds over, by paying the difference as soon as possible can be a quick cure to high utilisation

Following on from eskbanker's comment which I do agree with, when we game a credit report we try to predict how a lender will view and interpret the information on the report and that is pretty much speculation. The information on there is crucial and can affect the decisions of lenders over the next six years. In this case of cash advances/transfers/etc there will be no effect whatsoever if we don't have cash advances but there could be an adverse response if we do. So we therefore steer well clear of them and that's a case of "just in case"..

Anthorn

tomxlisa wrote: »

I meant rebuilding as in getting more on my files as in more green ticks, as i have nothing bad on my files but very limited stuff, the best thing on there is my catalogue account which I've had for about 3 years with no missed payments, I think maybe the biggest thing going against me is the searches and maybe the fact I've only had the electoral roll on it about 4 months, I am already using the online sites to check my files, thanks for that suggestion though.

Building or rebuilding a credit report is what I refer to as "gaming" because that is exactly what we're doing. In general we carpet-bomb lenders with a variety of different types of account which could be credit card, bank account, mobile phone contract, utilities such as landline phone, broadband, energy, personal loan. If you don't like a longer term mobile phone contract and you don't need a phone try O2 where you can get a monthly rolling sim-only contract but which is more expensive than a 12 months contract. If you can't get a loan try your local credit union. Most important is that they report to a credit reference agency. For example, Gas has always been on my credit reports but electricity and water has never been on there.

Then it's a matter of keeping the accounts in good order by never missing a payment and always paying on time. Remember that everything on your credit report good, bad or indifferent will be on there for six years.

You are in a better position than I was way back in 2008 when my credit report was packed with defaults most of which became settled within 6 years. Avoid any more credit searches than you actually need to build your credit report and get more accounts and you can probably count on a favourable report within a year, certainly within two years. Then soft searching: MSE has one as has most comparative sites. You could apply for a card at MBNA and go through their compulsory soft search and maybe get an offer. Soft searches do not affect your credit report.

In the U.K. a person is rejected for a credit card every six seconds and he's getting sick of it now.

tomxlisa

Yeah that is what I am doing at the moment all I ever use now is soft searches, I guess this is the way forward for now and making sure everything is paid on time, hopefully the eligibility checkers will start to show positive signs soon as they never seem to change for me, always rubbish percentages even for the so called easy to get credit cards.

Dandytf

tomxlisa wrote: »

Yeah that is what I am doing at the moment all I ever use now is soft searches, hopefully the eligibility checkers will start to show positive signs soon as they never seem to change for me, always rubbish percentages.

I've found the eligibility checkers has shown very slight improvement 3 yrs into dmp.

Though they're not a guarantee anyway, maybe a wee indicator of slight improvement in credit rating.

Anthorn

tomxlisa wrote: »

Yeah that is what I am doing at the moment all I ever use now is soft searches, I guess this is the way forward for now and making sure everything is paid on time, hopefully the eligibility checkers will start to show positive signs soon as they never seem to change for me, always rubbish percentages even for the so called easy to get credit cards.

The credit time ticks over very slowly which is why some people get impatient and do things they shouldn't be doing like a credit application too early. The slow time factor is actually my quibble about the Experian credit score: Initially the information you get is superb. It's like a crash course in credit reports. But after the initial appraisal it changes very little from month to month if at all. That will cost you 14.95 a month.

Go off and do something else and come back to your credit report in 6 months.

tomxlisa

Anthorn wrote: »

The credit time ticks over very slowly which is why some people get impatient and do things they shouldn't be doing like a credit application too early. The slow time factor is actually my quibble about the Experian credit score: Initially the information you get is superb. It's like a crash course in credit reports. But after the initial appraisal it changes very little from month to month if at all. That will cost you 14.95 a month.

Go off and do something else and come back to your credit report in 6 months.

Yep think that's what I am gonna do.