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Credit Score better?
LolStevo
Posts: 548 Forumite
Can anyone help here?
Friend had a few defaults in the past (3) which are now settled or satisfied, no CCJ's, is on the electoral role and has 2 small credit cards £200 each which he uses and pays off per month.
He has a contract phone which is paid every month by direct debit on time, and has just finished paying 4 years of car finance with no missed payments.
However his credit score is still very poor and cant get any kind of credit. He wanted to re-finance for a new car but can only get a deal with shocking apr!
How can this be improved or how long does it take to improve if you are doing the tips that are advised?
Friend had a few defaults in the past (3) which are now settled or satisfied, no CCJ's, is on the electoral role and has 2 small credit cards £200 each which he uses and pays off per month.
He has a contract phone which is paid every month by direct debit on time, and has just finished paying 4 years of car finance with no missed payments.
However his credit score is still very poor and cant get any kind of credit. He wanted to re-finance for a new car but can only get a deal with shocking apr!
How can this be improved or how long does it take to improve if you are doing the tips that are advised?
0
Comments
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You say he can't get any sort of credit, yet he has two credit cards and a car loan?0
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He doesn't have a credit score, well he does but your friend is the only 1 who can see it, its the history he is needing to improve.0
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You don't say how old the defaults are. Usually when they hit year 4 the impact of them is not as bad, however there are always lenders who will insta-decline or offer a super high APR just because they are there. If he has turned his financial affairs around, he will probably only likely succeed obtaining a loan from his bank as they will know his history.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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Deleted_User wrote: »You say he can't get any sort of credit, yet he has two credit cards and a car loan?
He paid the final payment of his car finance in June and tried to get another one with better rate and was declined.
The two credit cards are high interest rate with small limits on them.0
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