Credit report help

titchyyyy

Hi guys, a bit of background information, when I was around 14/15 years old, I opened an eBay/PayPal account and sourced out a wholeseller in China and started dropshipping items, it was going very well but long story short, I ended up getting scammed and I ended up owing eBay/PayPal a lot of money, which I couldn't afford while I was still in school.

Anyway, fast forward 6 years, with no letters through the door or any phone calls, I checked my credit report to see that I had a CCJ on my file and various other debts. Fast forward again today, with no phone calls or letters through the door, despite being at the same address, everything has fell off my credit report (In the last month), including the CCJ, my report still shows as 1/5 and pretty bad.

How can I improve my report? If I was to ever get a letter or phonecall about my previous debts/CCJ, do I NEED to reply?

p.s. I only checked/noticed my credit report because I applied for car finance and got declined and wondered why.

Thanks for any advice!

19lottie82

Out of interest, How much is a lot of money?

you need to rebuild your credit rating. Some tips would be

1) make sure you're on the electoral register
2) get a phone contract. No need for an expensive one, in fact a cheap sim only deal will do.
3) apply for a sub prime credit card. Spend a small amount each month and pay it off, in full, every month.

And finally,

4) sit tight. It won't be a quick process.

titchyyyy

Uhm, I'm not too sure, around £1000~ at most, which is impossible to pay as a 15 year old school kid with a single parent. The debt was never enforced though.

titchyyyy

19lottie82 wrote: »

Out of interest, How much is a lot of money?

you need to rebuild your credit rating. Some tips would be

1) make sure you're on the electoral register
2) get a phone contract. No need for an expensive one, in fact a cheap sim only deal will do.
3) apply for a sub prime credit card. Spend a small amount each month and pay it off, in full, every month.

And finally,

4) sit tight. It won't be a quick process.

Thanks for the advice, I think I can apply for one of these Capital One credit cards, I guess if I pay for things off the card and pay it off immediately, it would count as positive on my credit score?

Surely, if my credit report is empty, I should be able to boost the score up pretty quickly? Or is there a way people can see old debts/ccjs on my account still when they search?

[Deleted User]

titchyyyy wrote: »

Surely, if my credit report is empty, I should be able to boost the score up pretty quickly?

Lenders are looking for sustained good financial management before risking their money with you. But two or three years of good behaviour will make a big difference.

Ignore anything the score may do, as that's a secret between you and the CRA and of no interest to the lenders.

glentoran99

If you took credit at 15 then nothing adverse can or should be on your file as you couldn't legally enter any credit agreements

titchyyyy

Thanks for the replies.

I'll go apply for a credit card from somebody like Capital One as I know I'll be accepted there but I'll pay it off instantly. If I made a £40 payment on a credit card and I instantly transferred £40 from my debit card to pay it off, would it count as a positive on my credit report?

[Deleted User]

No. Wait for the statement to arrive, then pay it off. If you pay if off immediately, you risk looking as if you don't use it, which won't help.

fruitisbad

teh accepted wisdom is you should pay once you have received your statement and before the payment date as that is what is reported, but the 2 free reports I look at record the balance, the spend and the amount paid, not just the statement balance so I'm not sure how true that is.

19lottie82

A CCJ is when a creditor takes you to court, no? Could they even take a 15 year old to court, and would a CCJ be awarded, especially when no credit agreement was in place? all seems a bit odd?

Managing a credit card ( or any type of credit) responsibly is a great way to boost your credit rating, but as I said it's not going to happen overnight! Or in a few months!

Are you on the electoral register? This is the most important starting point. You're unlikely to get any form of credit without it.

19lottie82

glentoran99 wrote: »

If you took credit at 15 then nothing adverse can or should be on your file as you couldn't legally enter any credit agreements

OP, I'm guessing you lied about your age when you set up the eBay and PayPal accounts?