Improve My Rating

bri90bri

I have an account with Check My File, who seem to be a great provider of credit score and report. My score at present is terrible at 280 for Callcredit and 391 for Equifax.

I havea prepaid master card to try and improve my rating I have a lot of default accounts. Some people have said I should just wait until these fall of my credit after 6 years, some of them due to fall of this year. Is this good advice or should I pay them? Some people have said even if i pay them the worst status is always shown so the default will remain regardless.

jonesMUFCforever

How does a pre paid card improve your credit ''score''?
You never borrow any money so you don't build up a history of repaying.

1 Get on electoral roll.
2 Any bills such as mobile phone bill - make sure you pay all the bills on time even if there is a dispute - pay it then complain.

It will take time but you need to pay back any debts and going forward need to pay every contract you enter into on time - then that ''score'' will improve.
It will be a slow procedure.

Thrugelmir

If you don't settle defaulted accounts. Then these same lenders are highly unlikely to transact business with you again in the future. Lenders are like elephants they have long memories .

john1002

The pre paid card is probably Cashplus or one of its subsidiaries that offer the credit builder program, provides green ticks for 12 months and for some will help, your defaults will as you know cause you problems but the longer they are there the less they will hamper you, yes paid defaults do look better than not nobody knows what impact they have on differing lenders. Have you tried any of the poor credit providers like cap one, aqua and Vanquis to name a few.

Try the eligibility checkers. I'd wait till the majority of defaults have gone till you apply, as for lenders having long memories in my experience that's not the case except for American Express who 15 years on still won't give me a card and refer back to how I managed my last card.

Hth

John

GingerBob_3

john1002 wrote: »

The pre paid card is probably Cashplus or one of its subsidiaries that offer the credit builder program, provides green ticks for 12 months and for some will help, your defaults will as you know cause you problems but the longer they are there the less they will hamper you, yes paid defaults do look better than not nobody knows what impact they have on differing lenders. Have you tried any of the poor credit providers like cap one, aqua and Vanquis to name a few.

Try the eligibility checkers. I'd wait till the majority of defaults have gone till you apply, as for lenders having long memories in my experience that's not the case except for American Express who 15 years on still won't give me a card and refer back to how I managed my last card.

Hth

John

Mentioned before, but if you've had no relationship with Amex for 15 years, why are they keeping data about you? Such data retention may be in breach of ICO guidelines. Might be worth checking.

bri90bri

My only worry is the car finance that is away to end up defaulting, i am wondering if i should just go bankrupt as my rating is wrecked at present anyway and I have no way of paying it back while sick and on benefits.

Thrugelmir

bri90bri wrote: »

My only worry is the car finance that is away to end up defaulting, i am wondering if i should just go bankrupt as my rating is wrecked at present anyway and I have no way of paying it back while sick and on benefits.

Speak to someone before doing anything rash. You can get free advice from :-

https://www.nationaldebtline.org/

jonesMUFCforever

GingerBob wrote: »

Mentioned before, but if you've had no relationship with Amex for 15 years, why are they keeping data about you? Such data retention may be in breach of ICO guidelines. Might be worth checking.

If the poster owed money to AMEX and it has not been fully paid back then they certainly keep information about him.
What they cannot do is put it on the CRA's.

shortcrust

GingerBob wrote: »

Mentioned before, but if you've had no relationship with Amex for 15 years, why are they keeping data about you? Such data retention may be in breach of ICO guidelines. Might be worth checking.

Haven't we been over this before? Firstly, of course companies can keep information on people who still owe them money. Just because debts drop off credit reports and become statue barred doesn't mean they cease to exist.

I've looked at the guidelines very carefully and I can't see how companies would be in breach in situations like this, even if the debts have been repaid. Companies have to have a good reason for holding data - ensuring you don't lend to people who've previously broken contracts with you is a very good reason. They can continue to keep the data for as long as it's required for that purpose.