Credit Rating Improvement

whambam · 6 February 2016 at 11:08AM

How long does it take to go from really bad credit score of say under 100 back to 750+?

Is making weekly payments to your loan or credit card, mortgage improve your credit rating more than monthly payments?

Lemonsqueezer78 · 6 February 2016 at 12:55PM

Forget your "credit score" - it doesn't actually exist....except as a largely meaningless number that the Credit Agencies can sell to you, which noone else, including creditors will actually ever see.

Firstly, focus on what information is actually contained on your file... do you have late payments, defaults, CCJs etc on there?

Do you have a large number of accounts with high "utilisation" percentages against your credit lines?

And what are you actually wanting to improve your credit file for exactly? Are you looking for credit cards, mortgages?

There is unlikely to be a single magic wand solution to take a poor file and make it "good" but it depends on what is on there at the moment and what/who you are trying to make it look better for. A "good" credit file is entirely in the eye of the beholder (lender) and almost every lender has a slightly different criteria for what is good.

And it bares almost no relation to your made up "score"

andyfromotley · 6 February 2016 at 4:14PM

Just run your finances in an ordely fashion and your credit history (which is what really matters) will improve over time.

Utilisiation, paying more blah blah blah, its all just glitter in the wind, paying your bills on time, every time and having what most people would consider a normal amount of debt (or better still none at all) will enable you to get credit for the things that you really need them for such as a mortgage.