Improving credit score in 1-2 months

[Deleted User]

Hi guys

I did something stupid.

I repeatedly applied for a loan with both TSB and Lloyds and got turned down. I didn't realise this would impact my credit score! I've done it intermittently over the past few months to see if I could get one, and wasn't sure why they turned me down (though it's not surprising, but I got one a couple of years back and paid it off in full, no missed payments.)

Now I'm in a position where I have to move, and I have to travel to the U.S in August which I want to book soon. So I really need that loan! (About 1.5k).

I have an overdraft in full use of £2500. I also have a credit card with a limit of £2000 which I use regularly and is normally anywhere between 50-100% of it's use. I've never missed a payment and always pay way more than the full amount. I'm on a good salary, but I've only been here a month.

I also just found out that my former flatmates didn't bother paying the last month of council tax before we moved out in November. Will that be having a negative impact on my credit rating too? I need to do whatever I can to look a bit better to landlords in a couple of months time.

Can it be done?

C.

glentoran99

Deleted_User wrote: »

Hi guys

I did something stupid.

I repeatedly applied for a loan with both TSB and Lloyds and got turned down. I didn't realise this would impact my credit score! I've done it intermittently over the past few months to see if I could get one, and wasn't sure why they turned me down (though it's not surprising, but I got one a couple of years back and paid it off in full, no missed payments.)

Now I'm in a position where I have to move, and I have to travel to the U.S in August which I want to book soon. So I really need that loan! (About 1.5k).

I have an overdraft in full use of £2500. I also have a credit card with a limit of £2000 which I use regularly and is normally anywhere between 50-100% of it's use. I've never missed a payment and always pay way more than the full amount. I'm on a good salary, but I've only been here a month.

I also just found out that my former flatmates didn't bother paying the last month of council tax before we moved out in November. Will that be having a negative impact on my credit rating too? I need to do whatever I can to look a bit better to landlords in a couple of months time.

Can it be done?

C.

Your maxing out your credit card and your overdraft, you are unlikely to get a loan as you are living beyond your means

[Deleted User]

Thanks.
So how should I go about fixing this in the short term?

Nasqueron

Also a credit "score" is meaningless nonsense generated by the agencies to encourage you to give them money to "improve" the score that they control and only they see - I rate you as 3x Asda economy rich tea biscuits. Send me £5 a month and I'll upgrade you to 10x chocolate Hobnobs next year

Improving your credit rating is simple:

Pay off the credit card in full every month
Get rid of your overdraft
Speak to the council and make sure you are not liable or settle to avoid getting a default against you

Leave it a few months before applying for anything else credit wise

You are clearly living beyond your means so cut back on expenditure and clear the debt to make your record look better

Oakdene

Deleted_User wrote: »

Thanks.
So how should I go about fixing this in the short term?

If you need to borrow money to go travelling when you're already in debt you have to ask yourself whether you can afford to go travelling...

[Deleted User]

Unfortunately due to personal circumstances, I have to.

I'm wondering how much impact the council tax arrears are having on my record - would it make a difference if I paid these? even though I paid my share I can pay the others if it improves my credit rating.

DCFC79

Look at your spending and see what you can cut back on to pay off the debts.

So you use your 2.5k overdraft ? Should really get rid of that as the bank can recall it. Sort out your finances first before the trip to the US.

Candyapple

Deleted_User wrote: »

Hi guys

I did something stupid.

I repeatedly applied for a loan with both TSB and Lloyds and got turned down. I didn't realise this would impact my credit score! I've done it intermittently over the past few months to see if I could get one, and wasn't sure why they turned me down (though it's not surprising, but I got one a couple of years back and paid it off in full, no missed payments.)

Now I'm in a position where I have to move, and I have to travel to the U.S in August which I want to book soon. So I really need that loan! (About 1.5k).

I have an overdraft in full use of £2500. I also have a credit card with a limit of £2000 which I use regularly and is normally anywhere between 50-100% of it's use. I've never missed a payment and always pay way more than the full amount. I'm on a good salary, but I've only been here a month.

I also just found out that my former flatmates didn't bother paying the last month of council tax before we moved out in November. Will that be having a negative impact on my credit rating too? I need to do whatever I can to look a bit better to landlords in a couple of months time.

Can it be done?

C.

Eh?

Are you a UK citizen?

Are you on the electoral roll?

When you say you 'repeatedly applied' for loans, exactly how many applications did you make?

Your highest priority is sorting out the council debt because they will come after you guns blazing if you didn't settle the balance:
https://www.gov.uk/council-tax-arrears

What is your annual salary?

Aside from the £2k card and £2.5k overdraft - any other cards/loans/overdrafts?

[Deleted User]

Nasqueron wrote: »

Also a credit "score" is meaningless nonsense generated by the agencies to encourage you to give them money to "improve" the score that they control and only they see - I rate you as 3x Asda economy rich tea biscuits. Send me £5 a month and I'll upgrade you to 10x chocolate Hobnobs next year

Improving your credit rating is simple:

Pay off the credit card in full every month
Get rid of your overdraft
Speak to the council and make sure you are not liable or settle to avoid getting a default against you

Leave it a few months before applying for anything else credit wise

You are clearly living beyond your means so cut back on expenditure and clear the debt to make your record look better

Thanks. I had a rough period last year when I lost my job. I'm now back on my feet, I don't live beyond my means, and I have money spare each month with which I will start paying back my credit card and overdraft. Unfortunately I now need the deposit and agency fees to move with in a couple of months as well as flight money to Tennessee. So it's not that I'm not living beyond my means, I just haven't managed to clear up the debt yet from when things were tough late last year.

DCFC79

Deleted_User wrote: »

Unfortunately due to personal circumstances, I have to.

I'm wondering how much impact the council tax arrears are having on my record - would it make a difference if I paid these? even though I paid my share I can pay the others if it improves my credit rating.

I can trump Nasquerons offer, I rate you 5x Asda economy rich tea biscuits, send me £3 a month and I can increase your rating.

Forget about the idea of the credit rating, no lender can see it, just you can see it.

[Deleted User]

Candyapple wrote: »

Eh?

Are you a UK citizen?

Are you on the electoral roll?

When you say you 'repeatedly applied' for loans, exactly how many applications did you make?

Your highest priority is sorting out the council debt because they will come after you guns blazing if you didn't settle the balance:

What is your annual salary?

Aside from the £2k card and £2.5k overdraft - any other cards/loans/overdrafts?

My annual salary is £35,000. I'm a UK citizen and on the electoral roll. Apart from the card and the overdraft, I have one other bank account where my salary is paid and which I use for most daily expenses. It doesn't have an overdraft facility.
ETA - been at this job for a month.