24 years old, looking to improve credit rating.

FromTheSouth10

Dear forum,


I'm currently facing an uphill struggle to get my credit rating beyond 'poor'. I'm currently on 693/999 on Experian.

One of the reasons why it is poor is that, my young naive self at 18 years old agreed to take out finance for my mum, in my name. She was later diagnosed with Bipolar.

I fully accept I am responsible for the debt, I have paid off the outstanding defaults. I have a couple of years until the defaults are taken off my file, but in the mean time, I find myself now really struggling to get anywhere above poor.

I'm a student about to take his masters degree, but also working part time for a major utility company with a salary, rather than hourly wage.

I have applied for a couple of credit cards in the past few months, deliberately the ones with higher interest as I just want to show I can make repayments. I've put in some that can allow me "max credit 250"

However, I am unsuccessful each time and it is really dragging me down as I now fear if I cannot solve this now, when I graduate, I will be subject to credit searches when I look to rent, then further down the line, be unlikely for a mortgage if I cannot get this any higher. My long term plan is "good" within 3 years, but I've been stuck at this point for a long time.

Any advice?

Thanks in advance.

DCFC79

FromTheSouth10 wrote: »

Dear forum,


I'm currently facing an uphill struggle to get my credit rating beyond 'poor'. I'm currently on 693/999 on Experian.

One of the reasons why it is poor is that, my young naive self at 18 years old agreed to take out finance for my mum, in my name. She was later diagnosed with Bipolar.

I fully accept I am responsible for the debt, I have paid off the outstanding defaults. I have a couple of years until the defaults are taken off my file, but in the mean time, I find myself now really struggling to get anywhere above poor.

I'm a student about to take his masters degree, but also working part time for a major utility company with a salary, rather than hourly wage.

I have applied for a couple of credit cards in the past few months, deliberately the ones with higher interest as I just want to show I can make repayments. I've put in some that can allow me "max credit 250"

However, I am unsuccessful each time and it is really dragging me down as I now fear if I cannot solve this now, when I graduate, I will be subject to credit searches when I look to rent, then further down the line, be unlikely for a mortgage if I cannot get this any higher. My long term plan is "good" within 3 years, but I've been stuck at this point for a long time.

Any advice?

Thanks in advance.

If you had read the other threads you will see the score/rating aren't seen by lenders, focus on your history which lenders can see.

I'd forget the credit cards for now and focus on keeping your account in the positive.

Superscrooge

FromTheSouth10 wrote: »

I have a couple of years until the defaults are taken off my file, but in the mean time, I find myself now really struggling to get anywhere above poor.

Look at it from the credit card providers point of view. When they check your credit history it shows you have defaulted on credit agreements in the past. They will regard you as high risk because how do they know you won't do the same again?

The good news is that as the defaults get older they have less impact and after six years will drop off your credit file.

What I suggest is rather than keep applying for different credit cards, try the eligibility checker to see which cards you are most likely to be accepted for. https://www.moneysavingexpert.com/eligibility/credit-cards/

But as you have recently applied for a couple of credit cards I would leave it at least a month before you make any more applications