Mistakes from the past

Aclarke55

Hello,
Currently I have a very poor credit rating.
I have:
1xCJJ (satisfied) 2 years old
2x defaults (both satisfied) 2 years old
I also have a mobile phone contract, overdraft and a credit card. I ensure that I never miss payments on anything and I worked hard to clear my CCJ and defaults.
Is there anything I can do to increase my credit worthiness? I'm hoping to move out within the next few years and I know that having a CCJ and 2 defaults will drag down my chances for at least 6 years. anything I can do to counteract this?
regards Aclarke55

[Deleted User]

Be on the ER.
Clear your card in full each month.
Ignore your credit score.

Time will do the rest.

Aclarke55

Thanks :-)
I am on the ER and keep my credit utilisation at 30%. I know my credit score is arbitrary also. I guess all I want to know is have I done everything I can now and is it just a waiting game from this point?

Helvetica_Van_Buren

Aclarke55 wrote: »

Thanks :-)
I am on the ER and keep my credit utilisation at 30%. I know my credit score is arbitrary also. I guess all I want to know is have I done everything I can now and is it just a waiting game from this point?

Is what a waiting game?

You could apply for credit tomorrow and the lender would only base their decision on the content of your credit file (not the score - they won't see it).

National_Debtline

Hi

The longer ago something negative happened on your credit file the less effect it should have. As you say, defaults and CCJs will drop off completely after 6 years of being on there.

If you talking about needing to move out into a rental property it’s only the CCJ that might cause an issue, as landlord credit checks only see publicly available information.

If you’re talking about getting a mortgage then an assessment of your credit history will be a factor, but also things like your job security and deposit size are also very important.

James
@natdebtline

sourcrates

Time heals all wounds, or so they say.

It will also heal your credit file, once the six year mark has past, it will sort itself out, its never going to be pretty until the defaults and the CCJ`s are time expired.

Lenders tend to be very picky nowadays as the repossession rate has soared in recent years.

Aclarke55

I'm aware that the score is not a very good indicator. All I'm asking is, is there anything I can do to improve my attractiveness. I have 0 bad debt now and 4 years of punishment.

Helvetica_Van_Buren

Aclarke55 wrote: »

I'm aware that the score is not a very good indicator. All I'm asking is, is there anything I can do to improve my attractiveness. I have 0 bad debt now and 4 years of punishment.

I see.

Yes, definitely.

Use credit responsibly: allow monthly statements to be generated and pay at leas the minimum payment in accordance with the terms of the credit agreement.

Settle any outstanding defaults.

Make sure the information on your credit file is correct.

Ensure you are on the electoral register.

Consider closing any unused accounts (especially sub-prime accounts such as Vanquis and the like).

Check you aren't linked on your credit file to somebody you shouldn't be. such as an ex roommate, partner or former tenant of the property you live in.

Don't apply for payday loans - this make you look desperate an not worthy of 'proper' credit.

Don't apply for too much credit in a short period of time.