Improve my credit rating

chrislaw84

Hello, new here

Im 33 male, im looking to buy a house in about 2 years. I have known my credit rating is poor for some time but obviously to buy a house i got to get it up to very good.

I checked my report and it seems to be correct this is how it stands

1) I have 3 Three mobile contracts all with 0 balance and up to date, I have had two contracts for 6 years and one contract for 2 years. never defaulted on a payment

2) i am not on the electroll roll - i am going to do this this week i have the papers now.

3) I have a closed account with the bank which was a loan for £9000 which is paid off 0 balance

4) And this one might be the killer..... i had an account with my bank with 100£ over draft. which they closed because i was 150 over drawn even though i was paying 10£ a month into it. they way the TOLD me to set it up, i later figured out it would never pay of the debt because of the way the interest was charged. This went to a collection agency and is now going back to the bank for a rethink ( thanks to the collection agency - they've actually been ok, and very helpful). If i have to pay it i will.

So other than that, that is it, I have no other debts CCJS etc ; So my question is (to anyone that can help please)
If I were to do the following ......
1) Register on the electoral roll
2) Clear the debt with the bank by either paying it or getting it wiped

How long will it be before my credit rating to start improving, to the point where if i wanted to actually buy a house or get a loan etc i could feel comfortable trying.

I have taken out a capital one credit card - limit 750 to pay my pay as you electric/gas which i do once or twice a week and pay the money back from my account. i was informed try this to demonstrate i can manage money because at the moment im not really doing so. my phone contracts come out on the 15th by direct debit...., but i have yet to have any indication from someone who might know how long it will take to improve my rating. i find it all quite worrying and have buried my head in the sand for quite some time ... also quite embarrassing.

Any help appreciated

[Deleted User]

The main thing to understand is that the credit rating given by the CRAs are largely made up and not seen by anyone. So ignore those.

As the default gets older, lenders will view you more positively. Get this settled asap.

With regard to the card, use it regularly, wait for the statement then clear in full. Don't clear each transaction as you make it.

Engage a broker when you're thinking about a mortgage. 2-3 years of good behaviour might open up some options.A large deposit will help.

[Deleted User]

You to my have a rating to improve.

Just a file a history on it.

As above using the card and paying off in full each month is a good start