Trying to restore my credit file/rating help

Chreesy87

Hi guys,

Need some advice restoring my credit file, currently have very poor credit rating 520 Experian and 241 ClearScore.

Basically was out of work in 2015 for 9 months approx, during that time was unable to pay my car finance and other payments including a planned overdraft through my bank current account.

I didn’t have any debt other than car and arranged over draft no credit cards or strore cards etc no defaults etc.

When I did manage to restart my employment my circumstances changed and was unable to repay the full monthly payments on my car and I was advised by car loan (hitachi finance) to see a repayment debt management plan which I did through Stepchange.

I had to include my arranged overdraft as it was all debts. I got my O2 monthly mobile account back on track and cleared my golf membership payments through zebra finance loans.

Long story short hitachi being my main debt creditor refused numerous applications through Stepchange and took our a decree against me.

Last year they put in place through their solicitor to areesemtent of wages which I have kept up to date with.

I’ve been trying to increase my score and get fianc!s back on track.

I have just had the o2 default looked and and satisfied which I didn’t even notice was on my account which Experian advisor has emailed to say will be removed.

I’m now looking at possibly taking a small high interest loan to see if I can contact my ex bank to clear the 1600 frozen/closed account to clear the overdraft as they were happy to be included in debt repayment that was refused by hitachi.

I’m hoping if I take out a small loan to clear this I can contact Experian and or equidax to remove this from account and hopefully increase my rating.

I still have around 12k tonpay off and have increased the arrestment due to a work salary increase this is still slightly lower than what the oringual payments were but I don’t think I can do anything with regards to this on my file other than advised them to look into it not technically being closed at time of court decree. Instructed that payments are being made to clear the debt.

Any advice on any of the above would be much appreciated.

Also I have managed to get a Vanquis credit card which I make small payments on and clear straight off. Currently set at 500 but no increase so far. Also have taken out cashplus creditbuilfer card but saying I’m not eligible for the small repayment creditbuildrr option which is now pointless to have.

Finally I’ve been paying loqbox 20 a month since August hopefully after the year passes on it August next year this will increase it slightly.

Sorry for the long winded story just unfortunate being out of work for a few months has now destroyed my credit.:mad:

Chreesy87

Also a quick note that I had been looking to take legal advice on hitachi refusing repayments through Stepchange debt repayment plan is it was higher than the areestment they took against me and that I was unfit to work during the months where I was unemployed due to ill health and was signed off by my gp which they had been informed of at that time prior to decree etc

[Deleted User]

Ignored the scores. They're made up and have no bearing on your credit worthiness.

Keep clearing the loan but don't take out further borrowing.

Use the credit card and clear in full each month. Time will do the rest.

Chreesy87

Thanks for the quick reply. Yeah true it’s frustrating the scores they give you based on a short sharp period.

I pay around 10/15 gbp a month on payments then pay them off straight away should I move some other payments on to it then pay off again just small amounts or as long as I’m using it per month what I’m already doing with it enough?

[Deleted User]

Regardless of the period the scores are produced - they’re not real so ignore them.

[Deleted User]

Chreesy87 wrote: »

I pay around 10/15 gbp a month on payments then pay them off straight away should I move some other payments on to it then pay off again just small amounts or as long as I’m using it per month what I’m already doing with it enough?

Don't pay them off straight away. Wait for the statement and then clear in full.

You need it to be shown that you're using the card.

Chreesy87

Ah perfect ill need to do that then I was paying straight away after use.:beer:

Yeah true I'm not wanting to get caught up in the numbers just need to get back on track now I have the money to clear the debt and also want to be at a stage (hopefully sooner than later) where I can sort a mortgage and also my car is falling to bits where its costing more than its worth to run but don't have the flexibility to take out a small car finance or lease.

I was going to contact the bank today regarding my overdraft and ask for a repayment plan to get it cleared or just hold off try store cash away till spring just pay off in full.

Joe1981

Interesting that you say 02 will remove your defaulted account as they told me they couldn’t and it would just show balance 0 but the defaulted account remains for 6 years?

[Deleted User]

O2 haven't said they will remove the default if you read OP's post - they say that Experian will remove it - they can only do this under instruction of O2.

I would be weary of the fact that Experian said they would remove it - it will likely just be marked as satisfied if the debt is paid but the default will remain.