Credit score.. HHEEELLLLPPPP!

rachclark213

Hi everyone, im after some advice or even your stories and how you managed.

I currently am unable to work due to health issues (yes these are serious) so obviously my income is low already, however my credit score is shockingly low and there are no options for me to get it up.

I cant have any form of credit no matter who its from or what its for, however it seems the only way for my to improve my score is with it..

so i guess my question is.. HOW ON EARTH DO I FIX THIS?
i feel like im stuck between a rock and a hard place!

Thanks in advance

Willing2Learn

Hi rachclark213 and welcome to the forum

When you look at your credit report, are there any bad markers on your file? Are negative things like late payments, missing payments, defaults marked against any of your credit accounts...? Are you on a repayment arrangement on any of your accounts? Are you on the Electoral Register?

Hasbeen

rachclark213 wrote: »

Hi everyone, im after some advice or even your stories and how you managed.

I currently am unable to work due to health issues (yes these are serious) so obviously my income is low already, however my credit score is shockingly low and there are no options for me to get it up.

I cant have any form of credit no matter who its from or what its for, however it seems the only way for my to improve my score is with it..

so i guess my question is.. HOW ON EARTH DO I FIX THIS?
i feel like im stuck between a rock and a hard place!

Thanks in advance

Someone will be along shortly to tell you that your meaningless credit score is only seen by you and not others. It is your credit file/report that you should be looking at?

rachclark213

I cant see anything no..
Ive only ever had credit once and it was paid of on time and a few months early which I was told I could do when i took it out but that was over 5 years ago now

Willing2Learn

In that case, you probably have a 'thin' credit file. With little data on it to prove you are capable of managing credit successfully.

Do you have a mobile phone contract? Do you pay for utilities by Direct Debit or are they prepayment meters?

[Deleted User]

You fix it by ignoring it.
Just like a lender would.

System

Your lack of income is probably the main issue with getting any credit although you should be OK getting something like a mobile phone contract.

Nasqueron

If you have no income expect some benefits, why does it matter what your credit is like as you won't be borrowing will you?


Get a sub prime credit card like Vanquish, spend for your basic stuff like shopping and pay it monthly in full - this will mean your credit history looks good. Are you ever likely to recover sufficient to work again? If not, I wouldn't care about the credit agencies, no-one will lend you money anyway

dealer_wins

Like others have said dont worry about your credit score etc.

Living without borrowing saves £1000s and £1000s over a lifetime, be smarter than people who live in constant debt!!

A4445

You could try for a catalog with JD Williams. There seem to give anyone an account. Prices are expensive but you can find discount codes online. Buy something small now and again. It should help.

whatkatysaved

I agree that you shouldn't worry too much about it right now, but at the same time I understand the desire to want to raise the score in case you need or want to borrow in the future.
Essentially, the score doesn't matter - it's the information within your report that creditors will look at, so your best bet is to demonstrate financial responsibility. As others have said, an entry level credit card or a phone contract could be an option.
Or, if you're not eligible for those, a last resort could be something like Loqbox, where they take a direct debit each month towards a set 'loaned' amount (options begin at £20 per month) and report back to the credit reference agencies, proving you can make regular repayments. You'll get the money back at the end of the locked period too.