Debt free wannabe by dec 2021

Rgib89

Thank you so much laurarutter89 I needed that, your an inspiration. 

Work has been crazy over the last few days with lots going on. Today is going to be a NSD, with a day at home sorting through kids toys. 

I've been looking at ways to boost my credit score and wondering of anyone has been in a similar position. Im registered with Experian and clear score and keep a check on it every month, 1 that's amber is that I dont have a credit card and 2and that's amber is saying I have to much credit available. I have a next and very account that i dont use, isit worth me just canceling these as there not used any way. With regards with the credit card, I've never had one and with looking at getting a morgage after debt is payed off I want to build my credit score as high as I can. Isit worth me getting one or doing it without? 

joedenise

If you're not using the Next and Very accounts I would close them down.  They are a very expensive way of paying for clothes anyway.  You say you don't have a credit card but Very and Next are both providing credit so in that respect you do have a credit card.

If you think you can trust yourself with a credit card, ie use it each month and pay off in full then after closing the Very and Next accounts then get a card.  Perhaps just do your shopping each week on it and pay it off every month.  I think you might only be eligible for a sub-prime credit card rather than one with a lower interest rate.  Use the soft search credit card site on MSE to check whether you're likely to get a card before applying.

If you can't trust yourself to use a CC responsibly then don't get one.

laurarutter89

Hi Rgib89, 

My credit score used to be terrible but for very different reasons, i used to always miss payments i was so silly. 

Its not the highest it can be, and to my amazement i managed to get a mortgage 4/5 years ago. 

Close the Very & Next because even if you do not use them they count towards your total borrowing limit against your income.

Once closed and as previously mentioned if you can trust yourself get a credit card, there are loads out there including credit repairing ones. Keep the limit low on it if you can to avoid temptation, and each month pay something with it you would always buy anyway (fuel, lunch), and then pay it off in full.

This will build your credit rating xx

Rgib89

Thank you both. Just emailed them to cancel both of them. Havent used them in many years so dont see point in having them.

My credit score is starting to finally get somewhere, but only going up very very slowly. Like 8points a month. 

With regards to a credit card I'm going to wait and see and have a look around see what's available. I would only use it for petrol and pay it off every month just to help build more of a score. 

Rgib89

Just a quick update....
So today I managed to
- have a NSD
- cancelled very and next account as wasnt used anyway, to help build credit score
- payed £20 overpayment 

Current debt stands at £12,435

Rgib89

Havent posted in a while, really need to make time more to be on here once a day. 
So little update from me, very and next accounts officially closed, had the emails to confirm. Credit card have arrived, will use this for petrol from pay day and pay of each month to build credit score. Managed two NSD, need to work on getting to atleast 4/5 a week.
Payed off some little amounts rounding of my account to loan. Nice to see the amounts going down to keep me motivated. 

How is everyone managing with food budget? I have been trying to use what's I got in. Managed to get a delivery from asda booked in so that will come friday. Food shopping managed to come in at £62, ordered what I needed and no temptation picking up stuff I dont need in the shop, that will be here friday. In the meantime I need a freezer shop and to use what else is here. 

laurarutter89

@Rgib89

Brilliant progress so far, you should see your credit score start to improve over time using the credit card monthly and paying off in full

I am finding the food budgetting difficult as we are trying to eat healhier which always makes it more expensive. Spending very similar per week to you for the two of us.

I am struggling to get it much lower than that!