Bits credit app

yaya73

Hi all
My credit score is not great so my friend suggested I use the app which helps to build your credit back up again. Have any of you used it before and would recommend it?
I have my own house (owned no mortgage), am self employed, not on any benefits, have no credit cards - I did when I was in my 20s and got into a lot of debt but all paid off now. No outstanding loans, I have an overdraft but never go into it, pay all my bills by DD, no longer have a joint account, basically am independent and financially so but am just worried about the future, who knows what may happen especially if my credit score is low?!........any thoughts?

[Deleted User]

Your credit score isn't a real thing and as such, doesn't need changing.

What is it that this app is supposed to do?  For a good credit history, all you need to do it manage your credit well.  You'd be better off looking at your credit files and then establishing what, if any action, is needed. 

From the sounds of it, you have a very thin file, so would benefit from using a credit card or at least a phone contract. Also make sure you're on the ER.

Fighter1986

There's nothing BITS can do to your credit file that you can't do yourself free of charge.

If you own your home outright, have no debt, have a perfectly managed bank account, and are registered to vote, you'll have no trouble obtaining at the very least a sub-prime credit card from the likes of Capital One, Aqua, Marbles, or Vanquis. These will have a far better long term positive effect on your creditworthiness than BITS, if paid off in full each month. 

Is there any negative information on your credit file? Any old accounts you might have forgotten about that show you haven't paid them? Any public information recorded that you weren't aware of? Is there a large number of recent (last six months) credit searches?

Have a thorough look through your credit file and try to see if there is actually any negative information recorded in any of the subsections and then address them if you find any. 

Pay no attention to the "Score". Lenders don't see the number, they see the actual contents of the credit file. Your account history, your payment history, recent applications, electoral roll data, and so forth.

Finally, once you're happy that your credit file is all correct and as it should be, with no outstanding nasties (if you find any) - pop over to something like the moneysupermarket credit card search tool.

They'll perform a soft search (this is a type of credit check that other lenders can't see - so it doesn't affect your creditworthiness) which will show you the likelihood of being able to obtaIn various credit cards.

This is a far, far more accurate way of ascertaining your creditworthiness.

Somebody in your position isn't likely to have any trouble obtaining credit when they need it, so long as you don't have any old accounts you may have forgotten about.

And finally, maybe take a step back and ask yourself... 

Do I really need to worry about being able to obtain a large line of credit on a whym? Could I save a nest egg for the possible eventuality of a future purchase or temporary drop in income?

DCFC79

Can't add anything that hasn't already been said.