credit rating repairing

Mitchel.

Hello I did run a quick search on this but it mainly just brought up credit cards.

Im about to finish paying off a ccj I got 3 years ago and only have one default on my record from 4 years ago. currently have a below average credit score. 

Other than getting a credit card which is what i'm already doing and then paying it off in full each month is there any other ways to improve a credit rating pretty rapidly?. looking in the new year to finance some equipment through my ltd company I have recently set up. Have been told they will credit check me and most likely ask for a directors guarantor.

eskbanker

The CCJ and default will remain visible for six years so there isn't anything you can do to avoid prospective lenders seeing those, although they don't see the 'credit score' invented by the rating agencies, just the underlying raw data, on which their own proprietary scoring algorithms will be based.

Most of the guidance does relate to credit cards but there is some more generic stuff at:

https://www.moneysavingexpert.com/loans/build-credit-history/
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

Mitchel.

eskbanker said:

The CCJ and default will remain visible for six years so there isn't anything you can do to avoid prospective lenders seeing those, although they don't see the 'credit score' invented by the rating agencies, just the underlying raw data, on which their own proprietary scoring algorithms will be based.

Most of the guidance does relate to credit cards but there is some more generic stuff at:

https://www.moneysavingexpert.com/loans/build-credit-history/
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

in relation to credit cards if I use let say 30% of my credit facility one week then pay it off 2 weeks later rather than waiting for the direct debit to take is this bad?

eskbanker

Mitchel. said:

eskbanker said:

The CCJ and default will remain visible for six years so there isn't anything you can do to avoid prospective lenders seeing those, although they don't see the 'credit score' invented by the rating agencies, just the underlying raw data, on which their own proprietary scoring algorithms will be based.

Most of the guidance does relate to credit cards but there is some more generic stuff at:

https://www.moneysavingexpert.com/loans/build-credit-history/
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

in relation to credit cards if I use let say 30% of my credit facility one week then pay it off 2 weeks later rather than waiting for the direct debit to take is this bad?

The best thing with credit cards is to wait until the monthly statement is generated and then to pay that off in full by its due date - paying manually versus direct debit makes no difference, but don't pay anything off until after it's appeared on the monthly statement, as this is the point at which cards typically report to the credit agencies.

TadleyBaggie

Mitchel. said:

eskbanker said:

The CCJ and default will remain visible for six years so there isn't anything you can do to avoid prospective lenders seeing those, although they don't see the 'credit score' invented by the rating agencies, just the underlying raw data, on which their own proprietary scoring algorithms will be based.

Most of the guidance does relate to credit cards but there is some more generic stuff at:

https://www.moneysavingexpert.com/loans/build-credit-history/
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

in relation to credit cards if I use let say 30% of my credit facility one week then pay it off 2 weeks later rather than waiting for the direct debit to take is this bad?

It will probably appear that you are not using the CC as the balance will be zero when reported.

Nasqueron

Mitchel. said:

eskbanker said:

The CCJ and default will remain visible for six years so there isn't anything you can do to avoid prospective lenders seeing those, although they don't see the 'credit score' invented by the rating agencies, just the underlying raw data, on which their own proprietary scoring algorithms will be based.

Most of the guidance does relate to credit cards but there is some more generic stuff at:

https://www.moneysavingexpert.com/loans/build-credit-history/
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

in relation to credit cards if I use let say 30% of my credit facility one week then pay it off 2 weeks later rather than waiting for the direct debit to take is this bad?

CC companies typically report the statement value of the card at the end of the month - if you pay it off before the statement then it just gets reported as not being used. Just buy stuff normally and let the DD take the full amount which will help build a good history. Until the CCJ and default drop off, you will always be restricted as some lenders won't touch anyone with those on the record.