Need advice on repairing my credit rating please..

ferry

Hi all
I'd like some advice please on repairing my poor credit history.I understand that any negative checks stay on file for 6 years.Is it worth considering finding a provider who will actually give me a credit card,keeping it open with a tiny balance and ensuring that the balance is paid off each month in full and in good time.??

Any other tips on getting my credit rating/history back in tip top from greatly appreciated.
Sorry if this is in the wrong section by the way and the search facility doesn't seem to be working at the moment!!
Thanks a lot
Terry

grumbler

1. 'Negative checks' - in fact just credit searches - does not matter after about 6 months. More important events - such as missed payments, CCJs - matter for longer time.

2. Having any debt and servicing it properly helps to repair credit history. If your history is really bad you can try Capital One Classic Card or Barclaycard Initial. There is no need in 'keeping it open with a tiny balance'. You must stay within your credit limit (quite small for these cards) and pay balance in full each month. It is better to do by Direct Debit to be safe and never miss payments. Interest rate does not matter if you pay balance in full, but be aware that Capital One can ask for some initial deposit.

3. Having and using overdraft, having contract mobile phone also can help.

4. Being registered on the electoral roll improves your credit rating.

Also: 'Your credit rating ' article.

DrStep

The credit rating game is a false economy.

Why would you want a "good" credit rating and then get yourself (not by purpose) heavily into debt???? It can happen so easily for some people.

It BOGGLES the mind when I hear people harp on about I m going to get a another credit card or loan just so I m on the system to improve my credit rating.

I have no credit cards so by definition I must be of a poor credit rating - thats no loss to me at all. If I cant afford to have something then I ll save for it or go without.

This post serves no purpose for you probably - just warning others :rotfl:

Oh my bank offered to extend my overdraft from £500 to £1000 without me asking. I politely said no.

Dammam

I think getting a good credit rating after previous problems is important. One of the biggest purchases you'll ever make is your house - a good credit rating will get you a far better mortgage deal than a bad one.

Although, if you just want a good credit rating to take out HP agreements etc, then fair enough, bad idea.

grumbler

DrStep wrote:

Why would you want a "good" credit rating and then get yourself (not by purpose) heavily into debt????

Creidit cards are very powerfull tool in skilful hands. They give:
-interest-free period,
-cashback,
-extra protection,
-free extededed warranty on big purchases,
-introductory offers,
-...
Clever person :think: with good credit history can make hundreds and even thousands pounds per year from proper using of credit cards. Of course, fool :whistle: can easily lose the same money and even more ...

bonnie_2

i have to agree with drstep having a credit card is the same as a box of chocolates you have to eat the whole lot in one go.i never want one again i save up for things now.are you sure your disciplined enough not to blow it because i know i wouldnt be which is why i wouldnt have one.i really dont understand why people get out of a mess then want to get back on the ladder again.

DrStep

I agree there are the successful stoozers. The benefits you give sound good and are probably loss leaders to the credit card companies. On balance the "clever" people are a heavily outnumbered species. As a result credit card companies and banks are making huge profits.

I remember once an advert from the Dti - porporting that everyday we let into our homes the most powerful well paid marketing men (and women) into our homes everyday - in the form of Television advertising.

We are suckers for it everytime - look at the car adverts, The Crazy frog, Nike, and David Beckham/vodafone, Sex imagery- all powerful successful advertising tools which lead us to buy what is ultimately overpriced goods or tat!. Its hard for the ordinary person to resist in our must-have-now-culture.