Any advice for a person with bad credit?

ti1980

I have a default on my name which still has almost 5 years before it comes off my record. Completely my fault, an oversight when I moved address.

I found out about it after getting rejected for a new credit card and was advised to get my credit records which I did. I paid it off straight away (was for a small amount, approx £100) and it is now marked as satisfied on my reports but I keep getting rejected for new financial products.

I would like to get another current account that has an overdraft facility as the one I currently have has an overdraft rate of 14.8% and I often slip into this just before payday, so would like one that doesn't charge me for slipping into it.
Is there any account that will accept me?

My credit cards have excellent payment records over the last year, no late payments etc and I pay more than the minimum on all my cards.

I have had my mobile phone contract for 5 years to the same supplier and have been with the same bank for over 14 years.
I have been with the same employers for 5 years and at the same address for 22 months.

If anyone can help with some good advice I will be most grateful. TIA.

Xbigman

A default is bad news credit wise, but at least it is marked as satisfied. If you want a credit card or loan you should go to your bank for a face to face application/interview. Automated systems will reject you out of hand.

If you want another bank account try opening a basic account and then try to upgrade in a few years. There is little else you can do, except...

...Budget.

You might not be in debt but regularly slipping into an overdraft and forgetting a bill when moving are signs that you need to be more organized with your money. On this board are stacks of advice on budgeting , whilst the Old style board has lots of threads on meal planning and living cheaply.
Poor interest rates on an overdraft are meaningless if you never go overdrawn.
Regards



X

ti1980

I already have a credit card with my bank already and that credit card is the most expensive one that I have. They refuse to lower the rate. I want to cancel it but because of the default they will probably reject an application for a new card even though I have had their account for so long.

I have got a lot more organised with money, this time two years ago I couldn't even make some minimum payments and I have done my best to be able to get out of that.

Xbigman

Its good you are more organized now. Your best bet is to follow all the advice on the various parts of this website to clear all your debts then stay debt free. I know thats not terribly helpfull right now but with a poor credit rating the banks just love to poor on the interest and charges and this is the only real way to fight back.
Regards




X