Building Up Credit Score/File etc.

**Amy**

Hi All

Just wondering how to do the above really?

I have checked it and will be clearing the only thing that has been red flagged off ASAP.

Once that has gone it only has my loan/cc that i always pay on time (the monthly payments) (and will be paying off completly by the end of 2008).

Is there anything else i can do to help repair it as it is the worst of the worst at the moment.

Im thinking of looking at shared ownership next year, and need to be sure my credit rating etc. is good otherwise it wont happen.

Thanks

xxx

**Amy**

Anyone have any suggestions?

klane

Make sure you are on the electoral register, for starters.

rayday2

Even paid off it will show on your credit history for 6 years it will just look good that you settled it.

Only thing you can do is to keep your payments on time and keep all your debt manageable - try to pay over the minimum on any cards etc.

MrsTinks

It will improve with time once you have cleared any "marks" ie late payments etc - any defaults you clear will be marked as "settled" but they will continue to show on your account for I think 5 or 6 years. The best way to build up your rating is to get credit (yes really ) Doesn't matter what APR or limit you get on a credit card, the important thing is that you spend a little regularly but ALWAYS pay it off in time! It shows stability and that is what most lenders are looking for.
If you haven't already then make sure you get on the electoral roll too as some lenders/creditors won't consider you unless you are on it.

Other than that... pay on time and clear any defaults and with time it will improve. There is unfortunately no quick fixes.

Burlesque_Babe

Close any paid off in full dormant cards/accounts. That way it won't look like you already have a load of unused available credit to a lender when they search.

**Amy**

Thanks Everyone.

I am already on the electorial register so thats a good thing.

I am settling the only defaulted payment thingy this month, so that will show as cleared.

Im not worried about the accounts staying on my credit file, just wondered if the above (and not missing any more payments) will allow it to improve.

I guess time will tell!

lifesuckssometimes

MrsTine wrote: »

It will improve with time once you have cleared any "marks" ie late payments etc - any defaults you clear will be marked as "settled" but they will continue to show on your account for I think 5 or 6 years. The best way to build up your rating is to get credit (yes really ) Doesn't matter what APR or limit you get on a credit card, the important thing is that you spend a little regularly but ALWAYS pay it off in time! It shows stability and that is what most lenders are looking for.
If you haven't already then make sure you get on the electoral roll too as some lenders/creditors won't consider you unless you are on it.

Other than that... pay on time and clear any defaults and with time it will improve. There is unfortunately no quick fixes.

I absolutely agree THIS IS THE ONLY SURE FIRE WAY IT WILL IMPROVE. They will look closely at the way you handle your account and always pay on time If you miss 1 payment then the alarm bells will ring. And pay above the minimum payment for a while so they can see you are solvent and pay on time if you pay the full balance every statement they will not be happy as they want the interest each month but it is a small price to pay to improve your credit rating.

darcyvuqua

Other than that... pay on time and clear any defaults and with time it will improve. There is unfortunately no quick fixes.??? mrs tine

as you can see by my signature im trying to clean my file after a personal loss so could you tell me what imediate effect doing this has (as my signature also states) on your credit file/score