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    • LiamTLOU
    • By LiamTLOU 8th Dec 19, 1:20 PM
    • 24Posts
    • 11Thanks
    LiamTLOU
    Ways to improve credit in 5 months
    • #1
    • 8th Dec 19, 1:20 PM
    Ways to improve credit in 5 months 8th Dec 19 at 1:20 PM
    Hey guys,

    I am buying a car through an auto-loan next year. I have 5 months to improve my credit score and wondered how you guys have personally raised your credit scores. I know there are lots of articles out there, but I am interested for your own personal ways that you have done this.

    I have signed up for an electoral role and have open accounts on my current car and some other bits and bobs, but my score isn't really improving too much.

    I was wondering maybe going down the line of putting all my monthly spendings on a credit card, then just paying that off at the end of each month. If that's a good way of doing it, what credit cards are the best to get for that scenario?

    Thank you
    Last edited by LiamTLOU; 09-12-2019 at 10:58 PM.
Page 1
    • zx81
    • By zx81 8th Dec 19, 1:24 PM
    • 24,871 Posts
    • 27,764 Thanks
    zx81
    • #2
    • 8th Dec 19, 1:24 PM
    • #2
    • 8th Dec 19, 1:24 PM
    That's the best way to use a card.

    Other than that, reduce or eliminate your existing debts on your car, your bits and your bobs.

    The score isn't used in lending and is a very poor indicator so don't worry about that no changing.
    • Ben8282
    • By Ben8282 8th Dec 19, 3:45 PM
    • 4,763 Posts
    • 2,637 Thanks
    Ben8282
    • #3
    • 8th Dec 19, 3:45 PM
    • #3
    • 8th Dec 19, 3:45 PM
    You have finance on your existing car. You possess a credit card. You have other 'bits and bobs'.
    Why are you so concerned about your credit score? Have you recently been experiencing problems in obtaining credit?
    • LiamTLOU
    • By LiamTLOU 8th Dec 19, 4:35 PM
    • 24 Posts
    • 11 Thanks
    LiamTLOU
    • #4
    • 8th Dec 19, 4:35 PM
    • #4
    • 8th Dec 19, 4:35 PM
    You have finance on your existing car. You possess a credit card. You have other 'bits and bobs'.
    Why are you so concerned about your credit score? Have you recently been experiencing problems in obtaining credit?
    Originally posted by Ben8282

    I don't posses a credit card yet. I am thinking of getting one. I have not had trouble getting credit, I am just looking to get as best a interest rate as I can on my motor loan.

    I'm 23 and my credit score is considered "good" but haven't been actively trying to work on it. Thought if I have 5 months to play with, may a well work on it if it may save me money.
    Last edited by LiamTLOU; 08-12-2019 at 4:47 PM.
    • Ben8282
    • By Ben8282 8th Dec 19, 4:41 PM
    • 4,763 Posts
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    Ben8282
    • #5
    • 8th Dec 19, 4:41 PM
    • #5
    • 8th Dec 19, 4:41 PM
    I have signed up for an electoral role
    .
    Originally posted by LiamTLOU
    What role do you intend tp play?
    You were lucky to get the finance on your current car if you were not on the electoral roll at the time.


    I was wondering maybe going down the line of putting all my monthly spendings on a credit card, then just paying that off at the end of each month.
    Originally posted by LiamTLOU
    This Is a good idea if done for reasons of budgeting etc and not for the purpose of boosting some imaginary score.
    I am just looking to get as best interest rate I can on my motor loan.
    Originally posted by LiamTLOU
    When your existing car finance is repaid you will find it easier to get new finance for your next car. You will not get a good rate on 2nd finance if 1st finance is still outstanding.
    Also make sure you repay your bits and bobs on time and don't miss any payments and don't exceed any credit limits and if balances are involved reduce them.
    Last edited by Ben8282; 08-12-2019 at 4:46 PM.
    • LiamTLOU
    • By LiamTLOU 8th Dec 19, 4:50 PM
    • 24 Posts
    • 11 Thanks
    LiamTLOU
    • #6
    • 8th Dec 19, 4:50 PM
    • #6
    • 8th Dec 19, 4:50 PM
    What role do you intend tp play?
    You were lucky to get the finance on your current car if you were not on the electoral roll at the time.



    This Is a good idea if done for reasons of budgeting etc and not for the purpose of boosting some imaginary score.

    When your existing car finance is repaid you will find it easier to get new finance for your next car. You will not get a good rate on 2nd finance if 1st finance is still outstanding.
    Also make sure you repay your bits and bobs on time and don't miss any payments and don't exceed any credit limits and if balances are involved reduce them.
    Originally posted by Ben8282
    I will have paid my current car off next month, then am saving for the next 4 to fully pay for my insurance and put a nice-ish deposit down on my next car. Then when May comes I'll have my 2 years no claims that will help with my insurance.

    While the score is imaginary, it seems that they still take it into account, even if it is a load of !!!!!.
    • zx81
    • By zx81 8th Dec 19, 5:43 PM
    • 24,871 Posts
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    zx81
    • #7
    • 8th Dec 19, 5:43 PM
    • #7
    • 8th Dec 19, 5:43 PM
    While the score is imaginary, it seems that they still take it into account, even if it is a load of !!!!!.
    Originally posted by LiamTLOU
    No lenders will take it into account in the UK. That's a US thing only.

    Here, it's all about the data on your files.
    • DCFC79
    • By DCFC79 8th Dec 19, 6:47 PM
    • 35,699 Posts
    • 22,524 Thanks
    DCFC79
    • #8
    • 8th Dec 19, 6:47 PM
    • #8
    • 8th Dec 19, 6:47 PM
    While the score is imaginary, it seems that they still take it into account, even if it is a load of !!!!!.
    Originally posted by LiamTLOU

    Can you find me a lender who does take notice of the score ?


    What if the lender checks the 3 credit reports at the 3 agencies, how would the rate you get offered be determined ?


    Can you not save up for the loan ?
    • LiamTLOU
    • By LiamTLOU 8th Dec 19, 7:09 PM
    • 24 Posts
    • 11 Thanks
    LiamTLOU
    • #9
    • 8th Dec 19, 7:09 PM
    • #9
    • 8th Dec 19, 7:09 PM
    No lenders will take it into account in the UK. That's a US thing only.

    Here, it's all about the data on your files.
    Originally posted by zx81
    A lot of the articles I have read said they do take it into account. If they in fact do not in the UK, then that makes it easier for me. Thank you for educating me.
    • Ben8282
    • By Ben8282 8th Dec 19, 7:33 PM
    • 4,763 Posts
    • 2,637 Thanks
    Ben8282
    A lot of the articles I have read said they do take it into account. If they in fact do not in the UK, then that makes it easier for me. Thank you for educating me.
    Originally posted by LiamTLOU
    These articles may well have been written by those wishing to sell you products to improve your credit score for their own financial gain.
    Your credit score cannot be taken into account as potential lenders don't see it. It is strictly for your eyes only. When you make an application for credit and a credit check is carried out the credit score provided to you by the CRA's is NOT provided to the lender. Only the information contained in your credit files is provided..
    • yksi
    • By yksi 8th Dec 19, 7:37 PM
    • 211 Posts
    • 351 Thanks
    yksi
    A lot of the articles I have read said they do take it into account. If they in fact do not in the UK, then that makes it easier for me. Thank you for educating me.
    Originally posted by LiamTLOU
    They can't see it - I'm a member of five different "credit score" websites and all five have a different score for me.

    The score is made up by that particular website and is used to entice you to buy their advice on how to improve your score (which again, is seen by only you). However, the score IS broadly based on your credit history. The thing is, one website might give extra points for having the mobile provider for five years, and another might give more points for the fact that you have only one credit card.

    Each of those is fairly useless for a bank which is more interested to see whether you've ever successfully paid off a personal loan. Meanwhile, ABC bank won't touch you if you owe more than 1000 in credit, while XYZ bank likes you if you struggle to pay off your credit card (because they'll make lots of interest off you).

    See why there's no such thing as a "good" rating?

    There's things you do and don't want in your history though. Have a look at https://forums.moneysavingexpert.com/showthread.php?p=76555287
    • Gaz83
    • By Gaz83 8th Dec 19, 8:40 PM
    • 3,878 Posts
    • 7,164 Thanks
    Gaz83
    A lot of the articles I have read said they do take it into account. If they in fact do not in the UK, then that makes it easier for me. Thank you for educating me.
    Originally posted by LiamTLOU
    Lenders will often use their own internal scoring system, based on their own lending and acceptance / rejection criteria. But the 'public' scores available from any of the three big CRAs are not seen by any lender. They just see your data.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • xlnc99
    • By xlnc99 8th Dec 19, 9:43 PM
    • 742 Posts
    • 119 Thanks
    xlnc99
    Capital one have their own credit site available now. They basically use equifax for their data and their scores. I applied to them was rejected and was told my credit score was to low and to increase it before applying. So i do believe some lenders use the actual credit score of agencies. AQUA are the same with transunion
    • Ben8282
    • By Ben8282 8th Dec 19, 10:00 PM
    • 4,763 Posts
    • 2,637 Thanks
    Ben8282
    Capital one have their own credit site available now. They basically use equifax for their data and their scores. I applied to them was rejected and was told my credit score was to low and to increase it before applying. So i do believe some lenders use the actual credit score of agencies. AQUA are the same with transunion
    Originally posted by xlnc99
    Did capital One suggest exactly how you should increase your score before applying after using the eligability checker on their site? Were any products recommended?
    • xlnc99
    • By xlnc99 8th Dec 19, 10:05 PM
    • 742 Posts
    • 119 Thanks
    xlnc99
    No i am signed up to their free credit report site called credit wise. Its their own credit site partnered up with equifax. So they have all the info as equifax and they use eqiufax credit scores as their own. Its always the same to what equifax have.

    All they stated is i did not meet their criteria and to 'imrpove my score' before applying again. Ive never had a rejection saying improve your score before which leads me to believe that companies are now heading in the direction of partnering with the CRA agencies and using their scores aswell as their own. It could be the future. AQUA do the exact same with their own credit scoring available and they use transunion which is again the same score on their site.

    The eligibility checker is automatically on their free credit site as a way to push and sell their products i guess
    • Ben8282
    • By Ben8282 8th Dec 19, 10:12 PM
    • 4,763 Posts
    • 2,637 Thanks
    Ben8282
    I don't think I would be tempted to even consider applying for a card from a lender who hides their products behind an eligibility checker and doesn't let you see what they offer until you enter your details in an eligibility checker. It's a bit like a shop boarding up their windows and not letting you peek until you have proven that you can afford the goods and then only being allowed to see what you have shown you can afford.
    Plus they get your details which can subsequently be used to bombard you with offers for credit products to improve your score and make you eligible for you don't know exactly what.
    • zx81
    • By zx81 8th Dec 19, 10:14 PM
    • 24,871 Posts
    • 27,764 Thanks
    zx81

    So i do believe some lenders use the actual credit score of agencies.
    Originally posted by xlnc99
    I can assure you they don't.

    Although some lenders have linked with CRAs to provide a score as 'added value', it's not part of the decision making process, for obvious reasons.
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