In recovery and need advice..please help.

Philallen84 · 9 July 2018 at 7:23PM

Hi all,

I’m a first timer at posting after reading various forums and threads in the past I often turn to this site to get advice however I now require solid advice that I can’t already find.

To give a brief breakdown of myself is basically in my younger years I was very stupid with my responsibility’s towards money and finance however the last 9-10 months or so I have got my head out the sand and got my act together. After knowing my credit report was !!!! to pieces I decided to sort it out and have now started a very long journey to recovery.

I have defaults etc etc and I totally take responsibility for them but I have paid off all outstanding debt I was previously in trouble with. I have now become obsessed with improving my credit rating and worthiness. It’s a long road I’m aware of that however I am making small
Milestones and it feels really invigorating.

I have a vanquis card and I also got accepted for a capital one platinum card a few months back which I’m spending little on both and paying in full as well as saving money each month in my savings account.

My credit rating is slowly improving and have recently gone into the “fair” bracket with Experian 9 months ago I was in the “very poor” bracket.

Could anyone suggest anymore I can do to keep improving and bolster my chances? I really want to obtain a prime credit card I recently applied to Barclaycard as they said I had a 9/10 chance but due to a default on my report they declined me.

Another question id like some advice on also is how do I get my current bank which is NatWest to offer me a loan or a credit card with them? Iv been with them nearly 4 years and not been in any trouble with them. I have a small overdraft with them which I used to be in all the time but since 10months ago I have gone into it once and behaved impeccably with them. Does anyone know how I can become more attractive to them by doing certain things etc as I believe current customer behaviour and how I manage my current account does go towards your creditworthiness with them?

Like I say I have become obsessed with my credit rating and trying to improve it I know it takes time and effort which I’m more than willing to put in but I want to do everything possible out there to improve it even more.

Sorry for such a long thread but I can’t fond specific answers for this

I would appreciate any advice / feedback from you -all.

Many Thanks :j

bigisi · 10 July 2018 at 8:54AM

Philallen84 wrote: »

I know it takes time and effort which I!!!8217;m more than willing to put in but I want to do everything possible out there to improve it even more.

It doesn't seem like you do know this or that you're willing to put in the effort as you're trying to rush things which won't help you.

Philallen84 wrote: »

Sorry for such a long thread but I can!!!8217;t fond specific answers for this

The majority of threads on this board give exactly the specific answers you require. Most of them are asking for advice on credit files and repairing them but it seems you either haven't read them or, as I suspect, don't think the answers apply to you for some reason.

10 Months is not a long time, the defaults will stay on your credit record for six years. Why on earth do you want to get a loan from your bank? You've already applied for three credit cards and now you want to apply for more. That makes you look desperate for credit and defaults on your report show that you can't handle the responsibility of being given credit. You need to keep doing what you're doing for a lot longer in order to show you can be trusted with it long term before any mainstream lenders will want to lend to you.

Just calm down and be patient.

Candyapple · 10 July 2018 at 10:46AM

Philallen84 wrote: »

I have defaults etc etc and I totally take responsibility for them but I have paid off all outstanding debt I was previously in trouble with.

Good. Settled defaults are better than unpaid ones.

Philallen84 wrote: »

I have now become obsessed with improving my credit rating and worthiness.

Stop. You are wasting your time obsessing over your credit rating. You have 2 credit cards, use them responsibly and clear the balance every month once the statement has been produced. You don't need to do anything else.

Philallen84 wrote: »

It’s a long road I’m aware of that however I am making small Milestones and it feels really invigorating.

Good, you understand that it is a long road and things won't really improve until 4-5 years from now when your defaults have less impact and will improve completely after 6 years when the defaults drop off.

Philallen84 wrote: »

I really want to obtain a prime credit card I recently applied to Barclaycard as they said I had a 9/10 chance but due to a default on my report they declined me.

You won't be able to get 'prime' cards until the defaults have dropped off so stop wasting your time.

Philallen84 wrote: »

Another question id like some advice on also is how do I get my current bank which is NatWest to offer me a loan or a credit card with them? Iv been with them nearly 4 years and not been in any trouble with them. I have a small overdraft with them which I used to be in all the time but since 10months ago I have gone into it once and behaved impeccably with them. Does anyone know how I can become more attractive to them by doing certain things etc as I believe current customer behaviour and how I manage my current account does go towards your creditworthiness with them?

Again, don't waste your time. The bank will only start offering you those things once the defaults have dropped off. The banks work off monthly CRA feeds and currently you have defaults so you will fail any credit checks they do if you try and apply for anything with them. Just continue using your bank account in a responsible manner.

Philallen84 wrote: »

Like I say I have become obsessed with my credit rating and trying to improve it I know it takes time and effort which I’m more than willing to put in but I want to do everything possible out there to improve it even more.

1. Sign up with all 3 of the CRAs:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

2. Ignore the scores, they are meaningless.

3. Make sure you are on the electoral roll and it shows across all three.

4. Make sure you have a direct debit set up on both your credit cards to clear the FULL balance each month.

5. STOP APPLYING FOR ANY FORM OF CREDIT FOR AT LEAST THE NEXT 4 YEARS!

Philallen84 · 10 July 2018 at 1:01PM

Thanks for your replies and advice however some parts of your feedback I didnt really explain properly but I am signed up to all 3 CRA!!!8217;s and I!!!8217;m not applying for credit all the time Iv made 2 credit applications in 2 years so I!!!8217;m not looking desperate.

I do realise that defaults don!!!8217;t drop off until 6 years however my defaults are now over 4 years old and satisfied they aren!!!8217;t new ones maybe I should of explained that also.

I!!!8217;m using my CC sensibly using only 20% of both my credit limits and paying off in full each month. As for the scores I!!!8217;m not paying too much attention but it does give me an indication I!!!8217;m heading in the right direction and is encouraging.

When I said I!!!8217;m obessessing I!!!8217;m not panicking and running round like a mad man I mean it more as if to say I!!!8217;m more conscious of it now in everything I do.

[Deleted User] · 10 July 2018 at 2:14PM

Ignore the scores - they point nobody in any direction.

Recent bankruptees get a maximum 999 score which is obviously correct, right?

Candyapple · 10 July 2018 at 3:43PM

Philallen84 wrote: »

I do realise that defaults don!!!8217;t drop off until 6 years however my defaults are now over 4 years old and satisfied they aren!!!8217;t new ones maybe I should of explained that also.

Ah ok, that's good. From your first post where you said you mentioned last 9/10 months I assumed your defaults were recent.

In that case, all you can do is keep doing what you are doing - using your card and making payments on time and just wait until the defaults drop off and then apply for mainstream credit again. You can always try again in a year's time when the defaults are 5 years old, some banks are more lenient than others.

Philallen84 · 10 July 2018 at 6:24PM

Yeah that’s very wrong in my opinion should be a bigger penalty than what is there already they shouldn’t start again with a perfect credit rating !!!128545;

Philallen84 · 10 July 2018 at 6:25PM

That’s good then but I’m being patient and taking each month as it comes (small milestones) and all that.

It’s quite satisfying rebuilding although highly frustrating but again I only had myself to blame so there is no room for complaint.

[Deleted User] · 10 July 2018 at 7:47PM

That’s why they’re to be ignored

In recovery and need advice..please help.

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