Credit Rating: How it works and How to improve it discussion area

moon1970 · 11 August 2008 at 5:02PM

Hope this is the right place to post. For the past three years I have no debt but a very very poor credit file due to a satisfied CCJ and past defaults. I understand it takes 6 years to be removed from my credit file. Is it worth getting a Cashplus to improve my credit rating? I have read mixed reviews.
Thanks for any help.

Tristanod · 12 August 2008 at 11:56AM

Will checking my credit record on Experian or Equifax be counted as a credit check in itself, and if so will that affect my record at all?

Moggles_2 · 12 August 2008 at 12:26PM

Tristanod wrote: »

Will checking my credit record on Experian or Equifax be counted as a credit check in itself and if so will that affect my record at all?

Checking your own credit file is not classed as a credit check and has no effect whatsoever on your credit rating

st@rdust · 12 August 2008 at 2:01PM

Hi ive just checked my credit file and i want to know how to improve it ive only had one missed payment on thwere but i have a lot of accounts all up to date i had a lot of searches done and i know this doesnt help but what else can i do to improve my score as i cant get a CC or loan out ???

Moggles_2 · 12 August 2008 at 4:22PM

Sarah_lou_21 wrote: »

I've just checked my credit file and I want to know how to improve it. I've only had one missed payment on there but I have a lot of accounts all up to date. I had a lot of searches done and I know this doesn't help but what else can I do to improve my score as I can't get a CC or loan?

If you have lots of accounts, some lenders may think you have too much available credit in relation to your annual income. It might be an idea to close those cards which are not used.

That said, there are any number of reasons why a given lender may refuse to extend credit. For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

jbanks · 12 August 2008 at 9:02PM

hi

i have £15k spread over 5 cards which i use for stoozing, the money sits in the bank and is there to pay the minimum repayment each month and the outstanding balance when the 0% is up.

will this adversely affect my rating? mortgage due in March - will have paid back all by then!

slightly concerned though - no other debts, earn in higher tax bracket, mortgage will be 60% of value of property - should i be concerned?

thanks

jb

Moggles_2 · 12 August 2008 at 9:20PM

jbanks wrote: »

I have £15k spread over 5 cards which I use for stoozing. The money sits in the bank and is there to pay the minimum repayment each month and the outstanding balance when the 0% is up. Will this adversely affect my rating? mortgage due in March - will have paid back all by then! Slightly concerned though - no other debts, earn in higher tax bracket, mortgage will be 60% of value of property. Should I be concerned?

Not if you intend to settle in ample time beforehand.

Note: unlike credit searches and some credit applications (which appear on your credit file more or less in realtime), updates of this sort can take up to a month.

brookerbabyisababy · 12 August 2008 at 10:26PM

if i set up a direct debit for the full amount and say i receive a refund or if i pay online the balance before the direct debit date does the payment still go through?

Also how do I set up one online?

Moggles_2 · 12 August 2008 at 10:35PM

brookerbabyisababy wrote: »

If I set up a direct debit for the full amount and pay the balance online before the direct debit date, does the payment still go through?

The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Which credit card(s) did you have in mind?

brookerbabyisababy · 12 August 2008 at 11:11PM

Moggles wrote: »

The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Which credit card(s) did you have in mind?

barclaycard

Credit Rating: How it works and How to improve it discussion area

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