Very Poor Credit Rating - Recovery time?

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  • Milotti
    Milotti Posts: 16 Forumite
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    Congrats on your achievement Anthorn and thanks for the encouraging words!

    No more slip ups from me. Regarding late payments its been 6 months since last one.. long way to go just need to monitor my account constantly.

    All the best
  • OA234
    OA234 Posts: 16 Forumite
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    Willing2Learm is spot on.. Nothing else to add to be honest.
  • Milotti
    Milotti Posts: 16 Forumite
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    New report came out today (Equifax). Up fifty points :) cleared credit card and will very sparingly now if at all.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Be careful not to interpret the 50 points rise as either a positive or negative indicator, without understanding your three files in their entirety. The higher temperatures this week have caused credit scores to rise in general.

    Keep managing your accounts responsibly. And make sure you use a card regularly, clearing in full each month. Demonstrate to lenders that you can handle credit
  • jimbo26
    jimbo26 Posts: 954 Forumite
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    Milotti wrote: »
    Hi All,

    More recently, I took out a credit builder card with capital one and maxed it out.

    Firstly it sounds like your budgeting hasn't improved, and a poor credit history may be good for you at the moment (avoid temptation to max out card with high limits)

    You want some timescale but haven't given any details on what negative factors are on your credit report. Do you have CCJ's Defaults, missed payments etc.

    CCJ's and defaults will drop off your report after six years , missed payments will again drop off on their six anniversary (if the credit is still be used) or 6 years after the account was closed.

    Missed payments will have less of an effect on as the years go by.
  • Milotti
    Milotti Posts: 16 Forumite
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    No defaults, CCJs i have a missed payment i think c. 9 months ago would need to check.

    Could an increase be a bad indicator? I dont understand that or the comment on rising temperatures.

    I know i have to take the credit score with a pinch of salt but does certainly seem important as clearscore links finance deals to your report. The interest rates have fallen with the increase in my score.

    Thank you both for comments and guidance
  • Milotti
    Milotti Posts: 16 Forumite
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    Credit accounts over limit in last 6 months

    Length of time on electoral roll

    No missed payments or payment queries in last 6 months
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    The interest rates haven’t fallen because your score went up.

    Also the rates are only the advertised ones - it’s likely you could get a different (higher) rate in applying
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    The potential interest rates have fallen because your credit history reported on your Equifax file has improved over time. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Milotti
    Milotti Posts: 16 Forumite
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    Is credit score not an indication of credit history file?

    Some of interest rates are 60% chance of approval some are 100% for example.

    Are people just fed up credit scoring on here or can they offer literature from lenders on their irrelevance!? Haha
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