credit rating advice
If you are having problems because of a bad credit history then you will need
to set about the task of repairing your rating for the future. Any institution
turning you down for credit should give you an indication of the reason, such as
information held by and received from a credit reference agency. The information
on which your rating is based is held by credit reference agencies and if you think some
information may be inaccurate then you need to obtain a copy of what they have
on record. A good place to start this task would a web-trip to
UK.EXPERIAN.COM
EQUIFAX.CO.UK
These agencies will send you your last 6 years credit account history plus other
important information. Information held and available includes electoral roll
entries, county court judgements, bankruptcies, credit cards, loans and other
credit accounts, repossessions, comapnies who have searched for information on
you recently. In the UK free help can also be obtained from your local trading standards office or
citizens advice bureau.
Assuming that your problems are due to correct but damaging information being held on you then you need to think about how to repair your rating. There is no overnight fix and it may take a long time but its certainly possible to overcome your present situation. No doubt you've already found that its near to impossible to obtain a credit card, and if you can the credit card interest rate will be much higher than on most cards. One avenue open to you is a secured credit card. This would mean placing a deposit to cover future expenses. You must remember that what you are trying to achieve is record of paying debts and bills on time and proper use of a secured credit card will help you show that you are doing this. Another way to help yourself is taking out a credit card with a partner. Not a joint account but one on which you are an authorized user. This means you are authorized to use the credit card but the responsibility of repayment is with the card holder, not the authorized user, in other words your partner. The good side to this is that if the card is paid promptly at the end of each month, both of you will receive the boost to your credit rating. However if it is not paid on time then only the account holders credit rating will suffer. You must also make sure that ALL your bills are paid on time. Your credit rating takes many factors into account and you must show that you are capable of managing your monthly budget and meeting your financial responsibilities. You may also find it useful to consult with a certified financial planner or debt counsellor.
Assuming that your problems are due to correct but damaging information being held on you then you need to think about how to repair your rating. There is no overnight fix and it may take a long time but its certainly possible to overcome your present situation. No doubt you've already found that its near to impossible to obtain a credit card, and if you can the credit card interest rate will be much higher than on most cards. One avenue open to you is a secured credit card. This would mean placing a deposit to cover future expenses. You must remember that what you are trying to achieve is record of paying debts and bills on time and proper use of a secured credit card will help you show that you are doing this. Another way to help yourself is taking out a credit card with a partner. Not a joint account but one on which you are an authorized user. This means you are authorized to use the credit card but the responsibility of repayment is with the card holder, not the authorized user, in other words your partner. The good side to this is that if the card is paid promptly at the end of each month, both of you will receive the boost to your credit rating. However if it is not paid on time then only the account holders credit rating will suffer. You must also make sure that ALL your bills are paid on time. Your credit rating takes many factors into account and you must show that you are capable of managing your monthly budget and meeting your financial responsibilities. You may also find it useful to consult with a certified financial planner or debt counsellor.
CAUTION:
It is very hard to repair a bad credit rating. Companies offering to clean your record of bad debt must be treated cautiously. Many adverts are often misleading and can sometimes be a front for a company looking to sell you a loan. Also beware of adverts that use a premium rate phone number. Previous county court judgments can be removed from your records if they have been discharged or were wrongly granted, and this you can do yourself.
It is very hard to repair a bad credit rating. Companies offering to clean your record of bad debt must be treated cautiously. Many adverts are often misleading and can sometimes be a front for a company looking to sell you a loan. Also beware of adverts that use a premium rate phone number. Previous county court judgments can be removed from your records if they have been discharged or were wrongly granted, and this you can do yourself.
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