leahtastic
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Some of this will only be applicable in the UK but I hope it is useful anyway.
Apply for your credit report and see what it is that is affecting your rating. If if is a financial link that is not applicable you can remove it or make notes to justify it. If it relates to accounts which have been paid off then you can contact the companies in question and ask them to contact the credit reference agency to update the file as paid.
Make sure that anything on the report is actually relevant to you and not a mistake in which case you can contact the agency to rectifiy it.
The two main credit reference agencies are:
www.experian.co.uk
www.equifax.co.uk
It is free for a month and then you pay a monthly fee to continue having access to your report.
You can apply for credit cards such as Capital One or Vanquis which are good for people who have had credit problems in the past as you pay a higher rate of interest and build up your credit whilst using them. You need to be careful though because a higher interest rate means you obviously pay more and it takes longer to pay off a debt and could theoretically cause you to end up with more debt. They usually advise speinding only £50.00 per month and paying it off in full so that your rating steadily improves.
Make sure you are always on the electoral register- you should vote anyway - but companies like to be able to find you easily. Someone not on the register could be trying to hide something and also a more obscure one is the amount of times you move house. Agencies are looking for people who have lived in the same place for 3 or more years so try to put down roots if you have not already.
Try purchasing things from a catalogue company but paying in full because their records also show that you have been able to puchase and pay for goods which helps. After a while they will beg you to have an account with them which again you pay in full rather than smaller monthly payments and this too boosts your rating.
You can also contact the Citizens Advice Bureau who can help you to sort out your previous financial problems. |
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OriginalBubble
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If you are in the UK you can get a contract mobile phone with T Mobile if you pay a £100 deposit. If you then pay your bills on time it will help you to get some kind of credit rating back.
Capital One also have a credit card specifically for people with bad credit, if you take one out and pay it on time that will help too |
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John B
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wait about ten years and then apply for a bank account. |
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farrarmayhew
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Firstly get a copy of your credit rating from both Experian and Equifax (they charge approx £2.00) and find out why you have a bad rating. You are legally entitled to have any out of date info removed. Any form of "loan" system will help your rating. Try applying for a few store cards. The interest rates are ridiculous so make sure you use them and pay them off. Try upgrading your bank account (agreed overdraft limit or gold/platinum account) Take a small, short term loan (from your bank?) You must owe or have owed money to improve your credit rating. Whatever you do MANAGE any debts responsibly. It will take time, but with patience you can make the system work for you. More info from the Motley Fool .com. Good luck! |
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Ollie
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Its a vicious circle |
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peter_bain2003
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I think it will take 6 years to clear, try getting in touch with experian, in Nottingham, they hold all your credit history, pay a pound and they will supply you with the information....it's hard but true |
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adpeucom
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The easiest way is to get "Pre-Pay" credit cards... You top them up with a few hundred pounds and use that - Looks good on credit rating scores to have credit on a card... Also capital one do high interest cards with fewer questions asked... but will have low limits for about 6 months... Basically the best way to get a good score is get lots of small loans (cards, etc) - pay them off quickly & start again... Builds up your history quickly.. |
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jetshadow25
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were in the world do you live? as diffrent places have diffrent options. |
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arnold
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you can find out from whoever's refusing financial services to you which credit reference agency they use
you can find out from the credit reference agency (for £1) what information they hold on you
up to you to correct it / rectify the problem causing it |
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10 pts for me?
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Try getting a credit card through Orchard Bank (if you're in the US). They have a high interest rate and an annual fee, just keep that in mind. |
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selinacarver
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get a secured credit card by opening a saving account, every bank has a different amount, ask your local bank. |
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