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Vickie L | Credit History? |
How quickley can you improve your credit rating if it is not really that bad?
Additional Details
I missed 4 payments about a year ago |
 |
 
$m¤¤v¥ £¤¢¤
|
Ok, and now for the REAL answer.
First, it helps to know what makes up your credit score:
1. Payment history- 35%
2. Total debt owed to available credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
Other things that you should know is that activity within the past 24 months is affecting your score the most. So those 4 payments that happened, has already tanked your score, and it's up to you to pay on time from here on out, keep your balances on all credit cards at or preferably below 30% of the limit. |
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Peter17
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Hi
This is for UK advice
You cannot quickly improve your credit rating, however your credit score as it is often known can be affected by several things.
In the UK, if you've ever had a default notice, CCJ, IVA or Bankruptcy - then these will remain on your credit file from the point of entry for 6 years (sometimes more for the latter depending on circumstances).
If you've missed payments, then these will remain on your file for 12 months - all credit files show the past 12 months data.
If, you apply for, are turned down for or are accepted for credit, then these will appear on your credit file too - so if you've applied unsuccessfully for several loans or credit cards in a short space of time, other lenders are more likely to refuse you credit too, because they may view you as being deperate.
Therefore - there is no easy way to improve your credit rating because all of these factors need to be taken into account, and if you had a default on your file, then it's 6 years before regular high street banks will usually consider you for credit again.
If this is the case, lenders may offer you credit at a higher interest rate to offset the risk to them that your poor credit history suggests - however, this can prove to be very expensive for you.
If you're struggling with your finances, debts or budgeting during these tumultuous credit crunch times, then why not consider getting some debt advice from someone like the Citizens Advice Bureau (CAB) at http://www.adviceguide.org.uk.
If you already have debts, then try using a free debt management plan organisation such as Payplan at http://www.payplan.com.
Weigh up what you need - further credit or further debt - or simple budgeting advice.
Hope this helps
Best wishes
Peter |
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Jeff
 |
You can't.
If you missed payments, then it is going to take time for your "bad credit history" to no longer be your "recent credit history". |
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KnowItAll
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Be good to all your creditors and pay on time and in full. Credit doesn't build overnight so just be patient. You may find the following article helpful: |
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Brad B
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You can use credit repair agency, for example this one - http://creditreport.fateback.com
They will clean lots of bad stuff from your credit report - and do it much faster than yourself. |
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Reality Check
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What would you define as "not really that bad"... |
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threeblindmice
 |
Might take some time... For young people even things like registering to vote etc. will increase it.
The stupid thing about credit rating is, the more you borrow, the better it gets.
Then if you can't pay it back it gets worse... fast. |
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Benzo
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Missed 4 payments or 4 consecutive months? More than 90 day late is obviously worse than 4 30-day late. Except for a public record like a bankruptcy/foreclosure, credit history is on for 24-months. So your missed payments will fall off your record soon. |
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Here2help
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that will stay in your record 4 seven years. Next time try 2 make your payments on time. |
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