hakeem
 |
You've got plenty of good answers on here. The only thing I'd like to add is that he should get a better understanding of exactly WHAT goes into the credit score. The better he understands the system, the better job he can do at improving his score AND keep it in good standing. To know how they come up with the credit score, you can visit this page :
http://financialbasics.blogspot.com/2006/11/credit-reports-and-credit-reporting.html
Hope it helps |
|
scar_of_david
|
If he's on top of the debts then he'll have a better credit rating than if he never had the debts at all. However it will mean his income is reduced and so won't be able to borrow as much.
Has he been bankrupt or anything like that? If so then it'll be a few years before he can get any kind of sensible mortgage, otherwise to build his cradit rating back up he should pay for as much as he can by direct debit, then get a small credit card (one without a high limit) and when he would buy something with cash, put it on the card instead and then pay it off immediately. Do that kind of thing for a year and do it well and his credit rating should soar. |
|
Dawn C
|
I am going through the same thing. The only solution I found is to have each of the credit agencies to print off a report and then send each of the companies that he owes payment in full. Then he can start to rebuild his credit. It is a long process, but in the end it is well worth the wait! |
|
luciousgreeneyedlady
|
He needs to pay off those small debts. Mortgage companies can add the amount you owe to your house loan and they will pay them off. |
|
duncanjfield
|
1. be on the voters roll, it gives lots of + points
2. have a home phone in his name.
3. if he has a deposit, use it to clear all the small debts, then get a bigger mortgage, you can get upto 125% of house price these days.
4. make all payments to all loans and utilities on time.
5 get experian report, £2.50 from experian, and see what he has on file.
6. Anything showing as outstanding with missed payments...write a letter and explain how it occurred and why ot wont recur, or pay them off.
See a mortgage adviser....get a decision in principal to see how it looks to lenders. |
|
JNC
|
if he has any credit cards, always pay on time. get a credit report and see what he owes and try to clean it up.. if it's something that he can pay the old debtors off. then do it.. Get a letter from them that you've paid this balance and amount for your records. If he qualifies for a homeloan.. don't be late in paying your bills. |
|
Guru Sharma Prasad
|
There's lots of things you can do to improve your credit rating. The most important is paying bills on time. However, what ever you do, DO NOT PAY A DEBT COLLECTOR FOR ANY OLD BAD DEBT! Doing so will restart the 7 year clock on your credit report and will result in having the tainted entries for a long period.
In any case, bad entries on your credit report fall off after 7 years. Time is the ultimate healer. |
|
☺ PeeJ ☺
 |
A few ways. Best way to at least assist with helping your credit along is getting an unsecured credit card. This is a card that will require you to pay into the account and perhaps pay an annual fee. Not the cheapest way. There is also no easier solution then paying off old debts if at all possible even in small increments.
Other ways are to remember to pay all utilities on time, and overpay if possible small increments. Things considered in credit decisions are
Delinquent accounts
Credit Inquiries (yes it costs points to see if your eligible for a card)
Revolving balance (how much you currently owe in outstanding credit balances) |
|
sharon m
|
if he is in work he should be OK, speak to a mortgage adviser I'm sure he will be OK |
|
markiemooshire
 |
The first thing your brother needs to do is get hold of his credit report. There are two main credit reference agencies in the UK and I suggest your brother gets his file from both agencies as both will hold different information depending on which companies his debts are with.
Once he has this information he can contact his creditors to discuss/negociate repayments on the debts. If he has already paid these debts off his credit file will already have improved. If not he needs to negociate new payments and stick to them and every month that he makes his minimum payments his file will slowly improve.
He can also contact the citizens advice bureau if he wants some help negociating the repayments of these debts.
However, even with small debts in the past your brother may not have a problem obtaining a mortgage. Many companies now have special mortgage products for people with credit problems. They will not lend 100% of the purchase price if you have had previous credit problems so your brother would need to have at least a 10% deposit to put down on a property. However, if he doesn't have a deposit to put down he could try purchasing a new build property where developers often give between 5 and 15% deposits as incentives for purchasing the property.
Your brother will need to contact an independent mortgage broker to discuss his options as the lenders that lend to people who have been turned down from the high street lenders only deal with intermediaries. Feel free to contact me if you require the name of a good broker. |
|
Ta
 |
You cannot destroy the past but you can build on the future. Pay off the required amounts stipulated by the credit card conditions and you will have no problems acquiring a new credit rating (It's OK we know it's actually you not your fictitious brother because denial is one of those bad-credit traits) Besides, it's all good news on finance borrowing with so much competition out there including global, online lenders. |
|
gabriel s
|
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm |
|
mario
 |
i think you should search for another job when you are still in the small rating job |
|
srracvuee
|
the lesson to learn and some folk find it difficult is if you buy something then pay for it on the date stated on the statement. As the British gas will tell you this very Thursday morning if you dont pay your bill on time £5.00 is tacked onto the bill just as the bank and all other financial institutions do so if you cant afford something dont buy it |
|
tomkat1528
 |
it may take a few years to get it off - or roll off
what little credit he has - charge things - and pay off promptly
or at LEAST make the minimum payments on time!
otherwise he may be sunk without a cosigner |
|
ucla bruin fan!
|
take care of past debts (making sure the payment is current), and making sure the $ amount in debt is low (under $500 is great). but mostly making sure he is NO MORE than 10 days late on a payment for a few months. |
|
Alan P
|
Judging by the amount of ads these days offering you loans and mortgages, I don't think he'll have a problem getting a mortgage, if they were 'small' debts........
Just try to tell him to try hard to save his *** off and not get into debt again...........I was once saving and I used the approach of:
If I can live without buying 'it'(a particular item), then don't buy it.........
stopped me frittering away money on CDs........clothes.......and any old crap........
Hope that helps.........;-) |
|
jkj
|
Do something very stupid as u've already done by asking such a stupid question |
|
Mr 360
|
his life is fuked ha ha ha ha ha ha ha ha |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
