Zoila
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There is power in knowing:
Credit scores are designed to measure the risk of default by taking into account various factors in a person's financial history. Although the exact formulae for calculating credit scores are closely guarded secrets, Fair Isaac has disclosed the following components and the approximate weighted contribution of each:
35% punctuality of payment in the past (only includes payments later than 30 days past due)
30% capacity used: the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% length of credit history
10% types of credit used (installment, revolving, consumer finance)
10% recent search for credit and/or amount of credit obtained recently |
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11:11
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Pay all your bills on time and get a credit card and keep the balance low and make all the payments on time. |
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prettywoman
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There are people who can do this for you...costs about £45..It's legal but in the same point having no credit rating at all is just as bad, if not worse than having a bad credit rating... |
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beth
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There is no such thing as a credit black list. Everyone is on the same list but it just depends on what your credit history is like as to how crediors view your ability to pay back.
You can improve your credit rating by ensuring you make minimumu payments on all you credit cards/loans/catalogues etc and do not apply for any more credit! The more credit you apply for, the worse it looks, they can see who has run searches on you and if people refuse you credit, it looks bad. Give it 6 months and it will have improved. Credit historystays on your report for 7 years so clean your debt ac up - ive done it! |
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linda r
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the company who tuned you down for credit should have said which company was holding your credit report. you can contact them and at a cost of about £2.00 they will send you your credit record and score. the only way you can improve your credit rating is by making reqular payments to something and rebuild it , every time you make a payment to someone it improves your rating.. im affraid all you can do is make any payments on time that you have now, and wait eventually it will improve.. |
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Very Sexy Vixen
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for starters dtop applying for credit the more you apply and get knocked back the worse it will get na dthen go and order your credit reporst from experain for about £2.00 and see what is on that, which may be making people look at you bad! |
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Linda H
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go to experian.co.uk. they have all the info you need to start clearing your name. |
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djessellis
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You should look at your credit report to find out if there are any oustanding debts in your name. For most companies that look in to credit histories there will be interest in your last 6 years credit history.
Credit reports are available here:
www.checkmyfile.com
(unfortunately you usually have to pay for these, but it's worth the money if you can identify problems) |
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Fudgie
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pay your bills... |
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harrike
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check out
www.checkmyfile.com , it tells you lots about your credit history. |
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lpslc
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To find out why your credit is bad, contact Experian, Transunion and Equifax and ask for your credit reports. Tell them who refused you credit and it should be free. Clear up all mistakes on your reports, and they will vary by credit bureau. Pay your bills on time and don't go over your limit (you get penalized for it). Remember that when you apply for a credit card it goes on your record and will go against you if there are too many requests. Pay more than is required on credit card bills monthly. |
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the poet
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First you need to get a copy of your credit report. You can get a free one every year I think. Then check it to see if every thing in it is accurate. If you have credit cards the closer you are to your credit limit the worse your score. It also hurts your rating if you have too many inquires in a short period of time. It can hurt your credit to have it checked to buy a car and then decide not to buy the car. The main thing is to get a credit report and make sure it is correct. Try to get one from Equifax , Experion or Trans Union. I think they are based in Atlanta Georgia. Good Luck |
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somekindahero
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It helps to be on the electoral role. Also, bulild up a credit history by getting (if you can) a credit card and spending regularly, paying it off each month, or, (again, if you can) get a small personal loan and pay it off without fail. |
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cocoshitnick
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It depends what you have done to get bad credit.
If the problem is just that you have no credit history, all you have to do is make a few applications, and all of a sudden you will have a history, and a credit rating. |
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samsam1s
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I know this one - when you are refused credit, they will usually send you a written notice letting you know that you can get a free credit report from which ever of the credit bureaus (there are 3 main ones but more popping up every day) were consulted in 'determining' your 'credit worthiness'. There is almost (in fact) always a disclaimer that says that eventhough a (or several) credit agency(s) was used to decide if the company would extend credit to you, that information was not the sole deciding factor.
The only good thing about reviewing your credit report several times a year is that you then know exactly where you are in the eyes of the 'credit world'. This is a big thing dispite what you might think because more and more companies/employers are now using this information to determine if you would be a good employee and in some cases, if you should get a promotion. This might make more sense if it were just a finance or some position that had to do with the handling of money but it's all over the board. It is very unfair the way this is set up. By the way, guess who pays those agencies? You guessed it, the businesses that are using them to determine if you are 'credit worthy' so they of course get to influence the criteria that sets the scores - how fair is that? Sounds like a conflict of interest to me - and my company gives training in recognizing that.
There are rules that are simply in place to deny credit to certain groups of people and in geneal some of the criteria just doesn't make sense. I have come to the conclusion that I must get myself out of debt and convince anyone that I can that credit should ONLY be used as an absolute last result. Don't worry - no one listens to this when I say it but I continue to say - especially to young people who are just starting out. It's not for the everyday man (or woman) who really needs this type help from time to time because in the end we misuse it, whether unintentially or carelessly, it ends up the same. Even if you have a regular job that you go to everyday, you and your spouse, it is still set up to take as much of your hard earned finance as it can for as long as it can and that's not fair. I understand that lending institutions should get some type of return but why does it have to be so high and so hard on those who need the help the most and are already in over their heads and low for people who don't need the help as much. Why can't be equal across the board. There has got to be a better way but no body who can affect the problem cares and the rest of us are just swinging in the wind, if you know what I mean. |
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Ralfcoder
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You get a good credit rating by paying your bills on time or faster, and not having more credit than you can afford. In the US, you can get 1 free copy of your credit report each year. Try the website below, but do it carefully - I hear it's tough to find the freebie way to order. You can also just order one from the 3 main credit reporting agencies - Experian, TransUnion, and Equifax. The 2nd link has information about how to contact them. |
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des c
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You can apply to experian the credit-rating company for a check. It costs about £2. If you disagree with their rating, then you can challenge it and have it amended. you can do this on-line if you have a credit card. Try www.experian.com |
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caroline17nov
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i have terrible credit, i haev been informed to pay everything on time, if not clear the debts themselves if i can. never miss a payment and stop applying for credit as this is another black mark against your credit everytime you apply and get rejected.
dont apply for anything for 6-8months and pay everything on time phones, credit cards, mortgage etc etc and see if it has improved in this time. I managed to get credit via this way but still no guarantee. |
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bostonianinmo
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There is no credit "black list."
If you were refused credit due to the information in a consumer credit file, the lender will have notified you of that fact, and would have given you written notice on how to get a free copy of your credit reporting agency. Follow those instructions. |
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