How do I repair my poor credit rating?

Pay off your debt, if you already have it.. and if you use a card, pay off the balance every month.

pay your bills
it take 5 years to get your credit up i found out the hard way lol

First of all have you set a budget or spending plan for yourself? It helps to actually put it on paper - what you have coming in, what you owe and what is flexible. With credit unfortunately there is no immediate overnight fix. But steps in the right direction will get it going back up in time.

For my husband and I, I do our budget on a 5x8 index card and update it every couple months when things change (like credit card balances going down). At the top of right side, we just add our income up for a month, so we know how much is coming in. Then we list all of our fixed expenses on the left-hand side below the date (i.e. rent, utilities (phone, electric, gas, cell phones) and loans (auto, school, other)). Below that we list semi-flexible expenses вЂ“ ones that you can more readily control (i.e. fuel for cars, groceries (including personal care and cleaning products) dining out, clothes, entertainment). Then below the income on the right-hand side we list in order of interest rates (highest to lowest) our minimum credit card payments, along with their pay-off amounts. We total up the left and right columns and subtract them from the income to see how much extra we can put towards the highest interest credit card. Obviously, if your expenses are MORE than your income, you have to make some HARD choices to cut out any fluff in your budget like cell phones, cable, etc or take an extra job or one that pays more money!

We began doing three things at the beginning of our marriage to help relieve financial tension at the suggestion of our pre-marital counselor. First, we gave ourselves a weekly allowance for each of us to have some spending money that we didnвЂ™t have to account for to each other. At first it was only $5 or 10/week, but it was our mad money. (I hoarded mine, he spent ALL of his.) When we last had weekly allowances it had risen to $50/week. Now we donвЂ™t even keep track of that, but in the beginning it was VERY important for us. Second, we made a pact that we would consult with each other about ANY purchase over $50, no matter what. WeвЂ™ve stuck to that $50 for several years now. Even for each otherвЂ™s birthdays and Christmas gifts for ourselves and others, we make a budget and consult with each other, if itвЂ™s over $50. That way there are no surprises. Finally, on monthly basis (sometimes itвЂ™s every other month) we review our budget with our actual expenditures, so that we both are clear where we are and what we need to work on.

I DO NOT use debit cards. They are hard to keep track of every purchase and make it TOO CONVENIENT to OVERSPEND!
Cash is always better because you know exactly what you started with and exactly how much you have left over.

We also placed every credit card we owned in a ziploc bag of water and froze them. It did not damage them and made it to where we were not tempted to use them and if we were, by the time it had thawed we had talked sense into ourselves.

Good luck in your credit repair!

Information missing!!!Do you have credit cards?How long you are in UK?And do you pay your bills on time?
If you are in UK less than 3years and pay your bills on time and didn`t have a credit card it will be hard to repair it...
If you are more than 3 years here,then:Try to get your account at least 6months in+,no overdraft and pay your bills in time.Try didn`t use a lot credit cards
And in case if you need it-you can get FREE Financial Needs Analysis and in this as well can find out what to to...If you need it contact on fna_for_free@yahoo.co.uk And maybe you can get good Free advice :)
Good luck!

loophole: Get your credit report, free once a year from https://www.annualcreditreport.com/cra/index.jsp .

Next, dispute ALL bad items VIA CERTIFIED MAIL. Depending on what's on your report, you may have to dispute it with all 3 reporting agencies.

The agencies have 30 days to respond by either verifying or shooting down the debt. IF YOU ARE LUCKY, and they are swamped, they will not respond to you within 30 days. Therefor, resulting in an automatic drop off your credit report.

Now, the creditor can report the bad debt again at a later time.

I recently joined a "debt relief" program where the company works with you and your credit cards, etc.

YOU actually pay your own bills, thru this program, but the debt people work with the credit card companies to come to "settlements". The companies, in turn, agree to settle (you owing less) and as each card is paid off, your personal credit is repaired.

You'll also need to file a specail tax return form out, to cover yourself from owing taxes on the money that was dropped from the settlement.

Everything is on the "up and up". Look into different places to see which debt relief program is best for you. They're all different and depending on your personal needs.

Just type in "debt releif" to your browser and see what comes up. That's what I did.

Give it a try - I'm VERY glad I did. I'm much happier, can afford my monthly payment, will be debt-free in three years AND repairing my credit.

Hey, GOOD LUCK!!!!!

Pay your bills on time, pay credit cards down (or off, better yet) & always pay more than the minimum payment, and don't keep high credit limits (even if your cards are not maxed out, it will look bad if you have alot of available credit because then you have the ability to go into a large amount of debt.

If you have debt pay it off if possible. Go to Consumer Credit Counceling they will help you.If you need to cosolidate take to creditors on what you can do. When applying for a credit cardmake sure you put down why (to restablish credit).
Be responsible.

get a copy of your credit report and pay off all the debts, call a credit consolidation agency they really help, aplly for new credit cards and use them wisely and often to build credit.

Going by your other question about getting yourself a rich man you are obviously willing to be a w**re. There's your answer.

Please do not use a credit counselling service or any advertisement that says it uses 'little known government legislation' to wipe your debts. These companies can't do anything that you can't do for yourself but without paying the fees they lump on (remember, no one is in business not to make money so they make their money on your debts)

Firstly make an appointment to see your local Citizen's Advice Bureau - you will probably have to wait about 2-3 weeks for an appointment but the fact that they are so busy is a sign of how useful they can be. They can help you to negociate with any creditors that you may have and agree reduced settlement figures and reduced monthly payments. The majority of credit card companies and loan companies will agree to reduced settlement figures or to freeze the interest on your credit/loans to help you during financial troubles.

As for repairing your credit rating, there is nothing you can do but continue to meet your monthly payments. Big brother is watching and everythng you do is recorded on the two main credit reference agencies, Experian and Equifax. There is no magical solution to repairing your credit rating so don't believe the ads that say they can repair them. Your credit rating will improve every 12 months that you maintain payments. If you have any County Court Judgements registered against your name they will remain on your file for 6 years. If you satisfy these judgements by paying the debts off, your must ensure you get a copy of your payment certificate from the Court and send it to te Credit Ref Agencies to change the status of the judgement.

There are some useful notes on how to repair your credit rating at www.equifax.co.uk and www.experian.co.uk.

Good Luck.

call a credit counseling service and have them negotiate your debt so that you can manage the payments in a timely way. apply for a secured credit card and keep up on it.

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