Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)

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  1. #1
    Basic Account Holder Fine&Dandy Novitiate

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    Default Finally out of debt - but AWFUL credit rating

    Due to taking a good redundancyicon package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

    Yesterday I had 7 outstanding debts and my credit report stated the following:

    Credit Scores & Ratings

    Using data seen by Lenders
    Callcredit 241
    Equifax 221

    Using data seen by Landlords/Employers
    Callcredit 327
    Equifax 327

    Negative Attributes:
    2 Late Accounts
    9 Defaulted Accounts
    2 Court Judgments
    (both say Status Active and i am looking into how to change this)

    My questions are

    1) Will paying everything off increase my rating? If so by how much?
    2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?


    Thank you all


  2. #2
    Basic Account Holder Fine&Dandy Novitiate

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    Default Finally out of debt - but AWFUL credit rating

    Due to taking a good redundancyicon package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

    Yesterday I had 7 outstanding debts and my credit report stated the following:

    Credit Scores & Ratings

    Using data seen by Lenders
    Callcredit 241
    Equifax 221

    Using data seen by Landlords/Employers
    Callcredit 327
    Equifax 327

    Negative Attributes:
    2 Late Accounts
    9 Defaulted Accounts
    2 Court Judgments
    (both say Status Active and i am looking into how to change this)

    My questions are

    1) Will paying everything off increase my rating? If so by how much?
    2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?


    Thank you all


  3. #3
    Basic Account Holder Fine&Dandy Novitiate

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    Default Finally out of debt - but AWFUL credit rating

    Due to taking a good redundancyicon package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

    Yesterday I had 7 outstanding debts and my credit report stated the following:

    Credit Scores & Ratings

    Using data seen by Lenders
    Callcredit 241
    Equifax 221

    Using data seen by Landlords/Employers
    Callcredit 327
    Equifax 327

    Negative Attributes:
    2 Late Accounts
    9 Defaulted Accounts
    2 Court Judgments
    (both say Status Active and i am looking into how to change this)

    My questions are

    1) Will paying everything off increase my rating? If so by how much?
    2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?


    Thank you all


  4. #4
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    Default Re: Finally out of debt - but AWFUL credit rating

    Q1. No not dramitically or quickly, lenders look at a minimum of 3 and up to 5-6 years of good credit management,
    coupled with their own unique inhouse methods of viewing apllications.
    Q2. You are correct no chance, then you need to build a new credit profile over at least 3 years.

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  5. #5
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    Default Re: Finally out of debt - but AWFUL credit rating

    Might be an idea to check Experian (Credit Expert) as well.

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  6. #6
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    Default Re: Finally out of debt - but AWFUL credit rating

    Q1, No not dramatically or quicly, you will need to rebuild a credit profile for at least 3 years after the defaults are removed.
    Q2, Correct no chance until these are removed then the same a Q1.

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  7. #7
    Basic Account Holder snugs1235 Novitiate

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    Default Re: Finally out of debt - but AWFUL credit rating

    Hi,

    Many banks update credit reference agencies, so if you have a current account and keep it out of an overdrafticon this may help. Also if you have a mobile phone contract that you keep running or similar it will show on a credit file. These wont help you much due to the negatives, but they will show that they were kept in goodstanding after the other debts were cleared. In time your credit history will start to clear but this will take years.

    Please do not think that I am insulting you (I too have had the same problem as you) but it may not be the end of the world that you are unable to get credit. If you have had difficulties and sorted them then it is a relief. Being unable to get credit isnt nice but it is better than getting into further troubles.


  8. #8
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    Default Re: Finally out of debt - but AWFUL credit rating

    Just one point ALL banks update credit filesand monitor their clients files if necessary.

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  9. #9
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    Default Re: Finally out of debt - but AWFUL credit rating

    i can only say that your rating will improve over time but it does take a while, once debts are satisfied, if you are looking for credit you will find it hard to get at the moment and the more requests you put in the worse it will look on your score.
    I got a subprime credit card while my score was not to good, paid it regularly and now have a good rating and cards etc with main stream lenders but it has taken a few years.


  10. #10
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    Default Re: Finally out of debt - but AWFUL credit rating

    three threads merged

    plese keep to ONE thread per issue

    dx

    Credit Reference Agencies:Experian Equifax CallCredit noddle<<<<CRA FILE INFO IS HERE<<<<
    fed up with DCA's calling get a TRUECALL BOX!! - HERE
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    1. Single Premium PPI Q&A Read Here
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  11. #11
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    Default Re: Finally out of debt - but AWFUL credit rating

    The problem of building a better CRA file now is the
    fact that whatever an individual tries to do to improve
    their credit status the major lenders are increasingly looking
    for longer than the once standard 3 years of credit history
    when deciding if to loan or not, so the length of time needed
    to reach a level that will give even a ''good'' chance on be
    accepted increases in proportion.

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