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[Xbox360]

Hi, iv just been informed when applying for a loan that a default on a previous loan from 2003 has been put in place, is it possible for me to take measures on building a good credit history so i could obtain future credit even though that is in place?

 

all help appreciated

[rory32]

You can only really rebuild your credit history by having credit. So you may want to get a credit card with a small credit limit use it for just paying for shopping or petrol and pay it off every month. Do you know what the default is for? You may want to get copies of your credit files to find out. Defaults only stay on your credit record for 6 years so in 2 years time it won't show up on your credit file.

[davethorp]

You can only really rebuild your credit history by having credit.......

 

Unfortunately this can be a no win situation. You cannot obtain credit because the computer says no because of poor history, however you cannot rectify that without obtaining credit.

[Xbox360]

i see these "get a loan today"! "ccj's no problem" mumbo jumbo

 

are these any good?, do you get good rates? also would this build your credit file and eat away at your bad one?

[buzby]

You most certainly don't get 'good' rates. They are invariably punitive because of the risk. The only thing that makes it worthwhile is that it provides a positive payment trail in your credit record - but it is an expensive way of doing so.