Help getting my credit rating fitter!

[jga1912]

Hi all

 

Long time since I posted here, although I do read a lot of the boards.

 

Im posting now for a bit of info / advice, but first some background info..

 

In 2004 I entered a DMP with Payplan & despite a few bumps in the early day's, it's ticked along nicely. Ive now gone from owing 40k down to 5K & will finish payments towards the end of next year, maybe earlier if I have sufficient funds & creditors agree to a final payment.

 

My circumstances from then to now have changed 100%. Whereas I was on small wages & owing a lot, I now earn very well with little outstanding debt and I now need to repair my credit rating.

 

Im not looking to take out massive debts again, Ive learnt a hard lesson, but I want to be able to get accepted for medium sized loans from mainstream lenders. I have a very old car for instance that will need replacing soon.

 

I signed up with Credit Expert for a while, but to be honest its not that much of a tool & after being bombarded with phone calls regarding loans & mortgages from some finance broker they in bed with, I asked them to shut my account.

 

I paid for a credit score while on there, 797 which surprised me, but I doubt enough to be accepted for credit. Also all but one of my accounts that are handled through Payplan are shown as default, the one other showing as satisfactory & being in a DMP.

 

I have this year successfully applied for a Capital One CC, which I only use to pay for petrol & I pay the balance in full by DD every month, so that shows as an active & properly maintained account.

 

Are there anymore things I can be doing to get more creditworthy while I head towards the end of my DMP?

 

TIA for any help.

[IdaInFife]

The defaults will drop off after 6 ywars so shouldn't be that much longer.

 

Apart from what you are doing there is not much more I can think of you could do

 

ida x

[Tingy]

Vanquis Card used for a small payment once a month and paid off in full. Pre-paid credit cards. Every bit helps!

[the_shadow]

Vanquis Card used for a small payment once a month and paid off in full. Pre-paid credit cards. Every bit helps!

 

Agree with this to help rebuild credit score although need to be careful which card you chose as not all report to the cra's, if they dont then its not going to help.

 

S.

[FORMISTER]

My cash plus which is a pre-paid card, do a credit builder card. It basically works the same as the normal pre-paid card. The difference is that they technically lend you 12 months worth of account fees (about £5 a month I think) and let you pay it off monthly. They then report this to the credit agencies as a loan being paid back. This then in turn increases your credit score

[Tingy]

What a good idea - never heard of that before!

[FORMISTER]

I detect a bit of sarcasm Tingy

[Tingy]

I detect a bit of sarcasm Tingy

 

Not at all. I knew about prepaid cards and as you will see had suggested them, but I honestly had never heard of one working this way. I genuinely think it's a good idea. You've embarassed me now by making me declare my ignorance!

[FORMISTER]

Oh right fair enough. Not the greatest things, pre-paid cards in general, but I found it usefull to help my credit profile.

[Tingy]

My credit file is beyond help! :sad: Poor poor Tingy! But hey - doesn't stop me fighting!

[FORMISTER]

I know the feeling. Fighting to get defaults removed at the moment. And on the war path over the CRA's keeping failed credit searches for 12 months

[FORMISTER]

http://consumeractiongroup.co.uk/forum/showthread.php?24013 You may find this thread interesting if you haven't already seen it. It is regarding the removal of defaults from your credit file if the account has been settled (before the six years is over)

[Tingy]

Brilliant link - thanks!

[FORMISTER]

No worries, I am in the process of using the method, so will update you on any success or failure