My credit rating is very bad, infact so bad I cant get credit at all, what do I do ?
The problem is this, I cant get credit anywhere here in the UK and yet I am full time employed, but I have just completed University with a debt of £16k. I have applied for a starter credit card to build up my credit rating but have been point blank refused. I have an overdraft facility on my account but I am up to the limit apart from when I have got paid at the end of the month.
Any Suggestions as to how I can restart to make me credit worthy ?
Answers:
Get a copy of your credit report. Your report will let you know EXACTLY what banks, credit card companies are looking at. If there is money owed to someone on your report, contact these companies and start to pay them off! When you have sent in the final payment to the collection agencies or whoever you owe money to, get a letter from them stating your debt is paid. You have to send a copy of that letter to the credit bureaus and have your debt posted as paid. The credit agencies will then update your credit report and send you what they have changed.
Now, for future reference, pay your bills on time! A lot of companies you have bills with (phone, TV, car, house, etc.) DO contact the credit agencies EVERY time you are late, thus lowering your credit score.
You have to take care of your past unpaid bills before you do anything else. Credit card companies or whoever see they can not trust you to pay your bills and will not loan you money.
If someone came to you for 16k and you had proof this person doesn't pay their bills, would you give it to them in HOPES you get it back?
Good luck to you.
sorry mate, you are pretty screwed, itll take 5 years to clear credit history so just be smart in the future, hang on did you get into debt, i cant remember, good luck
You need to start living within your means. Start paying your bills, and paying down your credit debt, regularly and ON TIME, or better yet, a little early (which will give you built-in leeway if you're a couple days late).
It takes time to rebuild your credit. You have to show you are trustworth and prompt.
Around here, there are credit counseling services - you may want to see if there is something similar in your area.
when they do credit checks before apporval they also check outstanding debts and whether you can pay the extra or not also if you have missed payments of loans a few times this can have a very bad effectr especially if you haven't had credit before uni.. i would clear the debt you have first and see what it's like not to be paying out all the time then get a good CC like a capital one mastercard
One of the best ways to re-establish a credit rating is to take out a credit card and to ensure that the repayments are made religiously. I can assure you that there are companies who will give you a card.MBNA, Capitol, and a host of others.
Your best bet is going for a secured loan.
Here is some info.
Good luck
Most students leave uni with big debts, so you are not on your own, why do you need more credit, if you are working you have regular income, see a debt counsellor about putting finances back on track, write to your debtors offering a small amount each month, get some of it written off. Don't apply for any more credit cards each time you do they credit search you and leave a big footprint in the system. Alternatively move address and change your date of birth. Speak to your local Citizens Advice Bureau. Good Luck.
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Any Suggestions as to how I can restart to make me credit worthy ?
Answers:
Get a copy of your credit report. Your report will let you know EXACTLY what banks, credit card companies are looking at. If there is money owed to someone on your report, contact these companies and start to pay them off! When you have sent in the final payment to the collection agencies or whoever you owe money to, get a letter from them stating your debt is paid. You have to send a copy of that letter to the credit bureaus and have your debt posted as paid. The credit agencies will then update your credit report and send you what they have changed.
Now, for future reference, pay your bills on time! A lot of companies you have bills with (phone, TV, car, house, etc.) DO contact the credit agencies EVERY time you are late, thus lowering your credit score.
You have to take care of your past unpaid bills before you do anything else. Credit card companies or whoever see they can not trust you to pay your bills and will not loan you money.
If someone came to you for 16k and you had proof this person doesn't pay their bills, would you give it to them in HOPES you get it back?
Good luck to you.
sorry mate, you are pretty screwed, itll take 5 years to clear credit history so just be smart in the future, hang on did you get into debt, i cant remember, good luck
You need to start living within your means. Start paying your bills, and paying down your credit debt, regularly and ON TIME, or better yet, a little early (which will give you built-in leeway if you're a couple days late).
It takes time to rebuild your credit. You have to show you are trustworth and prompt.
Around here, there are credit counseling services - you may want to see if there is something similar in your area.
when they do credit checks before apporval they also check outstanding debts and whether you can pay the extra or not also if you have missed payments of loans a few times this can have a very bad effectr especially if you haven't had credit before uni.. i would clear the debt you have first and see what it's like not to be paying out all the time then get a good CC like a capital one mastercard
One of the best ways to re-establish a credit rating is to take out a credit card and to ensure that the repayments are made religiously. I can assure you that there are companies who will give you a card.MBNA, Capitol, and a host of others.
Your best bet is going for a secured loan.
Here is some info.
Good luck
Most students leave uni with big debts, so you are not on your own, why do you need more credit, if you are working you have regular income, see a debt counsellor about putting finances back on track, write to your debtors offering a small amount each month, get some of it written off. Don't apply for any more credit cards each time you do they credit search you and leave a big footprint in the system. Alternatively move address and change your date of birth. Speak to your local Citizens Advice Bureau. Good Luck.
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