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right, i want to improve my credit rating.....

(25 Posts)
misdee Sat 20-Aug-05 12:23:09

and was listening to something on the radio yesterday about how to do it. they suggested getting one thosnstupidly high interest credit cards, and charging a small amount to it each month and clearing it in full each month. they suggested doing this for 6months to a year. and NEVER miss a payment.

is this advisable? would you do it?

spacecadet Sat 20-Aug-05 12:26:20

do you have a home shopping catalougue at all?

misdee Sat 20-Aug-05 12:27:15

i have just applied for one.

bank has also given me overdraft, visa debit card and cheque book in the last week.

spacecadet Sat 20-Aug-05 12:32:05

that should do you ok then, i would stay away from the credit cards tbh, esp high interest ones, i know they do suggest you do that, but its easy to fall into the trap of overspending, if you do go for a high interest card and do what they say, then you could apply for say an adams card, buy just a few small things each month, clear the balance, then after 6 months apply for a better rate card with a 0% interest rate on balance transfers if you have any outstanding balance.if you get a catalogue, make sure you always pay on time and that should boost your credit rating, beleive it or not, the more things you have on credit(which yopu pay on time for), thebetter your credit rating!

spacecadet Sat 20-Aug-05 12:33:07

naturally , not that im encouraging you to get heaps on credit!

misdee Sat 20-Aug-05 12:33:48

thanks. we had a very bad time with debts etc about 4years ago now, dh actually went bankrupt 2 years ago as his debts were out of control. i know this will have a very bad affect on our rating, but am slowely building mine up. i just want the secruity of knowing that if i did need a loan or credit soemwhere i would be able to get it.

misdee Sat 20-Aug-05 12:34:30

i dont need heaps on credit, but am prepapring for hopefully not needing a mobility car in teh future and having to buy one lol.

spacecadet Sat 20-Aug-05 12:38:10

right well you are doing the right thing,credit companies like to see an ongoing history of having say a catalogue, with up to date payments. you could also apply for a copy of your credit history, to see what it looks like.equifax

spacecadet Sat 20-Aug-05 12:39:53

and check it here too

misdee Sat 20-Aug-05 12:45:21

i am actually scared to look at my credit rating! lol

spacecadet Sat 20-Aug-05 12:55:46

its probably not as bad as you think it is!

SaintGeorge Sat 20-Aug-05 12:58:10

Be wary of applying for too much, too fast.

Each credit search is recorded as well and too many in a short space of time can mark you down again.

It is a very fine juggling act and a bloody stupid system. Best of luck.

spacecadet Sat 20-Aug-05 13:04:42

oh yes, forgot to mention that if you apply for a lot of credit at once, your credit score actually goes down, i found that out about 4 years ago when dh and i made lots of enquries about a loan, they wouldnt give us the rate unless we went through the application process, so after a few applications our credit rating was zilch, took a year to get it back to normal again.

lolliepops Sat 20-Aug-05 13:07:02

does checking on that link affect your credit score ie lower it once you have checked?

misdee Sat 20-Aug-05 13:07:20

ok. will leave it how i am atm.

spacecadet Sat 20-Aug-05 13:09:31

no it doesnt, checking your credit rating does not affect it, but applying for credit does, you can check your credit rating daily if you like!

spacecadet Sat 20-Aug-05 13:10:41

lolliepops, those links are just the 2 main comapnies that hold credit files, you are entitled to see your credit file, its just that if you go through a credit application with say a bank, that will alter your credit score.

misdee Sat 20-Aug-05 13:24:29

PMSL i cant check my credit scaore on one as they dont take debit cards lol!!

spacecadet Sat 20-Aug-05 13:25:52

what! how ridiculous, how you supposed to pay then???

spacecadet Sat 20-Aug-05 13:26:38

i would write to them, thats what i did, you send a cheque for a nominal amount and they send your credit score.

misdee Sat 20-Aug-05 13:26:47

credit card lol.

spacecadet Sat 20-Aug-05 13:27:38

oh fgs!, what about the other site.

spacecadet Sat 20-Aug-05 13:28:08

if no joy, get their address and write, you always used to be able to write to them.

misdee Sat 20-Aug-05 13:28:13

am just having a look at equifax now.

misdee Sat 20-Aug-05 13:37:30

i have applied. eeek!!

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