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ho can i improve our credit rating

(13 Posts)
bumptobabies Tue 24-May-05 10:39:32

i feel so stupid,my credit is terrible i have checked with experian and i owe £5000 even though i am paying it off how long will this affect my credit rating i cant even get a next catalouge in my name let alon a morgage. dh is in the same boat.any tips please

Hausfrau Tue 24-May-05 10:41:40

Message withdrawn at poster's request.

bumptobabies Tue 24-May-05 12:25:56

im hoping to pay the debt by the end of this year but dosnt it stay on record for sometime still making it hard to get a mortgage.

tiffini Tue 24-May-05 12:29:54

debt will stay on record for i think 5 years after they are paid, but you can have them removed by paying £50 to each creditor you owed the debts to. Your local CAB can tell you how to go about this.

tiffini Tue 24-May-05 12:36:11

i was also told once, paying for as much as you can by cheque or debit, ie bills, shopping card will help your credit rating, as lenders can see where your money goes. When you pay for things in cash, you money could be going anywhere.

starlover Tue 24-May-05 12:46:32

having debt isn't the problem... it's whether or not you pay it off!
as hausfrau said... if you miss payments etc then it looks worse than if you pay it all off on time.

You can boost by getting a credit card and putting smallish amounts on it each month and paying it off completely each month

Hausfrau Tue 24-May-05 13:28:47

Message withdrawn at poster's request.

starlover Tue 24-May-05 13:29:45

well yes... you have to be VERY well behaved with it!

I did get my credit rating up doing this though.

Xena Tue 24-May-05 13:32:21

We have direct debits set up on our CC and next card so that we can't forget to at least pay the min.

bumptobabies Wed 25-May-05 08:00:15

id like to do the credit card thing but id be lucky to get one. i tried to get a joint account with dh since getting married and that failed

starshaker Wed 25-May-05 08:07:15

try capital 1 they give 1 to anybody i have a mate that owes about £10000 and hasnt paid anything off and they gave her 1

bumptobabies Wed 25-May-05 19:29:09

ive just applied online to capital one and my card will arrive in aweek,can i freeze it as cards have chips on them now. i will pay for dd swimming lessons each month and pay it off each month the rest of the time it will live in the freezer.

starshaker Wed 25-May-05 19:50:12

not sure if u can think it might ruin it but just put it somewhere that is not easy to get to and will cause a lot of hassel or get ur dp to hide it tell u each month where it is

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