Bad credit

[Jellybeans2224]

Hi

My credit score is really really low I can’t get any credit what so ever. Was just wondering is there any other ways or anything I can do to boost my score.

I have a couple of defaults which I am paying back monthly so I’m hoping that’s a start just need to know if there is anything else I can do to improve it

It's your credit history that causes the poor credit score, so lenders will look at that.,
I'm in the same boat, I've got a fairly low score with a couple of defaults, they're almost paid now so I'm hoping my score will improve once they're paid.
Bear in mind though defaults will stay on your credit fold for 6 years

File not fold

Your score won’t improve until the defaults drop off, paid or unpaid unfortunately. My score when up by a couple of hundred points overnight when mine dropped off.

I believe that lenders can’t see your actual score though, just your credit history so the older the defaults get the less of a problem they’ll cause.

I had ten defaults after going onto a DMP. I luckily came into some money and paid them all off.

This was nearly 3 years ago and my credit rating hasn’t improved. I have 0 debt but the defaults override everything. I can’t even get an overdraft and have one very basic credit card.

You have to wait for defaults to drop off unfortunately!

Defaults will be on your credit file for six years, after a few years you may be able to get something like a Capitol One card to help build your score.

Things like paying utilities and a phone contract on time will help you rebuild your score.

Don’t pay too much attention to your “score” no one sees it apart from you! Your history is what’s important.

So with a bad history how can you get it better for the future just waiting the 6 years? And carrying on making other payments on time?

Yes, you need to wait. But what you also need to do is prove that you can manage credit going forward.

Get a credit builder card as soon as you can and use it for a small amount of your normal spending and set up a direct debit to pay it off in full every month and make sure that the payment is made, not missed due to lack of funds in your current account, also stay under the credit limit, which will only be about £2-500 to start with.

A single grocery shop or tank of petrol, something like that. Also review your budget to see if you can maximise your income, minimise your regular expenditure and put money away for annual and irregular expenses so that you don't think about borrowing for things like Christmas, white goods replacement, insurance or anything else that you will need to pay for sooner or later.

www.moneysavingexpert.com/loans/credit-rating-credit-score/