i cant get a bank account due to poor rating how can i improve my credit score if i cant obtain credit?

Question

i run my own business and have to run all my financial stuff into other peoples account im not to keen on that please help

Answer 1

All you can do to fix credit in your situation is this:

Repay any past debts that have gone to collections.

Once you do that, it's just a matter of time..maybe a year or less, you'll start getting offers for credit. The best way to rebuild is to buy a home or vehicle...other than that..when your able to get a credit card again, charge on it ever month...but dont' spend more than what 10% of the credit line is each month and pay it in full each month. You'll establish yourself a great rating faster than you think.

Answer 2

This is a problem that I faced some time ago. I found that Natwest will give you a Step account, which comes with a Solo card so you can pay and get cash back in shops etc. You can get cash out of any ATM, usually without charge. After say a year and you have kept your account in good order, the bank will look at upgrading your account, but from a personal point of view, I find the Solo card fine.There is a pre paid credit card called a Titanium cash plus. You preload it before spending. No credit checks.Briiliant for your business and buying over the internet.

Answer 3

2 questions in 1 this one.

bank account - anyone can get a flex-account without cheque book, it comes with just a cash point card, from the nationwide. this is virtually a bank account as you can do standing orders and direct debits from it, and as its cash point only its difficult to go overdrawn.

repair poor credit - get a guarenteed credit card, spend a little on it each month and pay it off without fail. Within a year you will have a decent credit rating.

I know, ive done both of these things after i was bankrupt (and you cant get a worse credit rating than that). Admitidly i had to wait until i was discharged before i could do the credit card thing, but the nationwide account was opened 2 weeks after i went bankrupt.

Answer 4

It is illegal for any bank in the UK not to allow you to open at least a Cash-Card Account. A cash-card account:

+ has only a cash card which works on cash machines. It won't work in a shop, etc...

+ Does not allow you to set up direct debits (but may allow a standing order).

+ Will never allow you to go overdrawn.

In order to open such an account you need:

+ Valid Id like a passport or driving license.

+ 2 valid proofs of address - like a gas/electricity bill with your name and address on it.

I used to work in a bank and open accounts every day. I repeat it is illegal for a bank to refuse you a cash-card account if you have the relevant documents (ID and proof of address). If they are telling you to go away it is becasue they percieve you as bad business and can't be bothered to open any account for you - they are not legally allowed to do this!

You can also open an account at a post office who are sometimes more understanding.

Once you get a cash card account you can improve your credit rating by having a high balance on that account. As long as you don't still owe others money.

Answer 5

I had the same issue.

I am a member with Credit Experian and Equifax (the credit reference agencies now)

I opened a Nationwide 'Flex Account' with a cash-card. They are the only current account that I know of that gets reported to the credit reference agencies so that is atleast a start as it will help you get ++++s on your credit score.

You MUST make sure that you are registered on the electoral register. Please see http://www.aboutmyvote.co.uk/pcsearch/EntryPage.cfm?CFID=167654&CFTOKEN=74417668 so you can put yourself on it with your local council.

If you have £200 spare, you can (once registered) apply for a capitalOne credit card. They will give you a £200 credit limit but you have to put down £200 deposit which you can get back but only when you close the account.

Try and get as many bills in your name aswell at your address. i.e. gas water and electricity. This will also help.

Good luck with it all....many of us have faced the same and know what you're going through. :-)

Answer 6

Get secured loans. Banks and credit unions will often let you deposit money into an account, freeze that and give you the money in the form of a loan, then where you pay it back over a set period of time, they'll unfreeze the money in your account.

They can do the same thing on a revolving basis with a secured card.

Answer 7

You can try to get local accounts and stores. You can obtain a debit card or prepaid credit card. Use and pay off every month. Satisfy or dispute any bad debts. It takes a little time, but it can be done.

Answer 8

Check into debit cards that you can not only deposit money into them,but they pay you interest. These allow you to build up your credit and are reported to the three main credit bureaus.
Don't fall for those credit repair companies.

Answer 9

go talk to the local bank manager, bank of ireland are normally pretty good but if your credit rating is that bad i dont know

Answer 10

I hope this helps you:

How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-credit.com/category/How-to-Clean-Up-Credit-Report.html


Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-credit.com/category/Step-by-Step-Credit-Repair-Guide.html