how do i rebuild my credit record?

Question

i have ccjs and credits that i defaulted on during my student days - i am now trying rebuild my credit profile with very little success - i am in employment now and earn a decent salary - yet, everytime i have tried to apply for credit i am turned down - how can i turn this round - i would like to take out a mortgage next year yet i cant even seem to get a credit card now

Answer 1

Contact Experian, a company that charges you just £2 to point you in the right direction.Goodluck!

Answer 2

First make sure any collections are paid in full. Believe it or not, in the US it is often times easier for someone to qualify for a mortgage than a credit card. The reason of course is that the mortgage is secured and if you don't pay the bank will take your house...if you don't pay a credit card or other unsecured debt, there is very little the bank's can do so they typically sell the debt to a colleciton agency for pennies on the dollar. My advice is to open a secured credit card, save as much money as you can for a sizeable down payment for a house.....in the US while banks are tightening credit, many subprime lenders will only judge you on the last 2 years of your credit history. Do the things stated above and I would bet you could get a mortgage within a couple of years. Once you have a mortgae on your credit file, your score will jump considerably. Just make sure never to put yourself in that situation again and always pay your bills on time.

Answer 3

There's not a lot you can do except ride it out as things get wiped off your record after 6 years. Some of the credit reference agencies will allow you to put notes on your credit file to state your side of the story, but you can't amend your actual record unless the info on there is inaccurate. The main credit ref agencies are experian and equifax. Go to Checkmyfile.com who is independent and will give you your credit files from all of the main agencies for a small fee. I use it a lot.

Answer 4

Some things are better left to the professionals. I tried to do my taxes 3 years ago and had to end up refiling to get refunds that I missed. There are professional companies out there that can get your score up 90 points in 90 days with a money back guarantee. American Credit is 1 such company and they are set up as a non-profit as well. Contact them directly at 419-868-1597 and ask for Steve.

Answer 5

Be careful, every-time you apply for a loan or credit card and are rejected it registers on your credit score and you get minus points. Take out a basic bank account, use it to pay the rent, council tax etc. After 6 months you should have enough credit "points" to be able to apply for a mortgage. Leave the tempting offers on the Internet alone :)

Answer 6

get a copy of your credit file or sign up on line on creditexpert,that way you can looke at your file when you want and see any changes that take place on it,any outstanding defaults or ccjs look better if they show as settled on your file-if you can do this.But because they are on for 6 years alot of companies still wont entertain you.Dont apply for anymore credit until youve had a look on your file,because this will just damage your rating further.I wouldnt go for a bad credit creditcard,the apr on those are absolutely terrible.

Answer 7

That's because your debts are registered with credit reference agencies and will be for six years.