home
in

Best Way To Improve Credit Rating?

Last post Wed, Jun 24 2009, 7:08 PM by tt lady. 4 replies.
Sort Posts: Previous Next
  •  Wed, Jun 24 2009, 11:37 AM

    Best Way To Improve Credit Rating?

    Im looking to improve my credit rating over the next 3 months, so what is the best way to go about doing this?
    • Post Points: 35
  •  Wed, Jun 24 2009, 12:27 PM

    Re: Best Way To Improve Credit Rating?

    why is your credit rating bad callan1? is it due to missed repayments or its it because you have too much debt?


    George
    • Post Points: 5
  •  Wed, Jun 24 2009, 12:50 PM

    Re: Best Way To Improve Credit Rating?

    Callan1:

    The first thing to do, if you haven't done so recently, is to obtain your £2 statutory credit report and check it for completeness and accuracy.

    Ensuring the electoral roll and residency data is complete is the single biggest issue but if already correct no improvement there. Searches drop off after a year so an obvious area for automatic improvement but perhaps not in 3 months.

    Other accurate adverse issues unfortunately remain for 6 years after settlement so probably no quick prospect of improvement.

    Perhaps you need some realism. Credit is not guaranteed and an often overlooked issue with credit ratings is that earnings information is not stored, only debt and available credit. A lender on the other hand, also considers affordability using earnings information provided on the application form. So if you have recently extended your mortgage your CRA credit rating may not have changed but affordability has taken a hit. There is no honest way to improve that unfortunately.

    • Post Points: 20
  •  Wed, Jun 24 2009, 6:39 PM

    Re: Best Way To Improve Credit Rating?

    Hi thanks for the reply thus far, ive never missed a payment, the reason im tryiing to improve my credit rating is, i already have a mortgage, and i have taken out a 2nd mortgage, however i also applied for a loan and was rejected 3 times, so i wanted to try and improve my credit rating/score, i was thinking of opening a new bank account and putting in £100-£200 for around 3 months, to allow me to take out a loan if necessary in the future
    • Post Points: 20
  •  Wed, Jun 24 2009, 7:08 PM

    Re: Best Way To Improve Credit Rating?

    It sounds like you have overextended yourself in a lender's eyes and got more debt than they think you can afford. If you want a loan then you'll need to get a better paid job or pay off some of your existing debt.

    • Post Points: 5