Hi all,

I have a family relative who has missed a few payments and has also be declined credit,
I was wandering if there is anyway to help and rebuild the score?

all the best

Hi --- The best self help would be to make all financial repayments in full and on time particularly within the next 12 months, and not to apply for any further credit in that time, as each credit application leaves an undesirable footprint on the credit file in question.

Well it's been 12 months already and already applied for another but was declined, and is now thinking of applying for a current account. Will they also use credit scoring to access eligibility for current accounts?
and finally I've read about signing the person onto a family members credit card (who has a good score) how does that  work?

They use credit scoring for current account applications although they will use a different criteria, I am not sure how strict that is.

If you sign your relative up as a joint applicant onto a family members card, I can only see that would have a beneficial effect on them as long as the account is maintained correctly, it works by combining the scores jointly to make the poor score more acceptable, but it can also take the better score down slightly depending on how bad their score is.  Also get the relative to send for a copy of their credit file firstly, to make sure nothing has been wrongly applied without their awareness.

Ah I see.

Well a few missed minimum monthly payments and the balance is around 1000, recently kept up with payments.
What credit file? and what do you mean by wrongly applied? are you reffering to credit cards?

Aorry if I seem slightly slow but I like to be in the know and this is all fairly new to me :)

all the best

Hi --- Nothing to do directly with credit cards. You can apply to the credit reference agencies Experian & Equifax for a copy of the personal information held on file by them about you, these cost just a few quid and show what is held and also whether the information is correct in your view, if anything has been applied wrongly as sometimes happens, then you can ask for the incorrect information to be removed thereby repairing your credit file if this is the case. Links below.

 

http://www.experian.co.uk/

 

http://www.equifax.co.uk/

hmm I'll proberly give the credit reference agencies a read, but thnks all for the advice.

I suppose just getting the balance all paid back will be the best right?

Being an additional card holder on to someone elses card doesnt do anything for your credit rating, how you use the additional card just goes for/against the main card holder/

Hi all

 A few years ago I had a bit of a mishap and ended up with a bad credit history on the credit reference.

 I did have a credit card at the time and found that buying things on the card and then paying the card off in full helped to speed up the repair process.

 I purchased small items that I would normally have paid cash for, for example I wanted a DVD player and bought one for £45.  Then paid the bill off when it cam in.  I did this every month, and it took about 6 - 8 months before I started to be accepted for forms of credit.

 Today I now have an unblemished credit reference.

 

Good luck

QuizToon:

Hi all

 A few years ago I had a bit of a mishap and ended up with a bad credit history on the credit reference.

 I did have a credit card at the time and found that buying things on the card and then paying the card off in full helped to speed up the repair process.

 I purchased small items that I would normally have paid cash for, for example I wanted a DVD player and bought one for £45.  Then paid the bill off when it cam in.  I did this every month, and it took about 6 - 8 months before I started to be accepted for forms of credit.

 Today I now have an unblemished credit reference.

 

Good luck

 

Good advice even paying for your weekly petrol for example can help.