News3 mins ago
bad credit rating
3 Answers
i recently applied to my bank for a loan and was turned down.I know why this is,because i have a very poor credit rating.I looked into it and i have 1 ccj for approx �350 and a number of missed payments.I am wanting to ammend these but i am in a catch 22 situ! I cant get a loan to pay off my debts because of bad credit. I am married and he has good job but doesnt want the burden of a loan so i cant get it in joint names and we dont yet own our council property.(we have lived there 5 years)i work 16 hours a week so classed as part time.Is there any hope of me finding a company thats willing to help(i want about �7000) i have applied to loads and been turned down,or am i flogging a dead horse???surely there are other people in my situ who have found something.If anyone has been in the same boat and has some good advise please let me no thanks
Answers
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It will take time, so I would follow the plan below:
Step 1: keep all payments up to date
Step 2: Start saving to pay off ccj - it will really help paying this off.
Step 3: Do not apply for any credit at all if you can help it - refusals make your rating worse
Step 4: Keep paying everything on time! Use direct debit if you can. By paying everything on time you will be repairing your rating.
Step 5: Keep your bank account within limits at all times - you may find it useful to use your overdraft to move over the more expensive debt. Once the bank has you keeping within your limits for 6-12 months they may be the most likely to give you a loan.
Hope this helps.
Step 1: keep all payments up to date
Step 2: Start saving to pay off ccj - it will really help paying this off.
Step 3: Do not apply for any credit at all if you can help it - refusals make your rating worse
Step 4: Keep paying everything on time! Use direct debit if you can. By paying everything on time you will be repairing your rating.
Step 5: Keep your bank account within limits at all times - you may find it useful to use your overdraft to move over the more expensive debt. Once the bank has you keeping within your limits for 6-12 months they may be the most likely to give you a loan.
Hope this helps.
Ask around to see how it is there please, but here in the USA - the fact that you have applied to loads may be a large part of the problem. We typically use 3 major credit reporting agencies - Equifax, Experian and Transunion. Everytime you apply for credit here it drops your credit score 15 points for 90 days - after 90 days it goes back to where it was before they pulled a credit report on you.
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