Have you heard that a guarantor loan is a good way to improve a bad credit score? That's bad advice. There are big problems with guarantor loans and there are much better ways to improve a bad credit rating! If you already have a guarantor loan, or you are the guarantor for someone else's loan, see the bottom of this article where I look at what your options are. Many people want to improve … [Read more...]
Credit Ratings
There is a lot talked about credit ratings on the Internet but it can be very confusing and sometimes even wrong!
If you can't make the proper payments to your debts, your credit rating will suffer. But different debt options affect your credit score in different ways, so I've written these articles looking at the details of each situation.
And most importantly, when will your credit rating improve and what can you do to help this.
See The top ways to check your credit records for details.
Adding Liability Orders to credit records – a bad idea!
County Court Judgments (CCJs) are added to people's credit records, so why shouldn't the same be done for Liability Orders (LOs) for council tax arrears? This is a really bad idea, involving major problems and costs for local authorities and magistrates courts. These would massively outweigh the potential benefits. Magistrates Court Liability Order processes are not comparable to County Court … [Read more...]
Identity theft – what you need to do
This article grew out of a reader's question. Mrs J, asked: Since February my husband has started to receive letters from WageDay Advance, Satsuma and QuickQuid saying that he has loans with them that need repaying. He doesn’t have any loans. We have sent Prove It letters to all three. We have now had letters saying that WageDay Advance and QuickQuid have passed the account to debt … [Read more...]
Mortgage repossession and your credit record
A reader, Mr D, asked: I had a mortgage shortfall from 2006 after my house was repossessed by Natwest. As a mortgage shortfall stays on file for 12 years, I decided to make a Full and Final settlement offer in January this year which they accepted and which has now been paid. Now with both Equifax and Experian, the account has disappeared, it doesn't appear in my open or closed accounts. … [Read more...]
Should paying your rent help you get a mortgage?
It sounds like common sense to say that if you have paid £880 rent a month for a couple of years then you can obviously afford a mortgage costing £880 a month. And if you live in London or the south-east, you will probably add that rents are so high you can't afford to save much for a deposit, so you need your good rental payment record to be taken into account in a mortgage application. This … [Read more...]
LOQBOX – how saving can improve your credit score
LOQBOX is a clever product that can help improve your credit score as you save regular amounts of money. And there are no fees at all. Which sounds good, doesn't it! I'm tired of suggesting that people with poor credit scores should get a "bad credit card", use it each month and repay it in full each month. That works work well if you can stick to the plan... but one 24 year old I was talking … [Read more...]
How to add a Notice of Correction to a credit record – and is it worth it?
Finding something negative on your credit record is bad enough - but it feels a lot worse if you think it is wrong or unreasonable. You have the legal right under the Consumer Credit Act to add a "Notice of Correction" to your credit report if you feel something is misleading or you want to provide an explanation. What is a Notice of Correction? A Notice of Correction is something you … [Read more...]
What should the default date for a debt be?
A default badly damages your credit score, so how long will it stay there? That depends on what the default date is on your credit record. In Britain, the credit record rules say: the debt, including the default, is deleted from your credit record six years later after the first default. A debt that is marked as defaulted will be deleted after six years in all the following … [Read more...]
Do you know your debts? A quiz!
Is that debt is a priority? Could you get a CCJ for it? Why isn't it on your credit record? If you have problems with your debts, it helps to understand why different debts sometimes have to be handled differently. Getting one wrong could be a big mistake! Here is a quiz, seeing if you can place some debt examples into the right place on the diagram below. Whether you think you are a debt … [Read more...]
Can I get another car after VT or is part exchange better?
A reader asked: I want to terminate my PCP car finance. The car's fine, good condition, but we now need a bigger car. According to my contract I can hand it back. But I am going to need to get another car, so I am worried this will harm my good credit record. Would part exchange be better? Your right to end a PCP contract early Personal Contract Purchase (PCP) is the most common way to buy … [Read more...]
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