I want my Credit ScoreI' m trying to get my credit rating
Restoring our creditworthiness
Having read this blogs for a while, you may know that during our times in debt, we had to complete a DMP because we could not allow ourselves to make our own repayments. With our believers we agreed to make a lower, more controllable monetary contribution while our financials were really poor so we could allow ourselves to do it.
However, this means that every few months we are in arrears with our debt because we do not adhere to the initial loan contracts. Initially, we did not know what effect this would have on our creditworthiness, as survival was the top priorities. One of the major effects of participating in a LMP is that the failures remain on our credit files 6 years after the date of the last failure, making it hard for us to obtain credit during that period.
While we don't want to end up in a shedload of debts again by any means, but we do want to get a mortgages one of these days, so we have to do what we can to fix our creditworthiness, to keep ourselves in good shape, to get a mortgages when the times are right (and when we've spared a massive down payment).
Again and again I refer to "our" creditworthiness as I am writing this because the husband and I are linked to each other's credit files and any mortgages for which we are approved are always linked to our two results. That is to say that my own score, when I last reviewed it a few month ago, was in the high 900s, which means it was high.
DMP was only in the husband's name, so we completely anticipated that his credit rating would be quite bad and that we would have to waste a long amount of quality improving it. In order to do this, we registered for a free Experian evaluation version (and immediately canceled it to save money)!
What is a good credit rating? A credit rating between 881 and 960 is good and a credit rating between 961 and 999 is outstanding, according to the Experian. I think the mean credit rating for the Experian is 900. Think of our suprise when the husband's credit rating was 975?! Obviously, we thought there must have been some kind of flaw initially, but looking at the credit reports in detail, it shows that the husband has a choice of credit assets and manages them well (our mortgages on our former home and our home bank accounts). Our credit reports show that the husband has a choice of assets and manages them well (our mortgages on our former home and our home bank accounts).
Everything that shows up on the credit reports and on the bad debts. And we can also see that there is no longer a harmful imprint on the record where he applied for credit and was then refused, as this would undoubtedly have reduced his creditworthiness. These are a few things that we plan to do to ensure that the credit rating of the husband on the face of things is high.
It is not our intention to seek a mortgage in the foreseeable term to prevent refusals from showing up in his record. Several of our believers contained in our GMP have flagged the husband's record as the paid indebtedness and the close bankroll. It is at the creditor's own judgement to flag the liabilities as settled and it seems that some of them have chosen not to do so.
Another thing we will do is to apply for a "bad credit card" which we know will be acceptable to the husband (already had a Vanquis guarantee quote by mail, but will check all poor credit out there to see which one would best fit us).
To be able to be credited for a credit and then show that credit can be used correctly by fully covering it every full months should really help sustain the husband's apparently "excellent" credit rating. How do you rate the creditworthiness? You got any advice on fixing credit crunch?