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how to go about re-building a credit score?

Discussion in 'General Discussion' started by Einskis, 2 Aug 2021.

  1. touch

    Capodecina

    Joined: 28 Oct 2006

    Posts: 12,002

    Location: Sufferlandria

    Is that really a surprise, given your OP?

    Take one of those cards. It'll have a high interest rate but that doesn't matter if you pay it off every month - you won't be charged any interest. Use it for something every month and pay it off. You don't have to use it much, just a pint of milk or something each month if you want. As long as you use it and pay it on time you'll start building your credit history.
     
  2. BUDFORCE

    Mobster

    Joined: 3 May 2012

    Posts: 4,307

    I might make my own BUDFORCE credit score.

    You can all have 999 out of 1000 of you sign up and pay a small fee.

    About as much use as any of those others.

    I seen an advert of TV "Boost your credit score for free" you could do that, or find those ladies that work out of Caravans on the coast of Ireland who will tell you your fortune if you pay them.

    Honestly, there is no difference.

    You know what jokes aside I could probably run a search on you and just give you a summary which would be better that any of that ****, charge a fee for it and make a fortune.
     
  3. platinum87

    Soldato

    Joined: 25 Nov 2007

    Posts: 5,224

    Location: London

    I was stoozing on my dads credit cards before i could get my own. This developed into being obsessed about getting the biggest possible credit limit. I have achieved 1.5x gross income (as i have declared)

    When i applied for Sainsbury bank credit card, in 2018 for a 0% BT, they gave me only £1500 limit, or maybe £1800? Either way i cancelled it as that is too low of a limit to bother, certainly not enough for a BT.

    Got rid of a couple of cards so i am at basically 1.0 my gross income in available credit right now, none of it used except for a small ish purchase, paid today in full.

    So after all i that, i have reached my conclusion, i couldn't care less anymore.

    1) Don't miss any payments

    That's it. Its that simple, everything else is completely irrelevant.
     
  4. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 9,067

    Weird target to set yourself. What's the crack with that?
     
  5. platinum87

    Soldato

    Joined: 25 Nov 2007

    Posts: 5,224

    Location: London

    Did you google stoozing?
     
  6. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 9,067

    I know what stoozing is, I just cleared a £9k balance on Clydesdale Bank that had been sat there for almost 3 years.

    What I didn't understand was why you wanted your credit limit to be 1.5x your declared gross income?
     
  7. Malevolence

    Capodecina

    Joined: 21 Oct 2011

    Posts: 18,095

    Location: .... . .-. .

    Won't work for those of us who, according to said credit score sites, don't actually exist. And yes, I'm on the electoral roll, have had a mortgage, have had credit cards and have actually bought something on 0% APR credit before. Yet whenever I try to find my credit score on those sites I don't exist.
     
  8. platinum87

    Soldato

    Joined: 25 Nov 2007

    Posts: 5,224

    Location: London

    I mean is it not obvious, the more your limit, the more you can stooze?? 1.5 was not a target, it was the absolute maximum i got to.

    Anyway stoozing is long dead, while still possible its meh compared to before.
     
  9. mrk

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 89,458

    Location: South Coast

    LOQBOX type service? You get your money back at the end of the year or whatever too so essentially a win win?
     
  10. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 9,067

    The way you wrote the post it seemed like the 1.5 was the target :D

    I got onto stoozing late, could have made a small fortune. I would pay my work expense (£2k a month easily, over the last 8 years) on a 0% card. The £9k I just cleared was £5k of work expenses.
     
  11. Diagro

    Sgarrista

    Joined: 3 Jun 2012

    Posts: 9,912

    Mines 585/710.

    Imo, that's fine.

    Mines only under 600, because EON did their usual thing.. defaulting an account which has been paid off monthly.. and then "closed".. but their system decided I didn't pay it off in time so put a default on my account every single month for a year.. it tanked me fro 695 to 520.. which I manged to crawl back to 585.

    Eon, have refused to remove the default. So I'm stuck.

    Eon for you.. bunch of *****
     
  12. Einskis

    Gangster

    Joined: 12 Apr 2021

    Posts: 313

    Location: It is cold here.

    of course it isnt a surprise.

    I have got an aqua card on the way. I will set it up to be paid off fully each month by direct debit and will link it to my amazon account. When ever i buy anything from amazon, i will move the money into a pot in my monzo account and the direct debit will be set to come from that pot.

    Thank You everyone for the advice.
     
  13. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 9,067

    Dude you need to be at the financial ombudsman for that. It might not be an issue now but who knows if it could bite you in the next 5 years or so.

    Good strategy. I'd keep a buffer because it is far too simple to forget and then the direct debit could fail.
     
  14. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 23,785

    Location: Llaneirwg


    Good strategy.

    I wouldn't worry too much about the score. As has been said look at the actual report if you want insight.

    Credit utilisation.
    Missed payment history etc

    The stragey you have is good.


    I didn't know what stoozing was but I have a modest amount doing this all the time (like 3k)i just move it between different 0 perwcnt cards.

    Important, only when the transfer fee is 0 percent too
     
  15. Einskis

    Gangster

    Joined: 12 Apr 2021

    Posts: 313

    Location: It is cold here.

    good news!

    the simple act of requesting an aqua card has already changed my score. i understand what everyone has said above that score isnt important but It's superb that its started going back up.

    It now shows 605/710 on creditkarma. it was 510 before. It now says "Your credit score is good. Let’s make it excellent."

    i havenot even received the card yet, never mind using it.

    thanks again everyone.
     
  16. Delvis

    Caporegime

    Joined: 7 Nov 2004

    Posts: 29,770

    Location: Buckinghamshire

    I just have a credit card i use every day, I then just pay off the balance every so many days...

    When I was younger I had zero debt, just a debit account/card, no loans, no credit cards....score was naff because I'd never had any credit or debit, yea, the system is daft.
     
  17. BUDFORCE

    Mobster

    Joined: 3 May 2012

    Posts: 4,307

    Congrats.

    Next time you apply for a mortgage make sure to remind them how high your score is (they love that) and send it in with a copy of your 25 meter swimming badge, your practically guaranteed to get accepted.
     
  18. VincentHanna

    Capodecina

    Joined: 30 Jul 2013

    Posts: 24,385

    Virgin Money wanted to see mine and my wife's credit score when I applied for a mortgage...
     
  19. blairw

    Mobster

    Joined: 19 Mar 2006

    Posts: 3,512

    Location: Scotland, UK

    I’d factor a guess that your credit worthiness is just fine if you have no debts, a history of paying off debts and you have payed off a mortgage. I would straight up ignore the score and more look at what is in the report itself - Defaults, late payments and high credit util affect your ability to get credit, not a “Score”.

    Either way, any negative aspects will drop off over 6 years so that is the main way to “heal” - time!

    Have you done an eligibility checker on MSE or similar, you may find you are eligible for more products than you think.
     
  20. bainbridge

    Mobster

    Joined: 9 Dec 2009

    Posts: 4,491

    Location: Bristol

    I think that the score itself is an easy way for lenders, at a glance, to view the perceived credit worthiness of a potential borrower without having to dig into the detail.