Credit rating question

[Brighton Breezy]

I have to admit I do not know an awful lot about credit ratings etc so was wondering whether people on here might know a bit more, I suspect that they do.

Is it important to start makin purchases on credit cards and paying them off to create a 'credit trail' so that companies have a history of your credit borrowing etc or is that just a myth?

 

[dougdeep]

That's how it works. Crazy as it sounds.

 

[The Great Cornholio]

Probably right. If you have no history then they don't know if you are likely to run off with their money. Bit like getting an equity card. Crazy.

 

[Wardy]

Get a credit card and use it for small purchases. The make sure you pay off the card in full in each month. This will do wonders for your credit raiting.

 

[Hunting 784561]

No its true. All payment patterns on bank loans, mortgages and credit cards are monitored month on month by the credit reference agencies, like Experian and Equifax.

BTW Richie, check your spelling again and get a fookin shave & haircut

 

[Brighton Breezy]

Cheers everyone.

Smart Mart, I have had my hair cut short mainly due to a italian barber who refused to listen to what I actually asked for.

 

[dougdeep]

I once tried to buy a bike on credit, as I had been out of work for a while and was offered a job in the next town. They refused me because I had never borrowed money before.
Five years later I tried to buy a car on credit when I was earning a really good wage. They turned me down again because I had been refused credit before.

 

[seagull1971]

Generally Richie that's how it works mate, but you could even have a poor credit rating just because of where you live, or someone else living there b4 you.

Records are usually kept on file for seven years, so if you have any doubt about your rating, send of to Experian for your file, it only costs £2.00, and it's bloody amazing what you get back.

Be careful if you live with freinds or family as information about them will also appear.

 

[Brighton Breezy]

Thats harsh Dougdeep.

Isnt this system a bit of a mockery?

 

[Wardy]

Thats harsh Dougdeep.

Isnt this system a bit of a mockery?

Yes but if the information that they have is wrong you can apply to have it changed

 

[Blue&WhiteSea]

experian have a free 30 day trial on their website where you can get to see your credit report, you can also request a credit score for £4.99 which will tell you how good/bad your rating is.
They also have lots of helpful information on how to improve your rating and correct anything that may be on your report that is incorrect.

try it @ www.creditexpert.co.uk

 

[Brighton Breezy]

Cheers!

 

[Muzzman]

If your credit rating is affected by where you live because of the previous owner you can have the 'flag' that is on your property reset. You need to call the council for advice on this though.