Credit File

[Merthyr]

Hi im 19 years of age and have really bad credit i have around 14 account with 5 defaults on and the rest im paying regulary and the some i am missing payments on because the debts are to big to pay.My credit score is around 30 which i know is bad but recently i have been accepted for a studio account,virgin and three contract , I was wondering does any body have any tips on improving it or any catulogues etc i could apply for to improve my credit.Thanks

[ummmm]

You are joking...right?

[Merthyr]

No im serious.

[sara3]

before you spend more of someone else's money, what are you going to do about your existing debt?

[cazzz1975]

all that debt and your only 19??

why dont you work on paying off the debts you have, talk to the debt collectors about the ones that are too big so you can rearrange payments to a relistic amount you can afford, dont start getting more credit when you are clearly out of control with your current financial commitments!

[Merthyr]

Im currently in debt management with Gregory Pennington paying 200 pound a month to pay off the 3k balance,Im just scared as my credit is bad and it needs improving.

[cazzz1975]

dont worry about your credit for the time being, you cannot afford more stuff, pay off your debts first.

[sara3]

your credit is bad, but accruing more will not help. I'd suggest you have a serious shopping problem.

[brenda]

See the Citizens Advice Bureau for help to organise your repayments , if you haven't done so already.

Forget increasing the debt-- you are heading for serious trouble as it is with the probs you already have.Remember a bad credit record can follow you for the rest of your life and you are young at present.

[Merthyr]

It was all down to my compulsive gambling problem which is now sorted out.Thanks for the advice though.

[ummmm]

When you've paid off your debt your file will be marked as 'satisfied' that will improve things.

[cazzz1975]

gambling is a mugs game..

glad you are over it now.

[Merthyr]

I was thinking with the current defaults on my account which adds up to five,whats the point in paying this off as this is removed of my file in 6 years if paid or not paid so i wouldnt benefit from paying it off or would i?

[brenda]

So pleased you are over the gambling --- very hard to do.

[Mr Veritas]

If you are in as bad a state finacially as it sounds,I would consider going bankrupt.
Have a look at the Insolvency Service (part of the Government) here:~
http://www.insolvency.gov.uk/
and see if it can help you,

[Merthyr]

Thanks again .

[theonlyone]

Why don't you have a consolidated loan , the bank will help you with
that ,that way you're only paying one lot of interest .

[smartie733]

I dont mean to be rude but with credit history like that i doubt the bank would give a loan. Do defaults still only stay on your credit file for six years even if not paid?

[zzxxee]

contact national debtline for advice

[redcrx]

"I was thinking with the current defaults on my account which adds up to five,whats the point in paying this off as this is removed of my file in 6 years if paid or not paid so i wouldnt benefit from paying it off or would i?"

you're right, why should you bother paying off any of it,default on it all and in 6 years you can default on a load more.

Oh how i wish I'd know such things at 19