bad credit rating

[jamesanddecs]

i recently applied to my bank for a loan and was turned down.I know why this is,because i have a very poor credit rating.I looked into it and i have 1 ccj for approx �350 and a number of missed payments.I am wanting to ammend these but i am in a catch 22 situ! I cant get a loan to pay off my debts because of bad credit. I am married and he has good job but doesnt want the burden of a loan so i cant get it in joint names and we dont yet own our council property.(we have lived there 5 years)i work 16 hours a week so classed as part time.Is there any hope of me finding a company thats willing to help(i want about �7000) i have applied to loads and been turned down,or am i flogging a dead horse???surely there are other people in my situ who have found something.If anyone has been in the same boat and has some good advise please let me no thanks

[SC00BY]

If you apply for a loan. The search gets added to your credit report. If you get refused it makes your credit report worse!
Best bet is to ask at the CAB

[vicars]

It will take time, so I would follow the plan below:

Step 1: keep all payments up to date
Step 2: Start saving to pay off ccj - it will really help paying this off.
Step 3: Do not apply for any credit at all if you can help it - refusals make your rating worse
Step 4: Keep paying everything on time! Use direct debit if you can. By paying everything on time you will be repairing your rating.
Step 5: Keep your bank account within limits at all times - you may find it useful to use your overdraft to move over the more expensive debt. Once the bank has you keeping within your limits for 6-12 months they may be the most likely to give you a loan.

Hope this helps.

[BBWCHATT]

Ask around to see how it is there please, but here in the USA - the fact that you have applied to loads may be a large part of the problem. We typically use 3 major credit reporting agencies - Equifax, Experian and Transunion. Everytime you apply for credit here it drops your credit score 15 points for 90 days - after 90 days it goes back to where it was before they pulled a credit report on you.