Bad Debt

[johntheplamf]

As a youngster i amassed some bad debt, and as a consequence at a bad credit score. Now older and slightly wiser, i have paid all this off and sent off to equifax and found i was clear. I even got a new car on 0% finance. But i still can't seem to get accepted for credit cards, and am pretty sure i won't get a mortgage either, So is there any quick way to raise your credit score?

[WoWo]

Chicken and egg. A great way to raise your score is just to own a credit card. I'd suggest trying the bank where you hold a current account. Don;t be too worried about the rates etc as you should only use it if you can pay the money back straight away. Once you have one credit card you should be able to get others fairly easily.

[Pickle]

Or if that fails. Some credit card companies have a 'Credit Builder' card. I think Capital One have one. They have a slighty higher interest rate than the normal card but you don't need a good credit score to get one.

[BenDToy]

Agree with all previous answers, however there is no such thing as a "credit score". Equifax and Experian merely report relevant facts which they have been given by member organisations. If you have been refused a card, this will probably show up, and may be taken into account by whoever you apply to. You need to create a positive credit history, so a record of paying off loans or other debt would be useful. Store cards are often easier to obtain. If you haven't got a mortgage then I suspect some credit card companies would refuse you out of hand. Sorry if I am telling you what you already know, but it may be useful to someone else.

[JB]

Can't comment on Experian, but Equifax do provide credit scores on potential customers to credit providers. Some banks (Halifax is one) prefer to use their own judgement/scoring system as scores provided by Equifax are pretty useless when used in isolation (a person who has never had any debt/used credit can have a score of well below 75 which is considered poor.) Equifax can also provide details of any CCJ's both satisfied and unsatisfied to give a 'rounder' picture.

[Uzoma]

As the others have mentioned, check Equifax & Experian. For example, if a bank uses Experian, then what is on Equifax won't count. As far as I know, Barclaycard uses neither. Also, if you have paid off your card but it does NOT show up as paid or still shows as outstanding on your credit file, then you still have work to do. By the way, the information stays on your record for up to 6 years. By the way, a mortgage is less cut and dry - mortgages are still given to people with poor credit (sometimes at a higher rate) but this may not necessarily be the case for you.

[David Black]

The easiest Credit card to get is a Capital One with a �200 initial monthly limit. I know someone at Egg who said it was the simplist way to start building up a credit reference. Egg are fussy by comparison. Fail to manage the card and you are regarded as untouchable! Beware!

[emlease]

Well there is no such exact answer to your question because for building a good credit score you need to own a credit card and applying for a credit card you need credit score. I had an issue of bad credit score and needed to own a car but couldn’t, so at last I opted for short term car lease.
http://www.emlease.co.uk