My Poor silly young friend

[Alan @ BroomeAffinity]

fack. i just got turned down by my (personal) bank when trying to open a business account. today just went downhill in a big way.

How's your credit history? If you have some minor issues, it may be worth having a word with the business manager in your local branch and explain the situation - they might take a sympathetic view. I have submitted some borderline applications and got them through by doing this.

[lambrini_socialist]

How's your credit history? If you have some minor issues, it may be worth having a word with the business manager in your local branch and explain the situation - they might take a sympathetic view. I have submitted some borderline applications and got them through by doing this.

kinda iffy. i don't have a credit card, but i have a couple of defaults related to an ongoing dispute with my old bank over penalty charges. i think there's a few unpaid quid from an old mobile phone bill on my file too. yes, this is entirely my fault.

[Alan @ BroomeAffinity]

If its only minor, I'd have a word with the bank manager. Might also be worth getting a hold of your credit report at Experian and Equifax and seeing if you can repair them.

[Ardesco]

If its only minor, I'd have a word with the bank manager. Might also be worth getting a hold of your credit report at Experian and Equifax and seeing if you can repair them.

*sigh*

You can't repair your credit record, you can only correct inaccurate data that is held on it.

If all of the data is correct there is nothing that can be done. All these companies that offer to "repair" your credit record are full of tulip.

[lambrini_socialist]

*sigh*

You can't repair your credit record, you can only correct inaccurate data that is held on it.

If all of the data is correct there is nothing that can be done. All these companies that offer to "repair" your credit record are full of tulip.

indeed, the only way to "repair" it (i.e. improve your point score) is to pay off the bad debts, and get some good debts (e.g. a few months of regular credit card payments). this doesn't help me. basically i need to find a really slutty bank who just aren't that bothered.

[Ardesco]

indeed, the only way to "repair" it (i.e. improve your point score) is to pay off the bad debts, and get some good debts (e.g. a few months of regular credit card payments). this doesn't help me. basically i need to find a really slutty bank who just aren't that bothered.

Pay off the bad debts and then wait 6 years!!

I ended up with a couple of defaults at uni (young and stupid) and it took me a while to pay back all the money owed. The last default will be removed this July, just over 8 years after the initial default that still lowers my credit rating despite the fact that I paid back every penny I owed.

The sad thing is that if I had gone bankrupt when I left uni it would be completely cleared by now, so much for taking responsibility and paying back your debts.....

[Alan @ BroomeAffinity]

When I said "repair" I actually meant satisfy the debts. Sorry for the bad terminology. If that's not on the cards, then you do indeed need to find a slutty bank.

[51st State]

Pay off the bad debts and then wait 6 years!!

I ended up with a couple of defaults at uni (young and stupid) and it took me a while to pay back all the money owed. The last default will be removed this July, just over 8 years after the initial default that still lowers my credit rating despite the fact that I paid back every penny I owed.

The sad thing is that if I had gone bankrupt when I left uni it would be completely cleared by now, so much for taking responsibility and paying back your debts.....

Nah. Your credit rating will normally only take into account the last 12 months of credit history. These are banded into timescales, and number of late payments, so a debt from 6 years ago won't have any effect whatsoever, contrary to common opinion.

[Ardesco]

Nah. Your credit rating will normally only take into account the last 12 months of credit history. These are banded into timescales, and number of late payments, so a debt from 6 years ago won't have any effect whatsoever, contrary to common opinion.

Wrong!

I have a stack of credit reports (1 from each agency, every 3 months for the past 4 years) that will prove you wrong.

It takes into account the last 6 years and if you defaulted on an account 10 years ago, but only settled it 5 years ago it will still be on your credit record (I speak from experience).

If you get a human looking at your credit record they may well take into account the fact that the original default was many moons ago, and that you have paid everything back. Unfortunately most initial credit checks are performed automatically and don't take any of this into account. They just log the fact that there is a default on your account and dock marks accordingly.

Most people don't realise how long bad debt hangs around on your credit record, you have to be extremely anal to ensure your credit record looks peachy. Mine will be perfect in July .

[NickNick]

Most people don't realise how long bad debt hangs around on your credit record, you have to be extremely anal to ensure your credit record looks peachy. Mine will be perfect in July .

This is what I've been doing this last 4 years. Credit history before was pretty apalling and so I've been slowly rebuilding it, but it does take time.