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    help with financial information anyone please?

    is there anyone out there that knows about credit? i am looking to get a loan and want to build my credit asap, does anyone know the FASTEST wa to repair credit?
    do these companies who offer a service for a fee do anything other than give advice?
    I dont mind paying if it repairs my credit but does it work?

    11 Comments

    Banned

    better off using this site (and it works!)

    moneysavingexpert.com/

    Theres no such thing as 'repairing' credit. Any company that advertises this will find it hard to explain. Your record of credit repayments and applications for credit are recorded either by Equifax or Experian credit reference agencies. Your record of transactions last for 6 years I believe. If you have paid your credit on time (whether it be credit card or loans etc) then you would expect to have a 'good' credit rating (there are many factors mainly income and dependencies) however I am keeping this simple). If you dont pay your bills on time then they also get recorded and it counts against you when a company calculates your rating for their particular product that you want on credit. And I personally wouldnt consider these 'repair' mechanisms as such so it depends on the definition of 'repair' by all parties.

    Please remember that each company calculates differently but use the same factors. For example its far easier to get a mobile phone contract that it is to get a loan simply as each product is different and will have a different credit calculation.

    there is no repair mechanism other than you paying your bills on time and living within your means and that this is reflected in your credit record.

    I'd be keen to see HOW companies that claim to 'repair' your record can do it. The only 2 ways that I would legally know how this could be done is for the company to factor the debt from the company that you owe the money to (this means they pay off your debt at a lower price however you will still have to pay them a higher price than they paid so thats how they would make money), or simply for them to arrange for you to be declared bankrupt and have your debt cleared and credit record wiped however this has legal implication and future credit implications on the individual, and you would still be paying the company money to do this for you.


    Edited by: "StevenA2000_uk" 24th Jul 2010

    effing & jeffing

    http://www.moneysavingexpert.com/loans/credit-rating-credit-score try this



    from above @ ''While expensive 'credit repair' products are often bunkum''

    bunkum = Nonsense

    Original Poster

    thats great thank you, does anyone know if it is worth getting small payday loans etc to boost my credit quickly? and how do I "add rep" now?

    Banned

    woddle1000

    thats great thank you, does anyone know if it is worth getting small … thats great thank you, does anyone know if it is worth getting small payday loans etc to boost my credit quickly? and how do I "add rep" now?


    i would say a lot of short term loans would make your credit rating go down!

    Original Poster

    I have about £6ooo availible to me on credit cards but because they have £0 balance and I dont use them I was told that goes against me (loan company told me this) so I would have thought that the more I use them and payday loans would increase my credit?

    Use your cards and always pay off the balance in full every month.

    wow your avi messes with my eyes oO

    Banned

    woddle1000

    I have about £6ooo availible to me on credit cards but because they have … I have about £6ooo availible to me on credit cards but because they have £0 balance and I dont use them I was told that goes against me (loan company told me this) so I would have thought that the more I use them and payday loans would increase my credit?



    thats BS from the loan company. I have about 20 credit cards all with zero balances and never had problems getting more of them

    Original Poster

    ok will do, thanks for your help everyone!!!
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