How I Rebuilt My Credit History

I am one of those people that had been plagued by having been irresponsible in the past with credit that had been offered to them. After defaulting on a few loans, having made late credit card payments and a few court summons, I started to get turned down for anything I would apply for and I finally ended up with a County court Judgment for a student loan that I had taken out years earlier.

This seemed like an end to me getting any type of credit for the next six years, even though I paid the student loan back six months after the County court Judgment. After getting rejected for a mobile phone contract, I started to check with credit reference agencies about my credit profile because at that time I was thinking of buying a house.

I had grown tired of renting, as I had been renting for the last ten years and had been moving every year or so. What I found from my research was that a number of things determined how good or bad your credit will be. One of the most important is late payments on any type of credit you might have. It can be a credit card, loan, mortgage, mobile phone bill etc. and the other is how long you have been on a voting register.

After getting offered a high interest rate mortgage I decided to carry on renting and I moved to a new address. The first thing I did was register myself on the voting register at the new address and get a new land line number, that was not ex-directory. The most important thing I did was not to bring any of my previous bank accounts, credit cards, mobile phone contract to the new address. So I ended every account that I had and did give my forwarding address to any company.

As soon as my name came on the voting register at the new address, which was around 2 months, I applied for a mobile phone contract with the newest network and in the application did not mention any of my previous addresses and to my surprise I passed the credit check. I was working at that time and was getting paid into a savings account that I had opened; the savings account was with a small building society that did not do a credit check. After a few months I applied to a high street bank for a current account and to a greater surprise they not only opened an account, they gave me a visa debit card.

After paying my wages into that account for six months, I asked for a credit card and was given a credit card with a six thousand pound limit. After that I have had no problems with getting any type of credit and I recently got a mortgage from high street bank at a very good rate. The most important lesson I learned was that to never make payments late to any type of credit you have and the best way to do this is to set up direct debits.

My credit history is now fantastic and the reason for this is I never miss any payment and I am very disciplined in how much credit I apply for and use. If you are young and new to being offered credit please be sensible and dont make the mistakes I did.

Steven Ali has started work for a loans company dealing with secured loans for people with all types of credit. http://www.personal-secured-loan.co.uk

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