By in Personal

The long road back to credit worthiness

I have been working really hard on fixing my credit rating for the last five years and things have been getting so much better since I finished uni. I was able to get my car on finance and a bank loan, but both with quite high interest rates due to the risk of my less than perfect credit.

I use all the different free credit checkers (everyone should do this) and I logged in today to find on one of them my credit score is 505 out of 600 and on the other its 973 out of 999! That puts me in the excellent category and apparently around 200 points above average.

Its taken five years of very hard work, comparing deals transferring balances and careful spending on credit cards but finally I am credit worthy again!

Now all I have to do is look at my existing debt and refinance it onto a better deal so I can chip away a bit more at that. This should be a fun day!

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MegL wrote on April 8, 2017, 1:28 PM

That's a great feeling, especially when you have been working on it so hard. Congratulations.

melody23 wrote on April 8, 2017, 2:56 PM

Thank you, it really has been hard work. its more the waiting that's the hard part, applying for a new card using it for a while waiting till its time to move up to the next slightly better one but not doing it too soon or it actually hurts your rating. I am hoping I can use my now great score to save me money on my current loan payments and get out of debt faster.

Colibry21 wrote on April 10, 2017, 7:47 AM

It's always great when you can get good credit. I don't want to know what mine is. It's probably not good. But I am working on it, and hopefully, I'll be able to improve it.

melody23 wrote on April 10, 2017, 12:53 PM

A few years ago mine was so bad that the sub prime lenders wouldn't even touch me (back when that was still a thing)! But I decided that I would really like for us to buy a house soonish and therefore had to fix my bad credit, it definitely wasn't easy and its a lot of waiting about for things to drop off your file etc but its definitely been worth it. A quick look at the loans I now qualify for looks like I will save £30 on my current loan and a similar amount on my car finance each month.