Getting my credit score up
Discussion
Hi guys, now I know we have lots of "how can I up my credit rating posts" but really I wanted something suited to me more than anything.
Bassicly I have an unreliable car at the moment and its still got finance owing on it. This car is again off the road and I would like to repair it first, but then also buy another car...well a van actually. The idea then would be to pay of the remaining finance on the car and then sell it.
I want something similar to an Astra Van, something that looks ok, is reliable and also not too pricey (I think 4k for a low milage, mint, 56 plate is pretty good going)
Now I have bad credit for a start because originally I went into debt on my overdraft due to some silly student spending and not really caring at the time. I paid off the overdraft charges and then got sucked into the overdraft charges = more into overdraft = more charges etc...eventually things started to get a little silly. I missed one payment on a Sky bill aswell but apart from this missed on nothing else.
Over the last year I have dragged myself out of this slowly and am now a good £100 in credit with my current account and have £300 tucked away for savings, although this is not a lot, its a lot better than I was a year ago.
The problem I have now is my current car is getting so un-reliable that I am yet again thinking about going back into the overdraft to pay for the repairs, this I do not want to do.
In a perfect world I would borrow 6k, pay off the £1500 I owe on the car, pay the £500 repair bill and then buy a van for £4k. I would then sell my original car (which mint cond is worth £2k) and pay the money from the sale back immediatly.
The only problem is my credit. I went onto a payment plan orginally which the bank set up for me when I asked them for help on the overdraft and the bank reduces my overdraft by £140 a month, the overdraft facility I have is still at £540 so as you can see I am currently £600 up on my repayments (IE I managed to repay it quicker) Would calling and telling them to get rid of the overdraft facility be a good idea and to also tell them I have already paid them back and am in no need for them to reduce the overdraft down?
Would the above help or hinder me?
Bassicly I have an unreliable car at the moment and its still got finance owing on it. This car is again off the road and I would like to repair it first, but then also buy another car...well a van actually. The idea then would be to pay of the remaining finance on the car and then sell it.
I want something similar to an Astra Van, something that looks ok, is reliable and also not too pricey (I think 4k for a low milage, mint, 56 plate is pretty good going)
Now I have bad credit for a start because originally I went into debt on my overdraft due to some silly student spending and not really caring at the time. I paid off the overdraft charges and then got sucked into the overdraft charges = more into overdraft = more charges etc...eventually things started to get a little silly. I missed one payment on a Sky bill aswell but apart from this missed on nothing else.
Over the last year I have dragged myself out of this slowly and am now a good £100 in credit with my current account and have £300 tucked away for savings, although this is not a lot, its a lot better than I was a year ago.
The problem I have now is my current car is getting so un-reliable that I am yet again thinking about going back into the overdraft to pay for the repairs, this I do not want to do.
In a perfect world I would borrow 6k, pay off the £1500 I owe on the car, pay the £500 repair bill and then buy a van for £4k. I would then sell my original car (which mint cond is worth £2k) and pay the money from the sale back immediatly.
The only problem is my credit. I went onto a payment plan orginally which the bank set up for me when I asked them for help on the overdraft and the bank reduces my overdraft by £140 a month, the overdraft facility I have is still at £540 so as you can see I am currently £600 up on my repayments (IE I managed to repay it quicker) Would calling and telling them to get rid of the overdraft facility be a good idea and to also tell them I have already paid them back and am in no need for them to reduce the overdraft down?
Would the above help or hinder me?
Edited by ymwoods on Saturday 1st May 05:50
Gassing Station | Finance | Top of Page | What's New | My Stuff