With more people struggling with credit score problems in these hard times, it is important that they do what they can to improve their situations. Before they can do that they must understand what it that they are up against as far as their credit profile is concerned. The only way to do this is to get hold of a copy of their credit report from either Equifax or Experian or maybe even both. This can be done relatively easily by visiting their websites and paying a small fee. Alternatively you could sign up with the "Credit Expert" website which will give you access to not only your credit file but will also let you see your credit score.
Once you are armed with your credit file you need to go through it very carefully to check that there are no incorrect entries that may be harming your score. If you see anything that is not right you can request that the credit bureaux remove the entry which should help improve things at least slightly. If however you cannot see any problems on your credit file but your credit score is still quite low, it may be because you have never taken any credit in the past. If this is the situation that you find yourself in you should apply for a small amount of credit of one kind or the other. If you can be disciplined enough to repay the balance at the end of every month, you should consider taking out a credit card. You should use your credit card to pay for your normal monthly bills and repay the balance in full every month. That will not only show the lenders that are responsible with your finances it will also show a regular payment being made on your credit file which will help improve your score.
If however your credit file shows CCJ's Defaults or missed payments on any of your bills then your only option may be to take a bad credit loan in order to try to rebuild your credit score.
Bad credit loans come in all shapes and sizes and can be used for a variety of reasons. If you are a homeowner with equity in your property probably the first choice would be to explore a bad credit secured loan. Because the lender has the added security of placing a second charge on your property they are more likely to agree to a loan. If you do take out a bad credit secured loan you should use some of the money to pay off any outstanding CCJ's and Defaults and that will help in the process off improving your credit score
If you are not a homeowner or a homeowner with no equity in their property you are going to be restricted with your options.
A guarantor loan is an unsecured loan that is taken out with the aid of an endorsement from a guarantor (co-signer). They are available for amounts up to £5,000 no matter what your credit history. In fact they do not even carry out a credit search on the applicant; the loan is basically underwritten using the guarantors' details. Assuming that you can find a suitable guarantor this is a great option, by maintaining a healthy payment record you are adding to your credit score and reduce the cost of further lending.
A logbook loan is a type of secured loan except in this instance the loan is secured on your car logbook or vehicle registration document. As with guarantor loans there is no credit check required to get the loan approved. All you will need is to be over the age of 18, own a car with no finance on it and have enough income to justify the loan.
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