OK, So my credit rating is down the pan and I'm only 19

[Consultant]

The whole point is that in most cases, if you cannot pay a small amount on time, then it's unlikely you'll pay larger amounts on time.

You can:

- Stop applying for more credits for at least half a year. (Applying for more when you are denied only lowers your score).

- Pay off any outstanding debt and/or send a letter to the credit agency or agencies with copies of "account paid" notices from the cell phone companies.

- Increase the average balance of your bank account, probably to 4 digits.

 

[Satori]

Hi JDT -
I really feel for your predicament having made a few credit mistakes myself in the past (all sorted now thankfully)! From my reading of your situation it sounds as though it will be possible to rectify your situation reasonably swiftly. Having said that, I really think you need to get advice from some credit experts... as well intentioned as the people on this forum are, I doubt they are financial advisors. You WILL be OK, but make sure that you get there through the best possible advice

These links may be helpful:
http://www.cccs.co.uk/
http://www.moneymadeclear.fsa.gov.uk/

On a different note... It's a shame that so many people on this forum felt the need to have a go at you for your financial imprudence. As a psychologist, I know that this sort of reaction usually comes from people with very low self-esteem, who try to boost this poor esteem by comparing themselves favourably to others. I guess you can make yourself feel better by knowing that in the overall scheme of things, you have a lot less problems than they do!

 

[Kardashian]

These links may be helpful:
http://www.cccs.co.uk/
http://www.moneymadeclear.fsa.gov.uk/

On a different note... It's a shame that so many people on this forum felt the need to have a go at you for your financial imprudence. As a psychologist, I know that this sort of reaction usually comes from people with very low self-esteem, who try to boost this poor esteem by comparing themselves favourably to others. I guess you can make yourself feel better by knowing that in the overall scheme of things, you have a lot less problems than they do!

How nice of you. Thanks ever so much

Yes, there we are. Whilst my credit might not be perfect, everything else with me is - I'm not bitter, nor am I judgemental, so if people who are complete strangers feel the need to bash me, or come down on me, simply because they are older, richer or have 'Demi God' under their username - let them.

How pathetic.

But thank you very much for you're help. It is greatly appreciated.

 

[r1ch4rd]

I use www.checkmyfile.com to keep an eye on my credit profile. For about £15 a quarter you can see what all three credit agencies have on you (Experian, Equifax and Callcredit).

If you have a look you can see that they don't just track your current debt. Any late payments are stuck on your profile for some time. I was interested to see all of my phone bills from many years ago still on there.

You are going to need to be disciplined and patient to get back on track. Also, remember that banks are turning down a lot of credit at the moment and borrowing rates are on the up. Now is a good time to keep away from credit cards whoever you are.

Pay off anything that you have left and then just be sensible. In time things will improve.

 

[Gray-Wolf]

Work through a consumer credit group like CCCS "Consumer credit counseling service" to pay off all debts, and not file bankruptcy, and it will help you with creditors as they see you taking responsibility for your debt. I did it a few years ago. I owed $19,000 and when it was all paid off, in 4 years, I paid in $26,000 because of interest. I bought a new truck then, and still had a low interest rate 7.9%

Then, don't repeat your mistakes

 

[r1ch4rd]

Work through a consumer credit group like CCCS "Consumer credit counseling service" to pay off all debts, and not file bankruptcy, and it will help you with creditors as they see you taking responsibility for your debt.

I don't know if this might be a bit over the top. The OP doesn't really owe that much. £250 is hardly reason for filing bankruptcy. Just taking a few simple steps can get his finances back on track. It's just about exercising a bit of common sense.