Credit Score

Are you wanting to improve your credit score so you can borrow more money? Doesn't work like that I'm afraid as the only way to improve is by stopping applying for so many loans, keep up payments on the ones you have and pay them off. I assume these loans are to fund your gambling, if they are you need to stop.

Many of us have completely destroyed our credit scores, myself included, and I am slowly trying to repair it although it will take years as I have defaulted on credit cards which stay on my report for 6 years. 

Evening,

Repairing a credit score takes time. As gamblers we have completely destroyed it through our actions and it takes many years to repair.

I was 30k plus in debt and my score was destroyed. 7 years of paying back my debt helped a bit.

Eventually i managed to obtain a credit card with a £500 limit which i paid off every month. This improved my score in 6 months.

Forget about the score and concentrate on putting blocks in place to stop gambling.

I wish you well

Hello Oranje01 and Welcome.

Im going to give you some words you need to think about discuss further and build upon.

If you have a gambling problem you credit score is not your main worry at the moment. Like many gamblers I went through the stage of credit backing up my losses until it was too late. I started playing one credit card off against another and borrowing from multiple sources. I was only slightly delaying the inevitable.

Its your mind you need to heal with the help of others. Your honesty and willingness to reach out for help.

There is hope for the future with a new mindset and abstention from gambling

I built a small rainy day fund and a new outlook on credit. Im monitored and I dont borrow anything that I couldnt immediately pay back if neccessary. After two bankruptcies I am able to build a rating again with the starter cards but you need a low limit, a clear mind and a new start. I dont borrow anything off family without it being cash secured loan with no risk to them.

Why would I need loads of credit because Im clear now that debt is not freedom

However this is based on me working hard and taking on more work Im not asking you to rush ahead of yourself and you can get financial advice.

Better to talk about your debts and you can only pay back what you can afford. The citizens advice bureau are a helpful organisation to talk to.

We dont know your financial situation or what you really want to hear. We do know that you will need help for a gambling addiction and thats what you should concentrate on.

Best wishes from everyone on the forum

Mine got obliterated in 2015

I paid all my debt off last year and dont really use credit anymore but my score is still shot so i am trying to build it back up now 

Vanquis bank is supposed to be a high risk lender, they charge way over average interest rates but i suppose beggars cant be choosers

To increase your credit rating, you need to pay off several previously taken loans. You can take out a large loan and pay off small loans .... but this really is not the best solution.

It took me almost two years to improve my credit score. My negative payment history influenced a drop-down in my credit score. I've never thought that late payments will cause such drastic problems with consequences that lasted almost a year.