Although this may appear counter-intuitive, you are able to a positive effect on your credit rating by firmly taking down a credit building bank card.

these include high interest, low stability, cards from loan providers that are prepared to risk issuing credit to individuals with bad credit ratings. Make purchases that are small pay back at the least the minimum every month. But, you need to just try this if you plan on applying for bad credit mortgages within the next few months as each card application will appear as a hard search on your credit report if you can afford to make the minimum repayments and not.

  • Stop obtaining mortgages or other loans

The greater applications you will be making, the more serious this appears to loan providers as they view it as an indicator you aren’t accountable for your money. In the event that you make an application for a credit building bank card, for instance, and therefore are turned down, don’t instantly apply for the next card but wait a month or two before making another application. Exactly the same procedure applies to mortgages – if you’re turned straight down, don’t immediately re-apply when you are expected to have this application rejected too.

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