Credit Cards for very Poor Credit Score

First, it is interesting to know how credit bureaus (CRA's) evaluate your creditworthiness. We have three major UK credit rating companies - Experian, TransUnion and Equifax - which all use different credit rating schemes. The credit rating agency assesses your creditworthiness on the basis of the following information:

Bank accounts - Bankers, bausparkassen and even utilities pass on your bank accounts to credit agencies. We will also pass on your credit cards, mortgages and cell phones contracts. All customer cards or credits will be there too. Indeed, all the finance commodity you person now or in the time faculty appear on your approval.

Judicial files - and district judgments (CCJ's), earlier receivership documents or and judicial debts documents (such as children's support) will appear on your credit score. The four key elements constitute the foundation for any credit rating, regardless of the participating agencies. It' important to keep in mind that if your credit score is bad, you won't be blacklisted so everyone can see!

It' really only important if you try to get more credit in the shape of a credit card for example or a mortgages. A few individuals have a very poor credit standing because in the past they had no credit standing and therefore no credit payment record by which to be judged (go figure).

Poor credit may also be due to incorrect information in the data or your name being appended to an incorrectly credited email and/or someone (even someone who was living at the same email before you). Poor credit doesn't mean the end of the earth. There are three things you can do today to increase your score: Create a good credit record.

Begin with a credit or debit card with a small credit or debit line (and there are some that are specifically designed for those with bad credit). Make sure you use it economically, but make periodic monthly repayments to help establish a good credit record. Every single months, review your creditworthiness and correct any mistakes immediately. It will also allow you to see if you are able to establish a better credit record.

Your creditworthiness can be checked HERE free of charge. Do not continue to apply for credits or credit cards that you know will refuse you. Doing so will have a massive negative effect on your score. It' s possible to fix a poor credit rating and recall that most credit rating agencies will only look at the last six years (and many only at the last year or two), so good budgeting and backing can reverse your credit record.