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by Milk Man on October 4th, 2005

Milk Man

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What is the swiftest way to repair my credit?

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  • by Anonymous on June 8th, 2006

    Anonymous

    UK perspective:

    Start by repaying all your outstanding debt. You won't get anywhere without doing that.
    Then apply for a credit card with a ridiculous 30% or similar rate of interest (It'll be the only kind you'll be able to get, but unless you've been bankrupted in the past very few people have such bad credit that they won't find some dubious bank to give them credit at a silly rate)
    Now use it to buy a packet of gum or bar of chocolate once or twice a month- nothing more than a few pence that you can be certain of being able to repay in full at the end of the month before your grace period (time between purchase and payment being due) runs out and you start being charged interest. Repay the amount in full and on time. Continue this for around a year, then cut up the card and cancel your account. Your credit rating won't be "repaired" but it will have significantly improved.

    Info from www.moneysavingexpert.com

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