How do some credit cards rebuild your credit rating?

Good question !

And could you DIY for free ?!

I've no experience of these, but it sounds like one of those industries created to prey on consumer ignorance, making out they're doing something that people can't already do themselves. Read the Credit Repair Agencies link here for a flavour -

Daytona

Isn't it simply that they *will* give you a credit card? [But after that, nothing special.]

You get a card from them, behave well & look after the credit line properly, then your credit rating will naturally improve. If you can't otherwise get a card, you'll not be able to show how good you are going to be, so there'll be no good data on your credit file!

"Daytona" wrote

Well, if they are the only co who will give you a card, and you don't take theirs - how will you 'DIY' show credit lenders that you'll be OK in future?

Unless your lender (HSBC, are you listening?) doesn't supply information to the credit reference agencies. Then you have little chance of getting credit elsewhere, even if you have a great record with your original lender.

If you don't know what's in your file, I highly recommend getting a copy. It only costs 2 pounds per agency.

See

The only way I could get credit elsewhere was go through the appeals procedure of the lender, giving several months of copies of my bank and credit card statements to the new lender. One lender wouldn't even let me do this.

cd