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    • 2004arron
    • By 2004arron 8th Nov 17, 12:55 AM
    • 34Posts
    • 3Thanks
    2004arron
    Boosting the scores
    • #1
    • 8th Nov 17, 12:55 AM
    Boosting the scores 8th Nov 17 at 12:55 AM
    Hi all

    Iíve had a problem with credit a few years back and have recently started looking at my credit scores. Since doing so Iíve made a few subtle changes and my scores have increased.

    Iíve got an Aqua card of £450 with a high Apr ( I pay it off in full every month)

    Lloydís have just given me a platinum card of £1000. I donít intend to use it that often, only for fuel ect..

    Would have the two cards in use increase the rating or decrease it?

    Thanks
Page 1
    • cjmillsnun
    • By cjmillsnun 8th Nov 17, 1:37 AM
    • 291 Posts
    • 199 Thanks
    cjmillsnun
    • #2
    • 8th Nov 17, 1:37 AM
    • #2
    • 8th Nov 17, 1:37 AM
    First off. IGNORE THE SCORES. I shout this because it is not something lenders see. They are numbers generated by the CRAs based on algorithms. What lenders do see is your history going back six years. Always make sure the details in the report are accurate.

    I'm guessing you're in the stage of trying to undo the adverse you have from your past.

    Lenders use their own algorithms based on your history as provided by one or more of the CRAs, details on your application form, and any history they may have of dealing with you.

    You notice that every CRA's score is different? Lender credit scoring produces differing results as well.

    Martin has published a good guide. https://www.moneysavingexpert.com/loans/credit-rating-credit-score

    The good news, is you're on track to improve things. Most important for most lenders is a recent history of responsible credit management. That means having some credit and using it sensibly. You've been doing that with the Aqua card, and that's why Lloyds have approved you (I'm guessing you bank with them).

    Having the two cards won't hurt as long as you don't go near your credit limit on either (I would suggest never more than half) and it is best to keep the total of what you spend of both collectively as no more than you can pay back in full every month to avoid interest payments... So fuel, the weekly shop and the like are absolutely fine. You're going to spend that money anyway whether you have a card or not. So having the cards can help as it allows you to build some good history without spending any extra money than you would've anyway. Both cards are relatively low limits so it's worth hanging onto both. That said, some companies won't like it and others will.

    There are other things that can help - SIM only mobile contracts instead of PAYG is a good example.
    • Dobbibill
    • By Dobbibill 8th Nov 17, 8:58 AM
    • 2,452 Posts
    • 3,553 Thanks
    Dobbibill
    • #3
    • 8th Nov 17, 8:58 AM
    • #3
    • 8th Nov 17, 8:58 AM
    Keep both.

    It's always handy to have more than one card. Your Aqua has been reporting longer than your Lloyds so will provide more history and also help with the average age of your accounts.

    Don't take too much notice of the score - make sure your data is correct and everything is being accurately reported to the 3 main CRAs.
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    • 2004arron
    • By 2004arron 8th Nov 17, 10:43 AM
    • 34 Posts
    • 3 Thanks
    2004arron
    • #4
    • 8th Nov 17, 10:43 AM
    • #4
    • 8th Nov 17, 10:43 AM
    Brilliant. Thanks for your help
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