Credit Rating: How it works and How to improve it discussion area
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It's never too late.
Get a card, use regularly and clear in full each month. Set up a full pay DD so you don't miss payments.
Don't pay any attention to the score itself. Just focus on managing your credit responsibly.0 -
Deleted_User wrote: »The drop in credit score could be due to the weather. It doesn't mean anything so ignore it.
You utilisation is quite high. You could stand to get another card - another 5k wouldn't look too much for your income, and would make your utilisation better.
However, lenders wouldn't be too concerned at the moment as your debt is at 0%, so you don't look desperate for credit.
when you mention utilisation, is there a rule I should keep in mind such as the 30% one I mentioned? Or is this nonsense?
I wonder if there's anything else to consider in terms of being more 'advanced' for lack of a better term. For this I mean healthy financial situation, if the debt was suddenly recalled, I could pay it. I wondered if I basically should try to get access to as much credit as possible while it's easy?0 -
Certainly keep a healthy amount of your credit unused - 50% utilisation is often quoted, but it really depends on your circumstances.
Don't over think it, but things to bear in mind -
- Don't have so much credit that if you maxed it out tomorrow, lenders would think you could never pay it back
-Don't use all your available credit - you look desperate
- Don;t carry interest bearing debt unless you need to
- Don't make vast numbers of searches at one time - again, you look desperate.
But other than that - borrow what you need to and pay it back on time.0 -
2 years ago I received a consent order when i divorced my Ex husband which stated he had to pay any and all joint debt that was accrued when we were together, due to him maxing out overdrafts gambling and paying back payday loans.
At the time he was working for a reputable bank which held the larger of the two accounts (2k overdrawn) and we went to the back to get my name taken off the account but the bank refused - saying the consent order didn't mean anything - i believe this was due to him working for them and the adviser we saw being his friend. :undecided
I was wondering if there was anyway to challenge this by getting in touch with the financial ombudsman and/or getting a correction on my credit score, as the tiny amount he is paying off every month (if he pays anything at all) is crippling my score and i am desperate to buy a house - something i am unable to do if this carries on.
If you took the time to read this thank you very much.0 -
Will applying for a credit card with a provider that can see my current account and savings account change my chance of being accepted?0
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Hi, all... question. I have the best credit rating score...I recently applied for a loan AA and got offered 20,000 in 5 minutes at 3.1% I thought it would need a confirmation like some websites say do you want accept this.. Well, I was kind of testing the water, and I thought a willing lender search and a willing offer, declined eventually by me would not be a bad thing... I have just re applied to get the same loan and instead of 3.1% its now 9.9% whats the next step getting in contact with the AA to take the searches off my file? thanks alll0
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jacobjohn7 wrote: »Hi, all... question. I have the best credit rating score...I recently applied for a loan AA and got offered 20,000 in 5 minutes at 3.1% I thought it would need a confirmation like some websites say do you want accept this.. Well, I was kind of testing the water, and I thought a willing lender search and a willing offer, declined eventually by me would not be a bad thing... I have just re applied to get the same loan and instead of 3.1% its now 9.9% whats the next step getting in contact with the AA to take the searches off my file? thanks alll
The searches stay as long as they are correct which in this case they are. Why would you want them removed ?
Why did you apply then turn it down (have I got that right) and re apply again ?
The 3.1% is a very good rate.
Your credit score albeit good isn't seen by anyone but you.0 -
I have some credit card debt and I've just applied for a loan to pay them off. My application was accepted but the rate they've offered me is quite a bit higher than the advertised rate, and crucially higher than the rate I'm currently paying on my cards, so I've decided not to take it up.
From the MSE article I know that this search will be shown on my credit file, but not whether I was accepted or declined. Do you think lenders for any future applications will assume I was declined because no new lending appears on my file following the search?0 -
Not necessarily.
It depends on how desperate they think you look.0
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