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  • FIRST POST
    • MHOWARD
    • By MHOWARD 1st Jan 17, 4:54 AM
    • 57Posts
    • 69Thanks
    MHOWARD
    Credit card and rating?
    • #1
    • 1st Jan 17, 4:54 AM
    Credit card and rating? 1st Jan 17 at 4:54 AM
    Hi, I recently got my first ever credit card as never really wanted one before. I actually only got one to build my credit rating as was turned down for a mobile contract. I signed up for Equifax and it's not that I had bad credit I infact had no credit. Never wanted it or needed it really. I eventually got a contract with Vodafone and a credit card with capital one(£200 limit). I got a contract for my son for Christmas and a credit card as it just felt slightly ridiculous as I work and am in no debt but yet I could not get basic credit, especially as I know people who are in debt up to their eyeballs but can get credit. I have spent £196 of my available £200 as I thought the more I paid back the more trust it would generate, but reading on here I think that may have been a mistake? I will definitely always pay off in full but is that a bad idea to go close to the limit?.
    Another reason for wanting a credit card is I buy a lot of stuff online and wanted the extra protection.
    Any advice on building and keeping credit would be greatly appreciated. Thanks.

    Just to add, I now have about ten credit searches as needed that amount just to get basic credit. As I said I'm new at this.
Page 3
    • Rothstein
    • By Rothstein 3rd Mar 17, 7:17 PM
    • 90 Posts
    • 11 Thanks
    Rothstein
    Regarding limit increases, the fastest route to LARGER increases is , as an example....

    Your limit is 1200, run it up to £1100 ish, pay off £800 in one lump before statement date

    Repeat

    From experience, your limit will easily go up to £2500 as an example

    Only utilising 20/30% of your card, I.e running it up to £300 and paying in full, will result in an increase of probably £400 maximum, because you are not using up to your limit , not making them money, so why would you need more ?

    Tried it all different ways, over 20 years, the first way works fastest and gets the bigger increases !
    • Chappaz
    • By Chappaz 3rd Mar 17, 7:45 PM
    • 130 Posts
    • 56 Thanks
    Chappaz
    Regarding limit increases, the fastest route to LARGER increases is , as an example....

    Your limit is 1200, run it up to £1100 ish, pay off £800 in one lump before statement date

    Repeat

    From experience, your limit will easily go up to £2500 as an example

    Only utilising 20/30% of your card, I.e running it up to £300 and paying in full, will result in an increase of probably £400 maximum, because you are not using up to your limit , not making them money, so why would you need more ?

    Tried it all different ways, over 20 years, the first way works fastest and gets the bigger increases !
    Originally posted by Rothstein
    I got a card with a £600 limit, never had a balance of more than 30% on it for the 5 months I had it, requested an increase and got £1,300. So you're wrong there.

    But doing what you've suggested regularly is bad for your credit utilisation ratio, and it's one of the most important factors. If lenders see that you're regularly almost maxing out your cards, it's a sign that you may be in financial difficulty and are therefore risky.
    • Rothstein
    • By Rothstein 3rd Mar 17, 7:52 PM
    • 90 Posts
    • 11 Thanks
    Rothstein
    Not if you are clearing it before the reporting date

    Your initial increase is typical yes, but getting from there to say £4K, you will get there quicker by using more

    Paying off large lumps, £1k plus, on a couple of cards a month, goes a long way, the bit you leave on the card is for them....
    • Rothstein
    • By Rothstein 3rd Mar 17, 8:10 PM
    • 90 Posts
    • 11 Thanks
    Rothstein
    Your score has taken a hit with both the search and the new account, it takes 3 months minimum to recover.....( which is why you may as well apply for two cards the same time !!) so during this time, use the card hard, your utilisation ratio during this period is the least of your worries!!, then start paying it off in big lumps....
    • Chappaz
    • By Chappaz 3rd Mar 17, 8:45 PM
    • 130 Posts
    • 56 Thanks
    Chappaz
    Not if you are clearing it before the reporting date

    Your initial increase is typical yes, but getting from there to say £4K, you will get there quicker by using more

    Paying off large lumps, £1k plus, on a couple of cards a month, goes a long way, the bit you leave on the card is for them....
    Originally posted by Rothstein
    Credit history is recorded. It doesn't matter what the reporting date is or when lenders pull the file. They can see all of your activity for a number of years, including your spending, payment and balance every month previously to see your historic credit utilisation.

    Obviously the most recent and current credit utilisation is most important, but if you have a history of maxing out your credit cards, that's going to stay on your file and will be seen.

    But why get there quicker? The only reason is if someone wants or needs that much credit to spend. I'm currently building my own credit file and I'll need at least a good year or two of regular, on-time payments to get up to a good standard. There's rarely a reason to blast up the credit limit as quickly as possible, especially as all of that activity, including maxed out cards, will stay on your file.

    Once you reach a limit which is not deemed to be low (which is seen as a negative), going higher makes zero difference. Whether you have a £3k, £5k, £10k or £10million limit, it won't change.

    All they care about is how much of the credit you use, and whether you pay what you owe on time.
    • MHOWARD
    • By MHOWARD 3rd Mar 17, 8:57 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    Did you tell the CRAs you don't or have never had an account with JD Williams?

    What do you mean a linked address? Has any other company listed you as being at the address JD Williams claims you were? Or do you mean just with JD Williams?

    If the only address link is JD Williams and you've never had an account with them, the CRAs should be able to dispute it for you.

    The other option is if it's 4 - 5 yrs old then the information should drop off at the 6yr mark.

    Let us know what you decide to do though so it will help others with the same dilemma
    Originally posted by Dobbibill
    The address was put on there by JD Williams, I have never had a JD Williams account and never knew who they were before the debt collector got in touch. It has only been put on by JD Williams, there is no mention of a debt or any default.
    I did dispute with experian and this is their reply-

    Thank you for your contact received on 22 February 2017

    I'm writing in relation to your recent query with:

    *Jd Williams Ta Fashion World (Address Link Dated 03/11/2012)

    They've told us that you should contact them directly with proof of residency about this matter. Their contact details are:

    Jd Williams Ta Fashion World, Griffin House, 40 Lever Street, Manchester, M60 6ES Tel: 0345 074 2024

    If you have any documents to support your query, you may wish to send these to them as well.

    In the meantime, I’m afraid I can't make any changes to the information. But don't worry, if they send us any further instructions, we will do as they ask.

    Our standard dispute statement will be removed from this information shortly. If you'd still like there to be a dispute statement on this information, I can add the following:

    "The consumer has disputed the accuracy of this entry. Given that this data is disputed, please take care if making an assessment of any kind that may include this data."

    Please let me know if you'd like this statement to be added to your report, where it will stay until you ask us to remove it.

    Alternatively, you can add your own statement to this information. We call this a 'Notice of Correction'. If you'd prefer to add one of these, please let us know, in writing, the exact wording that you'd like to use. Please note that we can't add a statement that is longer than 200 words or one we think is defamatory, frivolous, scandalous or unsuitable for publication for some other reason.

    If you require any further assistance, please do not hesitate to contact us.

    So basically I don't know what to do. I feel like just leaving it but I also feel it's a bit of a liberty when I haven't had an account at all with them.
    Last edited by MHOWARD; 03-03-2017 at 9:01 PM.
    • Rothstein
    • By Rothstein 3rd Mar 17, 10:24 PM
    • 90 Posts
    • 11 Thanks
    Rothstein
    Using up to the limit AND paying off lumps is going to reflect better

    Paying £1000 off a £1100 card bill shows much greater payment ability than running small amounts (£100) and paying it in full

    The ability to use and repay .....

    And higher limits sooner is obviously better, what take two years to do what can be done in one with the correct approach ?

    Once you have the limit you need then your score really doesn't matter , but maximising the system during that period takes a different approach
    • MHOWARD
    • By MHOWARD 9th Mar 17, 7:26 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    Did you tell the CRAs you don't or have never had an account with JD Williams?

    What do you mean a linked address? Has any other company listed you as being at the address JD Williams claims you were? Or do you mean just with JD Williams?

    If the only address link is JD Williams and you've never had an account with them, the CRAs should be able to dispute it for you.

    The other option is if it's 4 - 5 yrs old then the information should drop off at the 6yr mark.

    Let us know what you decide to do though so it will help others with the same dilemma
    Originally posted by Dobbibill
    Hi, sorry to bother you again. I have spoken to experian and they are saying that I have to contact JD Williams to have the address removed but it is not affecting my credit report in any way. So I'm thinking to just leave it as fed up with it all now.
    Clearscore have shown that I can get an aqua credit card now and I will 100% be accepted, is it worth it? Thanks
    • Dobbibill
    • By Dobbibill 9th Mar 17, 9:33 PM
    • 2,152 Posts
    • 3,270 Thanks
    Dobbibill
    Hi, sorry to bother you again. I have spoken to experian and they are saying that I have to contact JD Williams to have the address removed but it is not affecting my credit report in any way. So I'm thinking to just leave it as fed up with it all now.
    Clearscore have shown that I can get an aqua credit card now and I will 100% be accepted, is it worth it? Thanks
    Originally posted by MHOWARD
    If it's not impacting you and you can move on then do.

    What I would say is keep an eye on it as some companies have a nasty habit of plonking a CCJ etc on the file just before the 6 yrs is up. (if they can list you without you ever having an account, don't think a CCJ isn't beyond them either).

    Good luck with the Aqua application.
    • MHOWARD
    • By MHOWARD 9th Mar 17, 10:46 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    If it's not impacting you and you can move on then do.

    What I would say is keep an eye on it as some companies have a nasty habit of plonking a CCJ etc on the file just before the 6 yrs is up. (if they can list you without you ever having an account, don't think a CCJ isn't beyond them either).

    Good luck with the Aqua application.
    Originally posted by Dobbibill
    JD Williams have never contacted me personally, god knows what it's all about to be honest. But I'm sick of hearing about it now, if they did do anything at all I would gladly pay for a solicitor to sort them out.

    Just passed the online application for aqua, no doubt another small limit but that's how it goes I suppose. I never realised that only buying what I could afford would affect me in later life.
    • Dobbibill
    • By Dobbibill 10th Mar 17, 6:11 AM
    • 2,152 Posts
    • 3,270 Thanks
    Dobbibill
    I'm wondering if it's something as simple as buying a gift for someone from them, meaning they have now provided the delivery address to the CRAs as it says you have to create an account just to place an order this would be even if you paid in full via debit card etc.

    Before you go paying for any legal costs - you can make a SAR (subject access request) - it costs £10 but means they have to disclose any information they hold about you.

    all the details are here on their website 3rd paragraph down where it says.....

    It may be that you do not wish to be contacted by third-party organisations for marketing reasons or you wish to access the personal data we hold about you, or you wish to use any of your other statutory rights under the Data Protection Act 1998. If so, please contact our Data Protection Compliance Officer at Griffin House, 40 Lever Street, Manchester M60 6ES. A fee of £10 is payable for each subject access request you make. If the fee has changed, we'll tell you when you apply.
    In the meantime, good luck with your Aqua limit
    • StopIt
    • By StopIt 10th Mar 17, 8:23 AM
    • 513 Posts
    • 449 Thanks
    StopIt
    JD Williams have never contacted me personally, god knows what it's all about to be honest. But I'm sick of hearing about it now, if they did do anything at all I would gladly pay for a solicitor to sort them out.

    Just passed the online application for aqua, no doubt another small limit but that's how it goes I suppose. I never realised that only buying what I could afford would affect me in later life.
    Originally posted by MHOWARD

    As above, send them an SAR. Could be someone with a similar name, or potentially a fraud attempt or anything so for £10 it's worth getting to the bottom of this.


    On a note relating to the initial OP, I remember being in a similar position 6 or so years ago.


    Up until that point I had never taken out any form of credit, be it loans, cards etc and after meeting with an advisor at my bank (Lloyds), was told having a Credit Card with a modest limit, paying it off in full every month etc would help my credit rating.


    As it was my first ever card, I was expecting Lloyds to follow the usual route saw on these boards and put a few hundred £ as my limit. Well, it turns out my advisor has a different view of modest than me as they set the limit at £1,600. Since then it has been upped (Without asking, may I add!) every so often and stands at £4,100. I have never even got close to that limit, and still pay it off every month.


    I do wonder why my bank decided to go against what is usually seen for "No credit history" accounts, but hey ho. A less responsible person would've surely got themselves into bother though!
    • MHOWARD
    • By MHOWARD 10th Mar 17, 5:43 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    I'm wondering if it's something as simple as buying a gift for someone from them, meaning they have now provided the delivery address to the CRAs as it says you have to create an account just to place an order this would be even if you paid in full via debit card etc.

    Before you go paying for any legal costs - you can make a SAR (subject access request) - it costs £10 but means they have to disclose any information they hold about you.

    all the details are here on their website 3rd paragraph down where it says.....



    In the meantime, good luck with your Aqua limit
    Originally posted by Dobbibill
    It has to be a debt of some kind as i was contacted by debt collectors, i will do a sar if they do anything else. Until then i will just leave it.
    Thanks for the help, I will keep you updated as to my aqua limit as i bet your life cannot go on until you find out
    • Rothstein
    • By Rothstein 11th Mar 17, 3:27 PM
    • 90 Posts
    • 11 Thanks
    Rothstein
    No, no and just....no !!!

    Run it to 90% of its limit

    Pay off 75% of that....

    Repeat
    Repeat
    Repeat

    And do it more than once a month...

    That's if you want a limit increase large and fast

    If you want to follow the sheep be my guest, if you want results read the above.....the Uk is 29 years behind USA in all things banking, learn from the future !
    • MHOWARD
    • By MHOWARD 11th Mar 17, 9:54 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    No, no and just....no !!!

    Run it to 90% of its limit

    Pay off 75% of that....

    Repeat
    Repeat
    Repeat

    And do it more than once a month...

    That's if you want a limit increase large and fast

    If you want to follow the sheep be my guest, if you want results read the above.....the Uk is 29 years behind USA in all things banking, learn from the future !
    Originally posted by Rothstein
    But then I would be paying needless interest,what is the point of that?
    • redux
    • By redux 12th Mar 17, 2:09 AM
    • 16,731 Posts
    • 20,812 Thanks
    redux
    .....the Uk is 29 years behind USA in all things banking, learn from the future !
    Originally posted by Rothstein
    The USA is where toxic packages of badly underwritten and multiple-resold debt brought down some banks there and here a few years ago.
    • StopIt
    • By StopIt 13th Mar 17, 8:41 AM
    • 513 Posts
    • 449 Thanks
    StopIt
    No, no and just....no !!!

    Run it to 90% of its limit

    Pay off 75% of that....

    Repeat
    Repeat
    Repeat

    And do it more than once a month...

    That's if you want a limit increase large and fast

    If you want to follow the sheep be my guest, if you want results read the above.....the Uk is 29 years behind USA in all things banking, learn from the future !
    Originally posted by Rothstein

    Wow, worst post I've seen here in a long time.


    Anyone trawling around looking for help on how to improve your credit history and ending up here please disregard this appalling "advice".


    Edit: And while we're at it, is Chip and Pin a universal thing in the USA yet? Didn't think so.
    Last edited by StopIt; 13-03-2017 at 10:04 AM.
    • Sncjw
    • By Sncjw 13th Mar 17, 12:35 PM
    • 1,321 Posts
    • 801 Thanks
    Sncjw
    Rothstein your a moron.

    Telling people to use 90% of the card will result in fees for going over the limit due to spending more the next month prior to paying it off.
    • MHOWARD
    • By MHOWARD 13th Mar 17, 4:41 PM
    • 57 Posts
    • 69 Thanks
    MHOWARD
    in the meantime, good luck with your Aqua limit
    Originally posted by Dobbibill
    Hello again mate. Now i know other people are reading this thread so i don't want it to seem like I'm boasting or trying to make others jealous!
    My card came today and my credit limit is £100, yes a whole one hundred pounds
    • Dobbibill
    • By Dobbibill 13th Mar 17, 6:18 PM
    • 2,152 Posts
    • 3,270 Thanks
    Dobbibill
    My card came today and my credit limit is £100, yes a whole one hundred pounds
    Originally posted by MHOWARD
    Wow - don't spend too much then

    and make sure you pay off in full
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