Building a Good Credit Rating

YorkshireBoy

I can't add any more.

Go back over the thread, read and digest the points made by NickX and myself, draw the timeline I suggested, and it'll all fall into place.

Christopherj_2

Good afternoon,

About a week ago, I applied for a credit card with the post office. Having gained knowledge that encountering several credit checks could damage your credit rating, I rang the post office credit card department and asked to cancel my application. The agent on the phone advised me that they couldn't find my application on their system.

Just today, I received a letter advising me that they cannot issue me with a credit card.

Is there anyway I can have their credit search removed?

I initially was going to cancel the application but was told an application had not been made.

NickX

Christopherj wrote: »

Is there anyway I can have their credit search removed?

Unfortunately I do not think that a search can be removed once it is on our file.

However, one extra search should not have too much of a detrimental affect on your overall Credit History.

Christopherj_2

NickX wrote: »

Unfortunately I do not think that a search can be removed once it is on our file.

However, one extra search should not have too much of a detrimental affect on your overall Credit History.

I have had three credit searches within this last month. Is this bad?

NickX

Christopherj wrote: »

I have had three credit searches within this last month. Is this bad?

Well I've done more within 2 days myself, but perhaps just leave it a couple of months before applying again.

Christopherj_2

Would it show up that I have been declined for credit on my profile?

NickX

Christopherj wrote: »

Would it show up that I have been declined for credit on my profile?

No it will just show as a search.

Christopherj_2

Do you have any idea why two credit card companies have declined my application? It maybe because i'm currently unemployed.

NickX

Christopherj wrote: »

It maybe because i'm currently unemployed.

This will certainly go against you - they want to see that you have an income enough to be able to repay the debt.

Also make sure you are on the electoral register. This has a major influence on your ability to get credit.

I would advise getting a job before making any more applications so that you can put an income down on your application forms.

Christopherj_2

NickX wrote: »

The 56 days is available by timing purchases very carefully. For example, if you make a purchase the day after your Statement Date, it will be then nearly a month before it appears on your next statement. You then have 3-4 weeks to make that payment. As long as you pay in full and on time, then you pay no interest, therefore you didn't have to actually pay for that original purchase for up to 56 days.

This is standard for most Credit Cards, however if you are on a 0% promotional rate, you will pay no interest anyway as long as you make at least the minimum payment ontime.

Here's what's on my statement:

New Balance: £300.00
Minimum Payment: £12.28
Payment to be credited by: 21 Jully 2008

Statement date: 27 June 2008.