Credit Rating: How it works and How to improve it discussion area

TheLearner2008

I have recently balance transferred some debt onto a 0% card.

I now have 3 credit cards, Barclaycard, Vanquis and Tesco. The Barclaycard and Vanquis is zero and the Tesco has about £1600.

Suddenly Barclaycard and Vanquis have increased my credit limit.

My 1st question: I don't want to affect my score, but I don't want the temptation of the Vanquis card around - should I reduce the limit, close the account or just cut the card up and ignore it?

2nd question: Is one's score affected by the radio of debt to credit or does having a high AVAILABLE balance also look bad?

So if I have lots of cards with 0 balance does it matter?

jackster05

I moved out of my previous home back in September last year but my new home wasn't going to be ready until December. As a result I had a few change of addresses in between - girlfriends house and parents house. I did get the post re-directed to one address but was hit and miss when I picked it up. Anyway, I had £60 oustanding on a next bill which I'd forgotten to pay the first time I got a statement. The next 2 missed and totally forgot about due to all the house stuff going on. When we came to sort the mortgage it got declined and when I found out why, immediately paid off the NEXT directory bill. However, this is now causing us problems getting credit cards etc as it keeps appearing on credit searches. I've got no other debt, I have good savings and no oustanding credit card balances. I've appealed to NEXT by email to remove the entry on my rating but they say they are unable to do this.
I've never ever had bad credit so this is bl**dy annoying. Is there anything I can do to get this removed?

geordie_ben

TheLearner2008 wrote: »

I have recently balance transferred some debt onto a 0% card.

I now have 3 credit cards, Barclaycard, Vanquis and Tesco. The Barclaycard and Vanquis is zero and the Tesco has about £1600.

Suddenly Barclaycard and Vanquis have increased my credit limit.

My 1st question: I don't want to affect my score, but I don't want the temptation of the Vanquis card around - should I reduce the limit, close the account or just cut the card up and ignore it?

2nd question: Is one's score affected by the radio of debt to credit or does having a high AVAILABLE balance also look bad?

So if I have lots of cards with 0 balance does it matter?

Have a read of this page, in particular this bit:

Cancel unused credit cards, debts and accounts.

Access to too much credit, even if it isn't used, can be a problem. If you have a range of unused credit cards, cancel most of them; this lowers your available credit and should help (see the Cancel Old Cards article for full info on what to close when).
However long standing bank accounts with good credit histories can be a benefit to your credit score, so they're often best left open.


http://www.moneysavingexpert.com/cards/bad-credit-credit-cards

confuseded

Hi can anyone advise here? I'm sure I have bad credit and am too worried to check my record as it all confuses me (I know, I know!). However, this week I've been accepted for 2 catalogue accounts offering £700 and £300 limits. I have no intention of using them but was curious as to whether I'd be approved or not as kept getting emails from the companys. I know I don't have the best credit as defaulted on a gym membership a couple of years ago during a financial nightmare (now I dont know how to sort it) as well as a couple of other minor things (late payment on mobile and settled default with next) . I have a mortgage, credit card (recently unused but still paying balance), mobile and pay bills, insurances monthly etc with no issues. I desperately need a new car which I would like to finance but dont want to shame myself by being rejected . Also is this a good idea as my house is for sale and will need to apply for another mortgage when it sells?? I'm totally hopeless with this sort of stuff! Would appreciate any advice you can offer (if you can understand my bumbling)!

BugsyBrowne

confuseded wrote: »

Hi can anyone advise here? I'm sure I have bad credit and am too worried to check my record as it all confuses me (I know, I know!). However, this week I've been accepted for 2 catalogue accounts offering £700 and £300 limits. I have no intention of using them but was curious as to whether I'd be approved or not as kept getting emails from the companys. I know I don't have the best credit as defaulted on a gym membership a couple of years ago during a financial nightmare (now I dont know how to sort it) as well as a couple of other minor things (late payment on mobile and settled default with next) . I have a mortgage, credit card (recently unused but still paying balance), mobile and pay bills, insurances monthly etc with no issues. I desperately need a new car which I would like to finance but dont want to shame myself by being rejected . Also is this a good idea as my house is for sale and will need to apply for another mortgage when it sells?? I'm totally hopeless with this sort of stuff! Would appreciate any advice you can offer (if you can understand my bumbling)!

You need to check your credit report first

platterfish

I'm not sure if this is the right place to post, but I'm sure someone can help! Im moving house, I rent a house, and moving into a new property with a friend, I gave all the details required to the letting agent, who have done a credit check , which is normal. I've checked my credit report since and I now have a financial associate on there - the person I am moving in with, is this correct procedure on simply renting a property, and will this have an impact on my credit file? If anyone could help, would be appreciated!

DocHants

Ive been monitoring my report for a while now, and was pleased it was 999 for a while... I decided to change banks, and around the same time, got a neww CC, and new home insurance, so I imagine, my lowered score is as a result of these searches.

Ive read quite a bit and understand why this has happened, but how long does it take to go back??? My debts have not increased as a result of these searches, in fact, they are lower month by month as I am paying things off... So, im in a better financial position now, than when I was a couple of months back when my score was 999.

Im a bit concerned as our mortgage is up for renewal next August, and I also need to get 2 new phone contracts in the next month or two...

I find it really annoying that someone searching your report has a negative effect even if you dont take out a financial agreement with them..

How long will it take for my scores to get back to what they were??? Is there anything I can do to improve them??

powerone

DocHants wrote: »

Ive been monitoring my report for a while now, and was pleased it was 999 for a while... I decided to change banks, and around the same time, got a neww CC, and new home insurance, so I imagine, my lowered score is as a result of these searches.

Ive read quite a bit and understand why this has happened, but how long does it take to go back??? My debts have not increased as a result of these searches, in fact, they are lower month by month as I am paying things off... So, im in a better financial position now, than when I was a couple of months back when my score was 999.

Im a bit concerned as our mortgage is up for renewal next August, and I also need to get 2 new phone contracts in the next month or two...

I find it really annoying that someone searching your report has a negative effect even if you dont take out a financial agreement with them..

How long will it take for my scores to get back to what they were??? Is there anything I can do to improve them??

Well the searches needed to get new credit fall off in a years time. This should not be a problem for the mortgage needed.

The credit score is just from the agencies and not the banks. So it doesnt reflect or mean anything anyway.

You are able to get credit, dont worry.

BugsyBrowne

DocHants wrote: »

Ive been monitoring my report for a while now, and was pleased it was 999 for a while... I decided to change banks, and around the same time, got a neww CC, and new home insurance, so I imagine, my lowered score is as a result of these searches.

Ive read quite a bit and understand why this has happened, but how long does it take to go back??? My debts have not increased as a result of these searches, in fact, they are lower month by month as I am paying things off... So, im in a better financial position now, than when I was a couple of months back when my score was 999.

Im a bit concerned as our mortgage is up for renewal next August, and I also need to get 2 new phone contracts in the next month or two...

I find it really annoying that someone searching your report has a negative effect even if you dont take out a financial agreement with them..

How long will it take for my scores to get back to what they were??? Is there anything I can do to improve them??

Your 999 credit score is no different to your 777 credit score they are just meaningless credit scores from a company that does not lend money,you have wasted your cash my friend paying for this scam.

When applying for credit, banks take many more things into consideration like income etc,also banks will not see what score experian gave you either.

annonneemouse

Hi all. I have a very poor credit history which I am going about 'fixing' as best I can - paying off debts regularly and closing old accounts etc. However I also wanted to add a notice of correction to my file to explain some serious defaults on old accounts. The truth is I simply didn't earn enough to cover payments and got overwhelmed with debt. This is no longer an issue, but if I add that as a notice will it do more harm than good?

Are there any notices which lenders look more favourably on than others? Is there a best way to word them? Any advice very welcome!

Thanks.