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

scott_lithgows

Have kept my Nationwide cc open as it,s my oldest but my latest report says it,s now being marked as open but inactive,so have closed it as my next oldest card is 5 years old.

Good move/Bad move ?

izools

As you have another card open still that has been open for a long time it's probably a good move, as it reduces your liability / exposure to credit.

So long as you do actually use your remaining card from time to time to ensure it isn't marked as dormant, but ensure to keep the balance well within the limit, you'll be considered (on the merit of your credit file, at least) a good risk. So long as you have no history of adverse credit, that is

centurion_36

Hi I applied for my first credit card a few weeks ago and was declined. I signed up for the 30 day free trial with credit expert to check my credit rating. I have a near perfect score of 972. What could be stopping me getting a card? Do i have to go for the cards with the extortionate interest rates to get a gauranteed acceptance.
The card i applied for had 0% on purchases for 12 months which i was intending to pay for my this years holiday and spread the payments over the year. I have no debts apart from my mortgage

UniqeNewYork

Thanks IZools. I have a credit card but with my bank (HSBC), I know it probably shouldn't but did wonder of having a credit card separate to bank would improve credit rating quicker, I'll be applying for Capital One Progress Mastercard ASAP, doesn't matter if its higher interest than current one as pay it off in full every month. Thanks for your help - much appreciated!

izools

Opening a new credit account will hurt your score for a while.

There's no benefit to holding more than once account of the same type. Leave as is.

Your (perceived) ability to maintain the status quo is key when creditors assess your worthiness

iwantoneplease

Just wondered if anyone else still had 1 ccj on their file from around 2006 and had managed to get a subprime card? I'm trying to dump my vanquis card with extremly high rates.

geordie_ben

centurion_36 wrote: »

Hi I applied for my first credit card a few weeks ago and was declined. I signed up for the 30 day free trial with credit expert to check my credit rating. I have a near perfect score of 972. What could be stopping me getting a card? Do i have to go for the cards with the extortionate interest rates to get a gauranteed acceptance.
The card i applied for had 0% on purchases for 12 months which i was intending to pay for my this years holiday and spread the payments over the year. I have no debts apart from my mortgage

Have you had a read thru this? http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Follow all the steps on there and that should put you in better stead for applying again in 6 months

izools

iwantoneplease wrote: »

Just wondered if anyone else still had 1 ccj on their file from around 2006 and had managed to get a subprime card? I'm trying to dump my vanquis card with extremly high rates.

Dude I managed to get a Capital One Progress with six defaults and a discharged bankruptcy on my credit file so that's possible.

What's the rest of your credit file like? Last missed payment? Any outstanding defaults or accounts in arrears? Is the CCJ satisfied? Are you on the electoral role? How long have you had your Vanquis card?

xyz123

Is it a must to check your credit report with all 3 or 4 main agencies involved or can i choose one to check my report? Shouldnt they all have same data?

Tixy

xyz123 wrote: »

Is it a must to check your credit report with all 3 or 4 main agencies involved or can i choose one to check my report? Shouldnt they all have same data?

There are 3 CRAs (any others just use data from those 3) - experian equifax and callcredit.

They won't all have the same data as lenders may choose to report to just 1 or 2 of the 3. To get a full picture of your finances you would need to get all 3. A lot of people concentrate on experian and equifax as callcredit it the least used/smallest.