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

dickdasdedly

Hi
I've a barclaycard with a limit of £14500. I'm only using £5000 of this and as its at 0%. I'm not going to add anymore now the free balance transfer period has finished. If i lower the credit limit on the card will this affect my credit rating in a positive or negative manner. As i seem to remember reading somewhere that someone lowered their limits on there cards and there rating worsened. Maybe the agencies think your having difficulty`s if you lower your limits. ??? :beer: Happy new year to all

Thrugelmir

dickdasdedly wrote: »

Hi
I've a barclaycard with a limit of £14500. I'm only using £5000 of this and as its at 0%.

From a potential lenders perspective. The 3 factors in relation to this card that they will rate you on is available credit, balance owed and the 0% borrowing. Having said that your other credit activity/history will also influence any outcome.

Looter

I've been using a credit card for the last few months to help improve my credit score by always paying in full. When I got this month's statement I thought I wouldn't be able to afford to pay it off in full so I just paid around half the balance, but I am now able to pay off the remainder just before the due by date. What I want to know is, has the damage already been done with making a part payment or does it not matter as long as the full balance is paid off by the due by date?

Thanks for any replies!

Thrugelmir

You've fallen into the trap of having a credit card. Better way of managing your money is to save before spending. Ok you have to wait for things. However not paying interest means your money will go far further.

princesslizzie

Hi all,

I just applied for a Halifax Clarity card online and was rejected. I've only had a student credit card before which I paid the £300 on it off years ago.

I had a good credit score (my bank told me on the sly!) and then applied for the clarity card and they asked for my documents and took them into the bank who then lost the documents and so my application was cancelled.

Since then my partner and I have bought a flat and moved into it. We had issues with the postcode not existing as it is a new area so couldn't move our banks straight away, we are both on the electoral roll too. I'm not in debt (apart from my mortgage!) and the main reason I want a credit card is I just have one debit card and would like to have a back up, plus to it looks like it is good to use abroad.

I applied again for the clarity card and was rejected yesterday online. My partner also applied straight after and was rejected. I wonder if the reason is that we have moved a lot (we were renting in London so moving every 6-12 months) and now we have bought, I thought it would be easier.

Is it worth applying to Halifax to see why I was rejected?

Tixy

princesslizzie wrote: »

I applied again for the clarity card and was rejected yesterday online. My partner also applied straight after and was rejected. I wonder if the reason is that we have moved a lot (we were renting in London so moving every 6-12 months) and now we have bought, I thought it would be easier.

Is it worth applying to Halifax to see why I was rejected?

They won't tell you exactly why you were rejected - but they should give you an indication.

How recently have you moved home?
Do your credit files definitely show that your are on the electoral roll at your current property?
Do your credit files definitely show your existing accounts at the new address?

That said the halifax clarity card is certainly one of the harder to get cards on the market, if you have a small amount of credit history and have just taken on a new mortgage then these are likely to be factors.

Candyapple

princesslizzie wrote: »

Hi all,

I just applied for a Halifax Clarity card online and was rejected. I've only had a student credit card before which I paid the £300 on it off years ago.

I had a good credit score (my bank told me on the sly!) and then applied for the clarity card and they asked for my documents and took them into the bank who then lost the documents and so my application was cancelled.

Since then my partner and I have bought a flat and moved into it. We had issues with the postcode not existing as it is a new area so couldn't move our banks straight away, we are both on the electoral roll too. I'm not in debt (apart from my mortgage!) and the main reason I want a credit card is I just have one debit card and would like to have a back up, plus to it looks like it is good to use abroad.

I applied again for the clarity card and was rejected yesterday online. My partner also applied straight after and was rejected. I wonder if the reason is that we have moved a lot (we were renting in London so moving every 6-12 months) and now we have bought, I thought it would be easier.

Is it worth applying to Halifax to see why I was rejected?

Any of these reasons?
https://forums.moneysavingexpert.com/discussion/5146984

princesslizzie

Candyapple wrote: »

Any of these reasons?
https://forums.moneysavingexpert.com/discussion/5146984

Thank you for your help. Unfortunately no, I'm not with Halifax, I have a current account with HSBC so don't think this would be relevant to me.

I'll ask my partner if it is relevant to him though.

affordablefurnishings

hi can anyone tell me the best creddit file search, i would rather have a soft search, thank you ,ian

affordablefurnishings

hi can anyone tell me the best soft search company to check my company credit file, thanks ian