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

everusualsuspect

Thought as much, thanks anyway.

I've already got one of the credit building ones. Starting on that long road again!

mrswoo57

I retired this year but have not started drawing my occupational pension - not old enough for state pension yet. I have enough money to live on due to a legacy, but I don't have a regular income. I have an existing credit card that I've had for years but was looking to get one for using abroad. How do I get past the fact that I don't have regular income?

[Deleted User]

You probably don't. What is your current card?

mrswoo57

Deleted_User wrote: »

You probably don't. What is your current card?

John lewis Partnership card.
Always pay it off, which it seems is not as good as it sounds

Yawn

Hello,

I have scrolled through the last few pages on this thread, but this may have come up already in some form or other (in which case, apologies!)

I recently took out a Creation Everyday Card, to use exclusively overseas (and then only for cash withdrawals because I can collect points on spending with my Lloyds Avios, which is fee free for spending abroad.)

I then cancelled my Halifax Clarity card, which I have had for years. The Halifax upset me twice in the past year. In April, they raised my personal interest rate (telling me that a higher rate was 'more suitable' for me) and then last month they wrote that the £5 cashback if you spend over £300 was being cut altogether.

My 'problem' (which I know is a good one to have) is that Creation clearly has very high hopes for me, offering me a £8,000 credit limit. This is almost twice as much as any other bank has ever offered me and more than three times my monthly salary. The question is whether I should lower my limit? I am unlikely to ever spend more than £1,000 on the card. I am also planning on applying for an Amex card in four or five months time, and I am a homeowner who needs to remortgage in two years' time. Would a high credit limit hurt or help me?

I already have three other credit cards, though I plan to close the Diamond Club one when the rewards end on 30 September.

Thanks!

CloudStrife84

Hi there, I had a letter off Capital One recently advising that they are closing my account as it's not been used for over a year. It's probably my oldest credit card that I own so am worried that it will have a negative effect on my score.


It only has a £500.00 limit on it which as mentioned is unused. I also have 3 other cards, one with a £3500 limit (which I've just made the final payment on so it now clear), one with a £4600 limit and has a £3500 balance and another that has a £2100 limit and a £1800 balance. So the £500 card only accounts for a very small percent of of my total available credit but would this still effect it either positively or negatively?


Thanks!

[Deleted User]

I wouldn't worry about losing a £500 limit card.

Your score is fictional so don't worry about any effect it has on it.

weimimamma

Hi all Hope this is the right area for this question.

I am selling my house to pay off my outstanding mortgage and some debts, My husband has CCJ's against his name and my credit rating is also low, on checking my credit score it has my mortgage amount as an outstanding debt and also 1 x credit card which I have a payment plan in place for 3 years so far and not missed one payment, apart from that there is nothing else. Once the sale goes through I will be paying off the mortgage and half the cc debt and I will also have around £50k in the bank possibly more.

We are wanting to rent a property my question is how quickly will paying off these debts improve my rating or because hubby has CCJ's will this still count against me. If so would it be worth closing our joint account so there is no tie to him there?

Any advice appreciated don't want to be homeless and not able to get a landlord to accept me due to credit score.

Thank you

DCFC79

weimimamma wrote: »

Hi all Hope this is the right area for this question.

I am selling my house to pay off my outstanding mortgage and some debts, My husband has CCJ's against his name and my credit rating is also low, on checking my credit score it has my mortgage amount as an outstanding debt and also 1 x credit card which I have a payment plan in place for 3 years so far and not missed one payment, apart from that there is nothing else. Once the sale goes through I will be paying off the mortgage and half the cc debt and I will also have around £50k in the bank possibly more.

We are wanting to rent a property my question is how quickly will paying off these debts improve my rating or because hubby has CCJ's will this still count against me. If so would it be worth closing our joint account so there is no tie to him there?

Any advice appreciated don't want to be homeless and not able to get a landlord to accept me due to credit score.

Thank you

Did you not see the post before yours ?

stefan1987

Hi there,
I am just currently trying to build my credit report up as much as i can before i apply for a mortgage and one of the negative factors i have no settled non mail order accounts, my question is what would be the best choice of account for me as my credit rating is only 500. Any help would be greatly appreciated, thankyou