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

nick.evans

Well i did consider other routes, but i took the money so felt obligated to pay it back. Only one of the accounts settled is showing as paid should i follow this up or will it not make that much difference.

I have applied for and got a capital 1 card with 100 limit, 6 months of maxing and clearing several times a month got them to raise it to 200 been another 3 months now doing the same with the increased limit, so hoping its getting a little better.

Any other suggestions? would it be worth getting one of those prepay credit cards? £5 a month for a year for a better rating seems a good deal to me..

nick.evans

Oh, and on Experian/ Equifax useful tool for locating old debts, thats how i was able to settle to defaults but their scoring means nothing, i had a green, strong rating, with a score 900+ and the website said i was a good candidate for good credit deals, on applying i get rejected. It should be uch more well known their scores are very misleading, causes far more problems for those of us struggling to repair a poor rating

never-in-doubt

nick.evans wrote: »

Well i did consider other routes, but i took the money so felt obligated to pay it back. Only one of the accounts settled is showing as paid should i follow this up or will it not make that much difference.

I have applied for and got a capital 1 card with 100 limit, 6 months of maxing and clearing several times a month got them to raise it to 200 been another 3 months now doing the same with the increased limit, so hoping its getting a little better.

Any other suggestions? would it be worth getting one of those prepay credit cards? £5 a month for a year for a better rating seems a good deal to me..

Hiya

If you've paid the debt then leave it - its finished and the lender/dca does not need to comply to CCA requests when there is no debt.

Regards to crappy 1 - the limit will stay at £200. They always increase once at statement 4 and that's it. Keep this and use it properly and huild up lots of green COLOR=darkgreen][B]0[/B][/COLOR's with the credit agencies.

Pointless paying for a pre-pay card, you have an actual credit card which will help you. Just leave it at that for a few months then look at Vanquis and Aqua. Both subprime but limits can start at £250 and go to £2000 or so.

You won't get mainstream for a while but always worth trying your main back before anyone else as they have an actual history on you.

Ignore the scores you get from CRA's - they mean nothing and will not help you in any way. It is a random number - do not waste time worrying about these.

Chrysalis

never-in-doubt they increase more than once.

I started off at £200, had 4 increases and now at £2300

I ran my account like this.

For first 6-7 months used the card every month and paid it off in full every month.
For the next year or so there was a balance on the card but I pay at least £150 month on the card, 4-5 times the min payment. Also still using the card.
All 4 increases were automated and not by my request.

bingy_burge

What was your 4th limit increase? How often where the increases?

nick.evans

Never in doubt, thanks for that, i'd kinda worked out i was a bad prospect when O2 turned me down for a contract....

It was hard work getting the first increase, its only as they thought they were losing me as a customer, i am being very careful though i appreeciate any slip up at this stage will cost me dearly.

Crysalis, having not had a credit card for a number of years, i was aware they were particularly bad, i didn't realise interest accrued from the day on cash advances, along with the fee. Normally i would never use this but i had no choice, anyway it ended up with my account being 12p over for a day, although they refunded the charge incurred in is yet another blot on the file, and reason enough for them not to offer another increase, they did say using the account how i was i would have been eligible for another rise.

I did have a chat with a financial advisor at my bank when i got my new jog, set up the savings account, isa's etc, he said after 6-12 months the bank may consider me a prospect, they need 6 months he said as after 6 months they would consider the job secure and could salary into account, its been 11 months now so got an appointment tuesday morning, fingers crossed...

never-in-doubt

Chrysalis wrote: »

never-in-doubt they increase more than once.

I started off at £200, had 4 increases and now at £2300

I ran my account like this.

For first 6-7 months used the card every month and paid it off in full every month.
For the next year or so there was a balance on the card but I pay at least £150 month on the card, 4-5 times the min payment. Also still using the card.
All 4 increases were automated and not by my request.

No they do not, not on cap1 intitial.

Why do you persist in trying to argue with me?

Please go to the sub prime thread and you'll meet over 200 people that have a crappy1 card and who all agree they increase on statement 4 and thats the lot.

You must have a different card - not the initial.

The Sub Prime Credit Thread - Part IV

stella2009

never-in-doubt wrote: »

No they do not, not on cap1 intitial.

Why do you persist in trying to argue with me?

Please go to the sub prime thread and you'll meet over 200 people that have a crappy1 card and who all agree they increase on statement 4 and thats the lot.

You must have a different card - not the initial.

The Sub Prime Credit Thread - Part IV

I had one of these years ago, had an increase of a few hundred a couple of months after having the card and then nothing after that. I kept the card for years and it never changed.

ElkyElky

I had my Capital One Initial for a year and only ever had one increase. It started off at £200 and moved up to £500.

I wouldn't hold my breath for any further increases. I have one of their main stream cards now and it has started off at £100, was told I'd receive an increase in 3 months.

never-in-doubt

Chrysalis wrote: »

never-in-doubt they increase more than once..

See above for a couple of examples (many more if you need them!) ^^^^