poor credit scoring

tommy37_2

I have a problem with poor credit scoring. I have four creditcards, three of which i have balances which i transfer regularly onto other cards when the 0% interest rate expires. Thinking this is a great idea to pay off the balances without paying interest rather than going for a consolidation loan. I have a good credit rating and have never missed a payment, always settled loans etc. I have been trying to do the usual but have been refused creditcards now because of the scoring system. Does anyone know how to correct the credit scoring without having to go for a consolidation loan? Will this affect me getting a loan if thats what i have to end up doing ?

POSSETTE

i believe as of a few days ago, all CC suppliers can now "talk" to each other when they do a credit search and find out who does tarting a lot, ie swapping to 0% all the time when they run out.So they prob dont want to supply someone with a card they know they wont get any money from.someone else maybe able to confirm this later

YorkshireBoy

tommy37 wrote: »

I have a problem with poor credit scoring. I have four creditcards, three of which i have balances

Well, first of all we're in a credit crunch now. However, there are 3 important ratios in credit scoring:

• Available credit in relation to your income
• Used credit in relation to your income
• Used credit in relation to your available credit

How do you sit with the above?

Ryan_Taylor

That game usually catches up to people, and it doesn't really help establish good credit since you want a history of use on accounts - not new accounts.

Paying your debts on time is the biggest part of your credit score (in the U.S. anyway). After that, your credit history, debt ration, and ability to properly manage all types of debt (revolving debt, installment loans).

There are many "tricks" to increase your score, but most are just tricks that have some impact with short term results. To have good credit you need to develop the right behaviors, dispute the negative items you may have on your file, and build a credit history.

It's not a lot of work and it doesn't take a lot of time, but it requires discipline.

dmg24

Ryan_Taylor has been told before about his spamming, but Abuse just let him continue posting. :rolleyes:

POSSETTE

what has Ryan written that is so bad??

thriftymomma

His links in his signature. No links allowed.

skyrider007

YorkshireBoy wrote: »

Well, first of all we're in a credit crunch now. However, there are 3 important ratios in credit scoring:

• Available credit in relation to your income
• Used credit in relation to your income
• Used credit in relation to your available credit

How do you sit with the above?

Do banks report our current account/savings account balances on the credit report?

thriftymomma

skyrider007 wrote: »

Do banks report our current account/savings account balances on the credit report?

Current accounts yes. There are some exceptions though. Some accounts that have been opened for a long time etc.

YorkshireBoy

thriftymomma wrote: »

Current accounts yes.

...but only overdraft balances, not credit balances.

POSSETTE

thriftymomma wrote: »

His links in his signature. No links allowed.

ok..im with ya now thrifty momma:j