small time stooze

JAMIEDODGER

SC - how long do you think it will take to repair a credit limit doing it this way. i will not be applying for anymore credit now, as would like to pay off all debt, do what i said about spending on card and paying off in full etc....at sometime in the future i would like to apply for a cashback card.

tattooed_lady

Hi JD,

Sorry to butt in! I had a bad credit rating this time last year and applied for a Barclaycard Initial which I got, but by then I only had 1 remaining default on my credit file which has now dropped off.

I spent a little on the BC every month and then a few months down the line I got a Halifax One card and now have a Tesco card which I get points on ,and use for all my spending (paying off in full every month).

So basically within 6 months or so I've managed to get better cards but I do think alot had to do with the fact that there were no more 'negative' things on my credit reports. I have a zero balance on the BC and haven't used it in months, I phoned up to cancel it the other day and they offered to reduce rate by 10% and upgrade the card. I have left it open for time being but reduced credit limit to £500.

xx

JAMIEDODGER

i havent got any defaults on my file, i think one of my problems is that i have to stay at home to look after my son who is disabled to technically i am "unemployed". also the fact that next have given me a £3600 credit limit which i have requested loads of times to be reduced but they wont do it (have now paid off and sent letter requesting closure etc) so on my credit file i have a large amount of credit already available to me.

i am hoping by paying off in full every month and removing next from my file that given a bit of time my credit limit will improve.

JAMIEDODGER

just another thought. if when cards 2 and 3 are both clear, what if i spend on card 3 (while saving the money in ING account), the when bill comes in BT to card 2, then continue next months spend on card 3 again, when card 2 bill comes in, pay off in full....therefore earning 2 months interest on my housekeeping money? bt fee is zero.

Thefunkygibbons

Have you checked the terms and conditions as bt fee free transfers are getting rarer these days and usually only apply during a promotional period

JAMIEDODGER

thanks TFG, checked with barclaycard this morning.....the promotional BT rate fee free is until end of may, but they tell me this WILL be continued for the forseeable future....but in theory does it sound like a ok idea? i know i wont make much, but anything is still better than nothing, many thanks

Thefunkygibbons

I think that saving the money on card 3 is a good idea.

Howver transferring to card 2 will probably not get you a whole extra month, depending on statement dates.

In addition, you will need to be very slick with dates

Gioven the amounts you are talking about, it is probably not worthwhile for the risk that you mis-time it

If you get it wrong, the interest charged or the penalty charges will wipe out any additional interest saved

JAMIEDODGER

you are probably right TFG. i shall just concentrate on keeping my balance paid in full every month instead. this shall at least improve my credit rating for the future xx