bloody credit history

ejl

i hope someone can advise me. ive got credit cards which amount to just over £8000. i applied for a loan this week and told no due to my poor credit rating. The reason for this is i was too bloody lazy to post my cheques of on time for the cards. i am now up to date on the payments, however, i had applied for loans on the internet but still refused. i had also applied for credit cards with 0% balance transfer but no. little did i know that these requests can be put onto my credit rating. my bank has told me that if i speak to companies of the credit cards they can get rid of my late payment history, because im up to date now with the payments. im hoping they are right, but i havent found any information on it.

~Beanie~

Your bank are wrong, a late payment will stay on your file it won't get removed once you are up to date and the CC company can't 'get rid' of the late payment history.

Also, as you have found out the more applications you make, the more searches will be recorded which will count against you.

A loan isn't really the way to deal with credit card debt, you need to have a lot of self-control not to run the cards back up again. Most people eventually end up with a loan and the cards to repay - like me

Post up an SOA and lets see if we can help you cut back anywhere in order to pay your cards off quicker. You can find a calculator here: http://www.makesenseofcards.com/soacalc.html

bathgatebuyer

It will take a while for your credit record to get back to 'normal'. 6 months or so with no missed payments should ensure that your score improves, 12 months or more without missed payments and there will be a marked difference.

You can write to the banks involved if you like, but they'll in all likelihood be unwilling to make any changes to your record. They will only amend a record if it is incorrect, not to do your record a favour! Unfortunately, that's the way they work ( as I found out to my cost!).