Help - my credit rating is shot!

lozzer1979

Please can someone help me!I have only had 2 credit cards in my life, I got a Halifax one in 2006 and assumed wrongly that like the first credit card that I had that they would take the minimum payment from my account like that last credit card company did. They didn't and I got a couple letters but was moving house so just thought it was a mistake, I called them and payed off the amount that I owed, changed my address and gave them my bank details to take the payments from (surely they should have had this from my application?) anyway some how this wasn't registered on their system by whoever took the call. I collected the post from my old address a couple months later to see more letters from them saying that I hadn't paid the bill, I called them and explained that I had spoken to someone with my change of address and my bank details to which they said they did not have registered. I then requested that to avoid this in future, could they take the full amount for whatever I spent on the card (I hardly use it - probably once every 3 months).I have now applied for a new credit card with Lloyds and Airmiles and have been turned down, I was also turned down last year with another company that I can't remember. Apparently its all because of these 5 missed payments.In hindsight I should have dealt with it at the time but I didn't know then that the consequences would be that I wouldn't be able to get credit until 2013!I have always had excellent credit, I have a very small mortgage and have always paid everything in on time. I realise that part of this is my fault but is there ANY way round this? My credit card company Halifax suggested that I apply for another card like Capital One that has high credit charges as I will likely to be accepted and I can then boost my credit rating. I am reluctant to apply at the rist of being turned down again and making things worse.Any suggestions of what I can do?

Any

I am affraid you pretty messed up.
You didn't mention whether you completed DD form? Or how have you assumed that they are going to take minimum payment?
However, every CC company in their T&C states, that until the first bill paid DD comes through it is up to you to check that the DD was set up ON TIME as sometimes the processing time for DD takes longer and you have your first bill before your DD is set up.

So unfortunately there is not much you can do about this.

Missed payments are very bad on your credit report in current climate unfortunately.

As for another application - how many credit applications have you made in the past 6 months in total? If just that one then I wouldn't worry, but if more I would wait.

Robert_Sterling

You do not appear to have arranged to have your mail forwarded from your old address to your new address.
You have missed five payments.
You did not notice that no payments were taken.
This way of conducting your credit card account does not endear you to other credit card companies..

Moggles_2

There's a difference between late payments and missed payments. If the former, these are viewed as negative only if you attract more than two in a short space of time. Even then, the effect is short-lived. OTOH, if these five payments were missed altogether, this would certainly explain your inability to get credit now. It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

PARIS_5000

Try capital one ,vanquis and Aqua as they may accept you and pay your bill at the bank because it is easier and you can keep track of your payments. DD is not 100 per cent so you should not count on them.

The_coolcat

i do not have a good credit record i have one default which come of in nov
and i got a vanquis and cap one in the last two week to help my credit rating so just apply all they can say is computer says no