credit rating issues

kcsc

hi looking for some help my current balance transfer with mbna is coming to a end soon gave them a call to see what was on offer or a roll over for stoozing, nothing offered so i was looking around and opted for abbey call them and went threw my application over the phone was advised it was referred to underwriters never had any problems in the past so sign up for Experian to check things out . could it be that i have to much available credit as i have the following cards Barclays, goldfish 9,500, egg 9500 egg money5,500, post office 6,500 mbna 2 cards 12,500 and a few others that i keep with limits ,off under 1000 that I don’t use, apart from the mbna card which has current 0% offers all others cards used get paid off in full every month no mortgage arrears no loans , or could it be i had a on going dispute with next re faulty goods and returns which i refused to make payments as i was getting no where, finally i paid it off a 6-7 weeks ago as could no longer stand the hassle , but when looking at my report there are quite a few defaults with next with all other cards and all payments perfect. Or are the abbey fussy ,don’t know if ive done the right thing called customer services and requested that my application be with drawn just in case I get a refusal, decline did I do the right thing? Or will it be to late , how long will these defaults be on my credit footprint I now know how stupid I was is there any thing I can do to get them removed

Moggles_2

How long were you in arrears with Next, weeks or months?
Did you receive a default notice from Next?

kcsc

i know it was stupid now by the look off things for sutch a small amount final payment was about 90 pounds and it went on for months i think some final demand letter/ default letter that came in thats when i paid it off the balance but as i said all other cards were paid on time and were required in full to make things ever more bizzar i gave in to family pressure and orderd a stack stuff this morning on line and the mrs was down at the local store at 6pm as going away on hoilday soon . all this before i looked at my credit report.

stephane_2

If you have a default then it will be on your file for the next 6 years, you generally get a default after 5 consecutive missed payments, but for any lenders looking at your file they will not touch you with a bargepole with default on your file some don't even accept people with one single missed payment

kcsc

6 years !! Went back in and check my file no default max 4 payments late in sequence how ever 10 missed or late payments over the year all with next every thing else on time all {0} . So how bad is this, how long will this affect my rating , Is there any thing I can do now to help my score now . the cards that I don’t normal use i.e. don’t get points rewards on them etc should I start using them to help my score i.e. the amount off cards being paid off in full every month or cancel them to reduce the available credit to me

YorkshireBoy

kcsc wrote: »

Went back in and check my file no default max 4 payments late in sequence how ever 10 missed or late payments over the year all with next every thing else on time all {0} . So how bad is this

Very bad. Something similar nearly stopped me securing a re-mortgage deal back in 2001 (and that's before the credit crunch we have at the moment!) when my wife had had some trouble with a catalogue account some 5 years previously.

how long will this affect my rating

I'd say certainly a year...2?...maybe even 3?

Is there any thing I can do now to help my score now .

Not your score...your rating. Consider placing a notice of correction on your credit files.

the cards that I don’t normal use i.e. don’t get points rewards on them etc should I start using them to help my score

Chances are they're being reported as 000000 anyway...even though you're not using them. Have you checked? If they are you've nothing much to gain by using them.

or cancel them to reduce the available credit to me

Probably won't achieve anything, and is not in itself a problem...depending on your salary/income.

Moggles_2

We do not have the right to have information removed if it is basically correct, but you can ask the credit reference agencies to put a notice of correction on file explaining why you think information is misleading. This notice will then be seen by banks, mobile phone companies etc, when you apply for credit.

Note: most credit decisions are computerised, so if there is a notice of correction on your report, your credit applications will take longer to process because they have to be referred for a manual decision i.e. a person will decide whether or not you can get credit.

Other than this, only the passing of time will help, unfortunately.

As above, I definitely wouldn't cancel anything. You may be able to keep interest charges to a minimum using the cards you already hold. For details, see Martin's *Credit Card Shuffle*article

http://www.moneysavingexpert.com/car...-card-interest

kcsc

Yorkshire boy loved reading some off your posting on the stoozing site last year bye the way got 13months @1.5% fee last year thats when I applied for my egg money card I was also going to apply for a re-mortgage new fixed rate soon been with the same lender 19 years looks like things could be tough. 2-3 years for such a small amount that just not right my parents have just had there tenants carry out a moon light flit on a 10 year lease owing to them plus back rent and moneys due to many others huge sums and there not a thing they can do as it appears they done this thing before , things are just not right . I can prove that I paid off monthly cc payments 8-10 times higher than the amount due to them.
Consider placing a notice of correction on my credit file what’s the best way to do this ? should i wirte to my card providers asking them for my trading history etc
Re {0} months all the same when using them or not have also noticed one off my cards had for years is not showing on my credit report its in my middle name which I use as my first name if you no what I mean ie every calls me by my middle name is this good or bad now .re salary/income not low but not high but no one knows what’s round the corner

thanks to moggles will take a look re interest cards with balances 6k just roll over on to p/o only got 6 months 2.98 fee but loose more if was to pull out form else where

YorkshireBoy

kcsc wrote: »

Consider placing a notice of correction on my credit file what’s the best way to do this ?

It's placed with the CRA's. Details on their websites, eg Experian have this to say...

http://experian.metafaq.com/templates/experian/main/resultsPage?id=JUUJTCAFNGBO86VENHVHL9DPJK&_mftvst%3AtopicID=%24&_mftvst%3AmoduleID=%24main&nlpq=notice+of+correction&kb=main&x=18&y=12

stan92

Normally credit reports keep the information for 6 years. Then by law they must remove defaults or CCJ's.