New to the site but have a few questions?

bingy_burge

Right I have had trouble with credit in the past but until this year all I had was a cash account with halifax and rbs key acc. I just default on my natwest overdraft a couple years ago and my first credit card and a next acc. Natwest shows as it only two years ago mostly charges.

The only credit I had was a car loan 12k sub prime which I am in the last of 4 years had a few 1 month late payments but it shows as satisfactory on experian. Then last year I got a orange contract phone all paid on time for over a year and they have given me a second contract.

So I found this site as I went to get a new cash card acc with Lloyds and they credit check and tell u what they will offer. So I was suprised when the said yea have a classic account visa debit .no cheque book or overdraft.

So I checked my credit file and got a score of 620 with experian. I then used this site and really wanted a credit card and got a barclay Intial with £400 limit. Then I went to rbs and asked for a normal current acc and they said yes minus overdraft and with solo card I have on the key acc (Now order a visa debit card).

I have then a month last got carried away and applied for a capital one which I got with a £200 limit and a vanquis which was decline. I also have a £150 with jacamo.


I am paying off the credit cards in full with £100 plus balances how long should I leave it b4 applying for an overdraft I only want a small one?

I was told by my rbs manager if I close the key account and wait a month I will get highline card but I have ordered the cashline plus visa debit (Has anyone got one of these)

I think I have knocked my credit rating back by getting carried away should I wait 6 months before applying for anything else.

jambosans

Why are you in such a rush to build up a mountain of credit again? I can understand wanting to rebuild your credit history, however three credit cards plus two bank accounts is ridiculous. You're simply asking for another set of defaults by having a potential debt that cannot be repaid. Why not try living within your means?

My overarching question is, what is the point? As soon as your credit history improves is not an excuse to go out and get as much credit as possible.

bingy_burge

I just got carried away.

I am not going do the route of buying things I can't afford again I just like having it as it makes me feel part of normal society I hated not having a credit card and a childs debit card.

I am being very careful I keep £500 in my current acc as I buffer so my banking behavour score is good.

My capital one card has my road tax 120 on it and I will clear in full this month first statement. I have just paid 233 off my barclay card with a 400 limit and jsut put 200 quid of shopping and fuel on it a month and pay it with the cash that is sat in the bank.

I have learnt from my mistakes I just having the cards and the credit as it makes me feel like I am not a financial lepper.

I reckon vanquis declined me as two many searches.

jambosans

bingy_burge wrote: »

I reckon vanquis declined me as two many searches.

Probably. I take a different approach on credit to you, I only use it if there is some benefit from it, for example Clubcard Points on my Tesco CC. Otherwise, if I have the money in the bank I just spend from there. Obviously if you pay it off in full each month then there is no harm, but merely having the temptation there with such a large amount of credit is a risk. I would cool the searches for six months.

bingy_burge

Yeh I will I see using credit cards as free and start moving cash into interest paying accounts.

I wont apply for anything else for six months but I have no overdraft at the mo which is anoying me.

chris_m

I would say that not having an overdraft is a good position to be in. Not having an overdraft facility is even better as it avoids temptation ;-)