My credit rating.....

Stirling

is pretty awful, I checked on Annual Credit Rating UK and have 1 star out of 5.

This has caused me a few issues as lately I have been trying to obtain a 0% credit card to try and reduce debt I have on my current Halifax card. I was rejected by many companies then out of the blue I was accepted by Virgin Money. I then recieve another acceptance the following day from MBNA.

I have already accepted the Virgin card and transferred my balance across though my question is if I accept the MBNA card also, will this improve my credit rating? Or is it just being accepted that improves your credit rating?

Thanks!

bingy_burge

Only once you have had the cards about 6 months and made at least your minimum payments each month.

If you can put a smaller balance on one and clear it in full each month.

I assume the b/t will be paid off over a period.

B/t I am told actually damage your credit rating or at least have no effect at all as your not repaying just shifting the debt to another lender.

The onlyy negative effect can otherwise can be having to much unsecured borrowing. If you don't mind me asking what level of credit is open to you?

kindofaverage

bingy_burge wrote: »

Only once you have had the cards about 6 months and made at least your minimum payments each month.

If you can put a smaller balance on one and clear it in full each month.

I assume the b/t will be paid off over a period.

B/t I am told actually damage your credit rating or at least have no effect at all as your not repaying just shifting the debt to another lender.

The onlyy negative effect can otherwise can be having to much unsecured borrowing. If you don't mind me asking what level of credit is open to you?

thanks - I had no idea that b/t could damage your rating.

Stirling

bingy_burge wrote: »

Only once you have had the cards about 6 months and made at least your minimum payments each month.

If you can put a smaller balance on one and clear it in full each month.

I assume the b/t will be paid off over a period.

B/t I am told actually damage your credit rating or at least have no effect at all as your not repaying just shifting the debt to another lender.

The onlyy negative effect can otherwise can be having to much unsecured borrowing. If you don't mind me asking what level of credit is open to you?

Well on my Halifax I had 11k though on my new Virgin card that's been reduced to £8900.

bingy_burge

It depends what other credit accs such as mobile phones, catalogues and overdrafts they come into it.

Your credit rating can't be that bad as both the halifax and virgin are mainstream prime credit products so you will have a good to excellent score with no ccj defaults and probably not late payment in the last 6 years. You must be on the electoral role and have a reasonable income.

I wouldnt worry even the best credit reference agencies scores mean very little its better to measure your score by the products you can get. If you can get a virgin card you must have good credit they don't lend to anyone with poor/lack of credit history.

Stirling

bingy_burge wrote: »

It depends what other credit accs such as mobile phones, catalogues and overdrafts they come into it.

Your credit rating can't be that bad as both the halifax and virgin are mainstream prime credit products so you will have a good to excellent score with no ccj defaults and probably not late payment in the last 6 years. You must be on the electoral role and have a reasonable income.

I wouldnt worry even the best credit reference agencies scores mean very little its better to measure your score by the products you can get. If you can get a virgin card you must have good credit they don't lend to anyone with poor/lack of credit history.

OK, thanks for the information bingy.