Help!! :(

jmaxi

Hi can someone please advise me what to do. Today I got my credit score through Credit Expert. I'm worried to find out I have a very poor credit rating of 421.

Good Points on my report -

You make all your repayments on time and in full - no accounts have been paid late in the past six months
You are on the electoral roll (registered to vote) at your current address
You don't have any county court judgments and you have not been declared bankrupt in the last six years


Bad Points

You have made three or more applications for credit in the past six months
You have several credit agreements (excluding mortgages), and the outstanding balance is high

I had intended transfering the balance of my credit card to a 0% intrest card which is due to expire in December, but due to my poor credit rating I'm finding this impossilbe I always make payments to my current card on time and always pay more than the amount due! My credit limit on my current card is £1500 and my balance atm is £1170. Also there are 11 checks recorded on my records, 2 of these were quotes for car insurance, one from Credit Expert, two others from Halifax when they were setting up my mortgage Has anyone any advice how long it will be before my rating goes up?

thriftymomma

Ignore the credit score. It really is worthless.
If the credit card is your only active credit account then you are using 78% of your available credit. That is quite high. You need to chuck as much money at it as you can whilst you cannot get a 0% balance transfer deal.
Also if your CC again is your only line of credit then you also have a limited credit history.
You need to check out Martins guide to credit building I think.
Constantly reapplying for stuff is no good either as more searches hurt you more.
Give it time and get that cc down a bit and you should find things slowly improve.
There is no overnight fix for credit though and just because one bank/cc turned you down, doesn't necessarily mean others will too.
Good luck.

Jemma-T

Bin it or delete it. Ignore it, look after your own personal affairs and the company will either go away or you'll not need them.

If there is a data collection problem they have wrong then get them to fix it and then ignore them again and never darken their door.

These scam 'agencies' are parasites and should have no more importance added to them than a guy taking £1 for parking wearing a slightly dirty hi-viz jacket.

CLAPTON

the reason you are being turned down for a 0% CC may or may not because of your 'poor credit score'

it may be your income is low in relation to your outgoings.

some of the searches you have don't matter (they are for id purposes and not credit searches... read the description and notes you get with the report) and can't be seen by potential creditors

in any event they drop off after a year.

if £1170 is your only non mortgage debt then you are doing very well so concentrate on paying as much as possible and clear it asap.

NickX

jmaxi wrote: »

I had intended transfering the balance of my credit card to a 0% intrest card which is due to expire in December, but due to my poor credit rating I'm finding this impossilbe

Don't get too negative. Your Credit History doesn't sound too bad to me. Ignore the CRA Scores, they are a worthless random number and certainly not worth 1 penny of your funds.

Each lender has different acceptance criteria, just because one is giving you a hard time you may find a competitor accepts you straight away. Also you have a right to appeal any rejections in writing.