Very First Credit Report Viewed

badluckmitch

Just this minute seen my first credit report, and was very surprised.
As i expected not a single overdue account, or late payment.
But surprised to see that i am using 88% of my available credit, which at present is only £11,500.
How could this be, when for the last three years ive earned in excess of £20,000 per annum, i know this isnt mega money, but surely i should be allowed more, anyone know how this is calculated?

Ames

Your available credit is how much you have available to you in credit cards/overdraft etc. It's not how much you could get if you applied for more, it's what you already have.

bottleofred

Hi Badluckmitch,

As Ames has said, the amount of available credit used is the amount you have compared to the amount you owe. For example, if you have credit cards with a total limit of £10000 and you owe £8800, then you've used 88% of your available credit. I'm not sure how it's calculated as creditors have their own rules on lending, but must also be seen to being responsible (allegedly!). I hope this helps.

badluckmitch

Thanks bottleofred and Ames, see where your coming from. Special thanks to bottleofred for previous post i put up 'Totally Confused?' you informed me to checkout a credit report site, which i did, and that showed me the best card to go for, and using the info id already given i was finally accepted by Barclaycard!! Couldnt believe it, Experian done me world of good, that pleased with it im thinking of carrying on with subscription lol