Credit Report

bgarnish

Hey there.
I have just recently signed up for the free credit report on equifax.

I have done this as i was refused a credit card from Virgin. But too my knowledge i have a good credit history with no late payments and no CCJ's.
I do however, have a couple of existing Credit cards with the 0% interest period ending very soon and this is why i tried to get another card to switch across.

I have a tesco card, £2,400
An egg credit card, £841
A Llyods TSB, £1,200
and an old overdraft. £1,400

Im trying to organise all of this debit into one managable account but im not having much luck with it all.
Can anyone please advise me on what i could do.

Also is it worth paying equifax the £5.95 for a credit score?

Thanks
Benn.

BugsyBrowne

bgarnish wrote: »

Hey there.
I have just recently signed up for the free credit report on equifax.

I have done this as i was refused a credit card from Virgin. But too my knowledge i have a good credit history with no late payments and no CCJ's.
I do however, have a couple of existing Credit cards with the 0% interest period ending very soon and this is why i tried to get another card to switch across.

I have a tesco card, £2,400
An egg credit card, £841
A Llyods TSB, £1,200
and an old overdraft. £1,400

Im trying to organise all of this debit into one managable account but im not having much luck with it all.
Can anyone please advise me on what i could do.

Also is it worth paying equifax the £5.95 for a credit score?

Thanks
Benn.

Most credit cards when credit checking use the credit agency Experian,only a few companies use equifax as you applied for virgin they would not of looked at your equifax report only experian.

Maybe it might be worth getting a free trial with experian to see if there is any reason on there why virgin turned you down.

bgarnish

Hey star-fire,
I had previously already checked my Experian file, which seemed to be fine, again no CCJ's or late payments.
Do you know if you can go back into the Experian site and reactivate my account with another 30 free trial period?

Can you give me some pointers on the things i should be looking at as well on my credit report, as there is a lot of information and knowing which sections that are effecting the credit checking would be a good starting point for me.

My account information seem's to be fine and the other section that is fairly lengthy is the Previous searches section. Is this bad?

lisyloo

Also is it worth paying equifax the £5.95 for a credit score?

Complete waste of time.
Basically a made up unmber with no relation to the system lenders use.

Can you give me some pointers on the things i should be looking at as well on my credit repor

Are you on the electoral roles? Any late payments?
Moved house recently?
If that's all fine, then what's your salary and how much of you available credit is currently used?

BugsyBrowne

Agree on the above post.

bgarnish

Hey lisyloo.
Im on the electoral role for my current address where i have been for around 1 year and 4 mths. Previously to this i wasn't on the electoral role where i was living for 1 year and 6mths.
I do not have any late payments and my salary as it stands at the moment is £44,200
On the Tesco card i have a limit of £2,500 which i have used £2,400
On the Egg card i have £1000, of which i have used £841
And the Llyods TSB card i have a limit of £2000, of which i have used £1,200

Plus an overdraft of £1,500 which i am £1,400 into.

I've been a little slack with paying off more than i should but have never missed any payment due to a direct debit setup with each provider.

The Egg card is still at 0% interest until July 2011 and the Lloyds and Tesco cards are ending there 0% interest in the next couple of days.

Im thinking of trying to bluff the Lloyds TSB card in me switching existing debt to it for around the same 6.8% interest that the Barclaycard offers and for them to keep me as a customer.
Do you think this is something that could work?

B.

lisyloo

There is no harm in trying.

I think your biggest problem is that you are almost maxed out on most of your limits.
This could look bad.
What you might see as being a "little slack" might be seen as not being able to manage your credit too well.

Could you pay a bit more of it down, as you have a decent salary?

It's basically a lot of guesswork because each lender has their own criteria, but you're close to the limit on 3 out of 4 so that's my best guess.

pedro43

I have been rejected by MBNA / VIRGIN recently i don't earn as much as you, around 25k but my debt is 30% of available credit at around 2800 and it's all on one low cost card (limit 3150). i have 3 other cards with zero balance with limits from 800 to 1500.

i think they are just being very picky. so wouldn't worry too much and just try and pay off as much as possible as quickly as possible.

bgarnish

Hey,
Thanks everyone for your replies. Do you think im just getting over worried about being refused another 0% card. And should just focus on repaying at least half on each of the cards before re-applying for new credit?

I could manage to shuffle around all the seperate payments, i just like to have it under one roof, easier to manage!

B.

lisyloo

There's a credit crunch on and lenders are being really picky. So don't take it personally. It's happening to a lot of people.

You should be able to pay some down as you're on a good salary.

bgarnish

Hey yeah that's true...

Im not going to bother applying for new credit, see what i can do with Lloyds TSB, as this is my bank and as im a "loyal" customer they might do a 'good will of gesture' and come to some sort of agreement.

Thanks again everyone!

B.