Running out of credit Cards for BT

Zebedee69

Dear Merlin....

If your going to be a good tart then you realy realy Realy should research credit ratings and what they mean etc etc. Plenty of info out there and its very empowering when you know how to engineer your credit rating into a cast iron score. Lots of info both on this website and other about how the system works.

Everything Experian have said is true, if you constantly apply for cards your score goes to the dogs (Like Yours) fortunately if you keep from applying for a few months maybe even a year then things will be better then.

Have you thought about paying back the debt a little bit? Tarting is great but iv a feeling your going to get squeezed tighter and tighter until you decide to opt for a low Interest or 0% offer and pay it back slowly.

I cant see you getting a 0% offer and to be honest iv a feeling you wont get offered any cards for the next while.

10 Applications in two months is a massive amount!!! - which is why you have a score of....

424 Is about as low as credit ratings go!!! Unless you have been declared Bankcrupt or defaulted.

Putting a notice of correction on your report is a big no no.... Most banks dont even review people if they have a Notice on their report (Why would a bank trust you if you have to explain yourself???). You should realy think about deleting the notice from your file if possible as it will shoot you in the foot for many years to come!

I hope thats the wake up call you need to look after the debt, stop applying for something i doubt your going to get and make a start paying it back.

Sorry for the bad news mate. Im not being an !!!! or something I just realy wanted you to understand what you need to do to sort yourself out. I got into that situation too and luckily im debt free now after some hard graft and my rating is 900+ so it defo can be done no problem at all.

Just takes a little work (-:

MrChips

Merlin - Zebedee is talking a lot of sense. No point applying for any more cards for a while, it will be a waste of a credit search.

This link might help you...

http://www.stoozing.com/cra.htm

Zebedee69

Oh Merlin..... Please dont think im being a moose either.

Just trying to help and spread the love...... (-:

tom188

I will still press Experian to justify how they can reduce your credit score just by the number of applications made when they haven't been taken out and remain dormant. Surely they must look at your ability to pay and your past payment history, which in my case is good.

This is nothing to do with experian, they do not decide whether you should have a card or not. Each bank independently decides whether or not you should be accepted and uses some of the information experian provides them.

Applying for loads of cards in a short period of time will flag up warning signs with banks because of the worry that you are exposing yourself to too much credit too quickly. Remember that when a credit limit is matched you are in effect being provided with twice as much credit as before, and thus could be less likely to be able to repay.

I repeat my previous advice, dont apply for any more cards for a while. Then you may stand a realistic chance of getting one in a few months.

Not really a conspiracy.

merlin34

Ok Ok OK, I've messed up with the 0% BT and been over zealous with trying to find a replacement 0% to the detriment of my credit rating.
The problem now is what can I do? I am unlikely to get a low rate loan because of my low credit rate, but I suppose I'm answering this myself, anything lower than the credit card rates is going someway to paying off my debt, right?
So you reckon that I should stay clear of doing a notice of correction on Experian? Also I have heard that an Individual Voluntary thingamajig is not really a good choice, and I will just have to bite the bullet and contact the card companies to tell them the trouble I've got myself into.

By the way what's a moose?:o

tom188

So you reckon that I should stay clear of doing a notice of correction on Experian?

I don't know what needs correcting. Everything on the record appears to be factually correct.

Also I have heard that an Individual Voluntary thingamajig is not really a good choice, and I will just have to bite the bullet and contact the card companies to tell them the trouble I've got myself into.

Are you in trouble and cant afford the minimum repayments? If this is the case you must contact your credit card companies and post your problem on the debt free wannabe board. If you can cut down elsewhere to afford to repay, do, the further you have to go down this line the harder it will be for you to get credit in the future (should you want it).

If you can continue to repay minimum payments, bite the bullet and start paying the interest. Provided everything is in order you should be able to apply for a new 0%/LOB card in a few months as long as you continue to pay your existing cards on time. Remember to do this sensibly next time.

And remember that if you tart, you must still have a plan in plance of how to repay. 0% rates are good but should not be considered as an extension of your bank balance. As you have unfortunately seen you can easily have the rug pulled from beneath your feet.