unused credit card question

jason87

Hi
Im new so don't flame!

I was offered a new credit card by natwest when i was a student about 2/3 years ago, so i took one out but never activated or used it.

I only just found it not long ago and obviously its dis-activated now.

Upon checking experian it has on there that i had a credit card and it says satisfactory on the top, then inside it has 'settled', then all payments up to date (even though i never used it) (loads of green o's)

Does this help or hinder me in my report?

Thanks all

lisyloo

It should help, because it shows you had some credit, managed your debt well and did not make any late payments.

ironlady2022

It wouldn't have made a difference and because you didn't use it it's neither built up your credit rating. It's showing as settled because it was deactivated due to no usage.

Fruit_and_Nut_Case

lisyloo wrote: »

It should help

mayling03 wrote: »

It wouldn't have made a difference

Take your pick.

lisyloo

Right I've just gone on to Equifax and checked my own credit report on-line.

It wouldn't have made a difference and because you didn't use it

It does not show the balance month-by-month, so assuming this is the same information that lenders get, then they cannot distinguish between a used account and an unused one (as they can see no historical balances).

It's showing as settled because it was deactivated due to no usage.

There is no additional information other than "settled".
There is nothing it indicate there was no usage.

To my knowledge this appears identical to a used account.

If anyone knows anydifferent then please enlighten me.

ironlady2022

An Experian report shows it month by month, so if you paid it on time or late, it would be indicated. And this is per credit card or loan that you have.

lisyloo

An Experian report shows it month by month

Can you please tell me where that is shown?
I have a statutory report and I cannot see it.
I have a single balance (either current or at settlement date)
and a status History which is a string of 0000000000000's.

or are you looking at some sort of enhanced on-line version?

If you are then do you know whether lenders see that information?
I thought the statutory report was mean to show what lenders can see about you.

ironlady2022

I don't have access anymore, unless this is changed. The one I saw was an online version.

Dr_Cuckoo3

lisyloo wrote: »

Right I've just gone on to Equifax and checked my own credit report on-line.

It does not show the balance month-by-month, so assuming this is the same information that lenders get, then they cannot distinguish between a used account and an unused one (as they can see no historical balances).

There is no additional information other than "settled".
There is nothing it indicate there was no usage.

What cards you got ?

lisyloo wrote: »

Can you please tell me where that is shown?
I have a statutory report and I cannot see it.
I have a single balance (either current or at settlement date)
and a status History which is a string of 0000000000000's.

Company name: MBNA EUROPE BANK LIMITED
Account type: Credit card / Store card
Started: 02/03/2007
Current Balance: £0
Credit Limit: £5,000
Credit Limit History: £3,500 (03/04); £2,300 (10/03); £1,000 (05/03)
File Updated for the Period to: 02/01/2011
Summary of payment history: In the last 36 months of account activity, the number of status 1-2 is 0 and the number of status 3 is 0
Account Status: 0 0 0 0 0 0 0 0 0 0 0 0
Balance: £0 £204 £328 £212 £439 £295 £270 £256 £0 £109 £216 £107
Payment Amount: £217 £101 £61 £10 £5 £8 £9 £0 £15 £58 £51 £20
Previous Statement: £316 £216 £432 £259 £274 £258 £156 £0 £111 £96 £107 £90
Cash Advance: 0 0 0 0 0 0 0 0 0 0 0 0
Advance Amount: £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Payment Code: M M M M M
Promotional Rate: N N Y Y Y Y Y Y N N N

ironlady2022

The 0s and Ys and Ns mean something right?

Dr_Cuckoo3

mayling03 wrote: »

The 0s and Ys and Ns mean something right?

0 = 0 payments late , Y = Yes , N = No , M = Minimum payment