When to re-apply for credit

Jlbjones

Property Advert - no, that's not the issue here! If you read the thread you'll see that starwassisname answered my question about a particular scenario that then turned out not to be the case. A default isn't officially (according to the reports) the same thing as being 'late'. I would personally use the words interchangeably, but apparently they're not considered interchangeable, for whatever reason. I simply wanted to know if this is the same scenario (realistically) or not. And starwassisname didn't answer about that.

I guess you're saying they are the same situation - right?

Re the scoring - I think we did that to DEATH! Starwassisname didn't write in English initially - the babble didn't elucidate much until wasaliewassisname commented. Let's not debate any more about boring old scoring! I'm trying to find the right course of action. Whether I should apply again to another card, or if this is decidedly unsafe should it affect my rating further. thanks!

Watalie

My understanding is to try not to have any more than 3 searches in any 6 month period, so you may well be better off waiting a short time and see if that helps.

Jlbjones

Watalie - thanks for this; it's good to know.

I did a check with Experian to see how, relating to my report, I would fare with a credit card application. It offered me the suggestion of a couple of cards, both of which were Barclaycard. This was based on my profile. I also ran this through the 'no footprint' search on the Barclaycard website which suggested one of these cards, stating I would have between 80-90% chance of being accepted. I'm not going to believe that, of course, but if you think there's any reason to give this a go it would be good to hear your thoughts. Also be good to know what a 'default' is officially, if supposedly I haven't 'defaulted'. thanks

Watalie

The barclaycard checker thing seems to work for some people but not for others, I really couldn't comment on that as I've not used it myself.

With regard to the default, I thought that the Company have to send you a default notice to notify you of their intention to "default" you, usually it would indcate any default sum which may be chargeable. Your credit report should also specifically say that it's a default.

I have previously known a default sum to be applied for a late payment but this doesn't necessarily make it a deafult notice.

I am sure some of the others will be able to confirm this for you. I think I may have made it sound more confusing than I needed to.

Yargo1

Hi. ive read this through..and am now a bit concerned.. ive been later previously with cc payments and had a default fee and notice.. .But i got my credit report yesterday and it said NO Defaults... So although i have been late on few occasions..does this mean i DO have a default or not?? Help !

BugsyBrowne

Yargo1 wrote: »

Hi. ive read this through..and am now a bit concerned.. ive been later previously with cc payments and had a default fee and notice.. .But i got my credit report yesterday and it said NO Defaults... So although i have been late on few occasions..does this mean i DO have a default or not?? Help !

No mate late payments are completely different from defaults,defaults are letters after letters demanding payment when the applicant has quite blatantly refused to correspond with lender and refuse payment.

Watalie

It's just a pain when they call a late payment fee letter - "notice of default sum" - kinda makes it confusing.

Tixy

JJb - have you had a read of this - http://www.moneysavingexpert.com/loans/credit-rating-credit-score if not its worth a read. It does explain about there being no universal score and to check your credit report not score.
It also might help you work out why you were declined.

Yargo - regarding a notice of default - if you had a letter entitled notice of default then this is usually after more than 1 missed payment and is a pre-cursor to filing an actual default. However assuming you act on that letter and bring you account in to line within the timescale they legally have to allow you then no default will be marked on your file.

Watalie

Thanks Tixy - you are much better at explaining it than me