Credit Card, Debt Advice!

chanz4

payday loan about it really, as above you are liable for the over but I thought I would tell you what you wanted to hear

moonrakerz

James1980 wrote: »

reason for overspend, because they let me

...........says it all !..................

[Deleted User]

James1980 wrote: »

whats the point in them giving you a limit if they let you go £1000 over that said limit,

It's an easy way for them to check who's capable of managing the card correctly and who isn't. ie we'll provide a set of rules, let's see who can stick to them. As a result, they can identify the high risk customers and price accordingly. Kind of like a financial IQ test.

And on a practical point, if it comes to an emergency and you absolutely HAVE to spend money you don't have (eg emergency pulmber) then you can do it and worry about the consequences afterwards.

James1980

moonrakerz wrote: »

...........says it all !..................

at least im being honest

thanks guys for all the advice both the + and - (well negative as in having a go at me, and your just right too)

I have never denied that its my fault, and am not trying to pass the blame to the credit card company, I was adding that just more as a question as to WHY do they give you a limit and let you bust it like how they have.. I am sure there are many others in similar situations, I know people who once they go £1 over the limit, card is stopped..

Thanks again all, definitely learnt my lesson this time, this wont be happening again, just need to get myself £300 together to make up the difference in there request.. may well give the payday nonsense a go as a last resort, as would prefer to pay the 900 rather than negoitate a deal with them not to proceed with default.

One thing... is this already a bad mark on my credit, or will it only be a bad mark if the default is filed and i dont pay the full arrears they've asked for?

Thanks & Regards
James

CH27

Being over your limit & paying late with be on there & will have an effect.
The biggie will be the default which will stay on your records for 6 years.

Tixy

My guess would be you might have some late payment markers already, and these are not good, but not as bad long term as a default.
Only way to know exactly what has been recorded so far would be order your credit file from the credit reference agencies

James1980

thanks...

credit agency is a complete other story.

my bank account and any other house hold type things are all on credit expert, but this particular card with the bad debt is no where to be seen on it.

unsure if thats a good thing or bad

Tixy

Could be that they are reporting to one of the othre credit agencies - have you looked on equifax?

James1980

nope, i have not.

i thought Credit Expert and Equalfax would have the same information.

did not know some only supplied information to certain ones.


suppose that would maybe explain why I was able to get Buy Now Pay Later credit back in Jan for £500, they obviously use Credit Expert and not Equalfax. Which is who Credit Card providers much use as applied for a card and was declined a week before i got the £500 BNPL Credit.

Tixy

There are 3 credit reference agencies.
Experian (which is credit expert), equifax and call credit (this is the least used of them).
Many lenders only report account conduct to just 1 or 2 of the CRAS, and many only search 1 or 2 when you apply for a credit product.

Your information and credit report can look very different across the 3 agencies and depending on which of them a company uses for a credit search can have a big impact on whether you might be accepted for a product or not.