Newbie, please be gentle with me!!!!!

malcindebt

OK,

I'm not very good with these forum thingies (or any technological machine) but anyway, here goes.

My credit rating is pretty poor, I've read the information given by Martin on the site and I seem to understand a bit better.

I wanted to try his idea for improving your credit rating by getting one of those credit cards with a high intrest rate and paying the balance in full every month.

I currently buy a monthly train ticket which costs around £80 and pay in cash every pay day. I was going to use the card to buy the ticket and then pay it off every month. This would be easy as I would transfer the £80 into an account I use for what savings(less than £100, and the account does not have a debit/cash card card) via a standing order and then have a standing order set up on the other account which would come out a few days later and pay off the balance.

So I apply for the Vanquis card, and I get refused.

I have not applied for any ther cards as I read that the more search you have on the record can result in you being refused credit as it seems like you are desperate. (How long is this information held?)

I am employed, earning £17k with a £50k mortgage with 21 years to go. My debt problems started 3 years ago when I was made redundant from my £26k a year job as an aerospace engineer. However I have not missed any payments for and of my bills for 18 months. I have 2 defaults on my credit report, one with British Gas which has been settled for almost 2 years, and one with Cap One which is in the hands of a Debt Collection Agency and there is currently a balance outstanding which is being paid via an agreed plan with the agency (not an IVA).

What can I do? Are their any other CC companies offering these cards that will give one to anyone?

Please help!!

joeblack066

Hello and welcome! I can't answer your question but I'm sure someone will be along soon who can! Debs :xmassmile

lynzpower

have you seen your credit rating?

Is there anything there not "settled" or any defaults?

sanfrancisco

A good bet would be either your current account provider or your mortgage provider. Are either of these high st lenders? They will look at how you have run their accounts and you may have a better bet.

How quickly will the Cap one debt be settled? It will be good for you once this is "settled" on your credit report?

Other than getting a credit card, you could try applying for other credit (ie: get a mobile and pay via dd. You are right to take it easy though and get more information first. Well done.

malcindebt

Thanks for that.

With refrence to the logging of any searches performed on my credit records, how long is this information kept. I know information is normally kept for 6 years, but does this also refer to search logs.

Nemisis_WOF

Search logs usually only stay on your report for 12 months.

sanfrancisco

I am not sure to be honest. Good question.

Why don't you get your credit report and see if seaches you did 4-5 years ago are on there?

I am sure someone will know.

Edit: Someone did know...speedy gonzalez!

dexters_mum_2

My friend is in a similar position to you, she applied for and got an Aqua card (sub company of Halifax I believe) with a £200 limit, I think she went through Money super market or similar.

I would recommend you get hold of your credit file and see if there is anythin untoward on there, such as an unsettled debt, maybe from a previous address.

I think Barclaycard may also do a starter credit card too.

piggeh

malcindebt wrote:

I have 2 defaults on my credit report, one with British Gas which has been settled for almost 2 years, and one with Cap One which is in the hands of a Debt Collection Agency and there is currently a balance outstanding which is being paid via an agreed plan with the agency (not an IVA).

The first one should be marked as settled on your credit reference file. You should get this updated as it's probably what is causing problems (or part of the problem at least). You should write to BG and ask them to mark this as settled or satisfied.

Not sure on the second one - guess this is still a default until it's paid off.

lynzpower

a more important way of improving your credit rating is by settling debts. and/ por paying over the minimum.

Also if you have limits on your cards unused. ( say you owe 500 on a 1000 debt card) reduce the credit limit to 500. this will in time show as part settled

CLAPTON

i'm a little confused...you are currently paying off a credit card at a reduced rate because you can't afford to pay the contracted amount..is that right ?

and you want another credit card? so how can you afford to pay the new one off if you can't afford to fully pay off the existing one? and why , if a potential new creditor knew that would they want to lend you any more money?