Credit exellent with Barclays... What about my general CR file?

Jack1888

Hi

Having some credit I was convinced that my credit file/score was quite poor/middle of the road.

However, having had a £110 overdraft on my account for over 12 months I thought I might case it and ask for an increase from my bank and was shocked. I had been pre-approved for an overdraft. Barclaycard and a Barclayloan!

My question is, does this mean that my overall credit file is in a state of excellence or is it just with Barclays?

This is a massive step for me as it's taken over 3 years for companies to take a chance on me because of low credit:T

Lokolo

It's just Barclays, you could still be rejected at the application stage though I believe.

paulmcerlean

Likely to be based on your internal scoring, taken from account conduct. However they may still credit check you if you apply for the specific products. Then again, they may not.

It certainly suggests you are not in the 'poor credit scoring' bracket but does not suggest overall credit excellence. Remember each application with every lender is treated uniquely and is subject to that lenders individual scoring mechanism.

Jack1888

Ah I thought it might be with Barclays but still a great step!

I took advantage of all 3! They performed a credit check on my overdraft increase to £360 and the Barclayloan of £1,000 of which I passed with flying colours. :beer:

My application for the Barclaycard was referred to the Card Review team for additional checks but it's looking good at the moment.

Will my loan re-payments boost my credit file. I mean it's with a bank rather than Provident :think: (which I was considering before I found out about my pre-arroved offers!)

I sorry to ask these questions but I don't really know how the credit system works!

ehlo

Are you taking out a loan purely to improve your credit rating? If so this is a waste of money.

paulmcerlean

Will boost your file eventually, though solely the interest you will pay will not make it worth it.

Jack1888

Are you taking out a loan purely to improve your credit rating? If so this is a waste of money.

No I am not. I am using the money for home improvements!

I was declined for the BC. Oh well.. I'm not going to try any more, I've tried 4 times and can't bear the embarrassment anymore!

ehlo

Ok no worries . I've just seen a few people here who go to the expense of taking out loans just to improve their credit history .

You might want to try some other credit card lenders as BC have tightened up their applications recently. May be necessary to space things out a bit (think the rule I've heard is no more than 3 credit file searches over 6 months?)

Jack1888

ehlo wrote: »

Ok no worries . I've just seen a few people here who go to the expense of taking out loans just to improve their credit history .

You might want to try some other credit card lenders as BC have tightened up their applications recently. May be necessary to space things out a bit (think the rule I've heard is no more than 3 credit file searches over 6 months?)

I think I heard that too.

I never dreamt that the bank would consider me for a loan so that's okay as I wouldn't of got a £1k credit limit on Barclays!

I'll just stick with my Capital One for now