Improving your credit history?

Kimberley

I'm nearly debt free and have one last CC debt i want to get rid off. I tried to get a new CC for a balance transfer as my current CC is 29.9% and i pay a lot in interest. I only owe £1,157.00 in total. I was turned down for this new card.

How can i improve my credit file and is there any CC i can get that would accept me?

I'll reply to any replies later

:beer:

Kevicho

The only way to improve it, via credit, is to make regular payments and to wait over a period of time.

You can get a free credit report at http://www.annualcreditreport.co.uk/ and this will show you any ares you could improve on, such as being on the electoral register (i think) and other things

Did you try to get a BT card? May be worth trying again for a low life balance card, after you check out your credit report

Kevicho

One final question, have you cancelled (not just cut up) all your other cards?

A lot of available credit is usually frowned upon

roswell

get your credit file make sure all old cards are canceled and check there is nothing hiding there that you didnt know about CCj `s defaults etc, If possible have one card open that you have the longest to show a long history of payments then apply for a new card in a couple of months.

oscar52

Kevicho wrote:

You can get a free credit report at http://www.annualcreditreport.co.uk/ and this will show you any ares you could improve on, such as being on the electoral register (i think) and other things

Electoral register is one of the major factors as it gives just about ultimate prrof of address. Cancelling the cards is also a good idea - new lenders would be skeptical over new credit if you have access already to several thousand pounds of credit.

Nuclear_Tom

Also, having a large number of "searches" on your file may be frowned upon, giving the impression that you are desperate for more credit... these drop off on a rolling 12 month basis, so may be worth waiting a while if you have applied for a lot recently!

lynzpower

Also if you have paid off overdrafts, but not asked the bank to reduce the limits, do this too.

Too much available unused credit doesnt look good

Well done for being so close :j

Nuclear_Tom

Yes I forgot, CONGRATULATIONS, not long to go!

Kimberley

Kevicho wrote:

One final question, have you cancelled (not just cut up) all your other cards?

A lot of available credit is usually frowned upon

Yes cut up all my cards ages ago. Tried getting a BT CC but was unsuccessful.

Some debts on my credit file have been paid up long ago, how comes they still show up

oscar52

your credit file shows all credit for the last six years, whether paid or not and will remain there even when setteled for six years - ie if you were to clear your credit card and cancel it today, it woulnt actually disappear from your file until January 2014, though it would show as being settled and closed.