Your Credit Rating: How it works and How to improve it Discussion Area

thatboydean

Hi all, i want to close two current accounts or transfer them Will this affect my credit score?

Mark401732

Hello!

I hope my questions don't seem silly, but if anyone can offer assistance/ reply, I would be appreciative!

I am wondering if anyone knows if there is a difference between normal 'Credit Cards' and 'Store Cards' when it come to your 'Credit Rating'?
I appreciate they are both Credit facilities, but when you apply for a Credit Card, do they take account of them all! The Credit limits are £1000 each!

Are Store Cards seen as lesser to Credit Cards, or are they all the same!
Would it be an advantage to have the credit limits reduced!

I have 4 Store Cards, and apart from one, I don't use them that much! But want to keep them open for their offers and discounts, and the 50 days interest free credit. I clear them off when they become due! Or would it be better to close them

I also have 2 Credit Cards, that I have for a few years now, and have just applied for two more, that I have been succesful with, and both have the 0% Interest, so will be using them as a cheap loan!

So do you think a bank would see me as over committed, If I was to apply in the future? My balances are nearly always cleared, although one has been hanging around for a while now - But at about half the Credit available!


One of the Cards I applied for was the Egg Card, but afterwards I saw the Egg money Card! Has anyone applied for the Egg Credit Card, and then applied for the Egg Money card? and if so, how long afterwads!
Since the Egg Money Card is the only one on the market that allows you to have a positive balance, and thus the ability to allow you to transfer balances to Current Accounts!

Finally! I have the Capital One Card, - a few years ago my Credit was a little poor - and it has the high Interest Rate of 34%. I want to close this account, but I am wondering, when I call up to close it, will they offer one of their better cards, rather than loose a customer? Has anyone had their card and been offered a better one? Or will I have to close it, and reapply for a card - since they have the 12 month 0% purchases Credit Card!

I hope these are not silly questions for the more knowledgable of you!
It is also my first post, and find this site very resourceful! Thank You!

Thank You in advance!

Regards

karlos_G

Hi!

Does anyone know if this actually helps to improve a poor credit score?

http://www.which-prepaid-card.co.uk/cashplus-credit-builder/cashplus-creditbuilder-card.html

Thanks!

inmypocketnottheirs

Well, on the link you posted it clearly states that they inform Experian. So therefore, if you maintain the card as outlined you will get a nice line of little green circles on your credit report saying how well you manage your finances.

But screw it up, and not have the £4.95 per month available to pay the subscription and you will get little red circles indicating you are a liability!

pinda

Hope I am posting this in the right place BUT ........Hubby & I are thinking of taking a loan so have done a couple of on-line loan comparisons and also went into a high Street bank, although were told we had a 1A rating the APR rates were higher than those advertised. I have just rung another company up and the polite young lady advised me that each time we have "shopped" around to see if we could get a better deal, we have infact done the opposite by these other companies doing a credit search on us. Can we rectify this as we have no intention of using any of the 1st 3 offers, and would rather wait until our rating is back where it was 7 days ago. Does anyone know how long this would take??

wendy30

I've asked this question on another thread before I found this so apologies for that, but I think it belongs here

Can I ask Credit Expert to remove 2 Notices of correction from my file, or do they expire after a period of time?

Thanks

jonnyb

assuming you have put the notices of correction on your file yourself, then you would have to ask for them to be removed.

kathymoger

I'm on a repayment agreement with NatWest for my credit card due to being over the credit limit (there's another story as to how that happened but I'll leave that for another thread!).
The payment has to reach them by 10th of month and it has always reached them before this date and I have also paid more than the agreed amount on two of the three occasions.
For the last two months I've received a letter stating that my repayment programme has been broken and threatening action to recover the total sum owing on my card if I don't pay immediately.
I've contacted the credit card company to discuss this and it turns out that because I have sometimes paid a portion towards the sum at other dates (rather than just as a lump sum) this triggers an automatic letter as it is below the agreed sum. I was never told in the original agreement that I was required to pay this as a single payment. To add insult to injury, my credit record (Experian) for the account is also showing that my payments are late.
I've worked hard getting my credit rating from very poor to fair on Experian over the last twelve months and was hoping that I would now be able to get some credit cards with 0% interest to help with improving it further.
My questions are:
1) Will this now poor looking credit record for a credit card make it difficult for me to get another card and will it affect my score. I don't want to apply for something that is very likely to be refused.
2) How successful do you think I will be getting NatWest to remove these late marks from my record bearing in mind that I'm overlimit anyway. I know I can add a note to my record but how much notice will be taken of this?
3) What is the likelihood of this escalating to the point where NatWest try to claim the whole of the owed sum on my card?
4) Is it worth my making a formal complaint with a view to taking this to the financial ombudsman if I receive no redress or will that just make future negotiations more difficult. I was hoping to later ask for a reduction in the interest rate on this card.

Wherehasmymoneygone

So many pages I have jumped in with the reply button....

Yes I was once bankrupt. Lesson learnt.

My credit score is 0.

I havent helped it with mutiple searches but I seem to be going in circles. I want to get a credit card to start building credit etc but everywhere declines me.....leaving searches on my record and no accepted applications or cards to start building up.

The same goes for my hubby.

I dont really know what to do to help us.

I today checked out my credit profile online and all the accounts I do have at the moment at up to date and paid (Mortgage, Mobile Contract, Virgin Media, etc) but they dont seem to be helping me much.....

Any ideas? It is so frustrating as we earn £65k between us and have money spare at the end of the month (until i find something to spend that on that is) but can not get a card to build up credit! :mad:

Wherehasmymoneygone

Also does your postcode affect the chances of you being accepted for credit as it said basically that all those living in my postcode were single parents or poor families with limited education and on benifits lol I am ofended.... I live in a nice area in Hertfordshire!