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

Hippyer

I think halifax have the policy of refunding the first time.
I got this done to the value of about £400 during my student days.
I got myself in a similar situation about a year ago, tried again and no go.
So be careful from now on boys (or girls) you only get one strike with these guys.

An-D-D

Thanks for the info guys. I am going to be extra careful in future.

I only plan on keeping my Halifax account for the time being. Planning to change in a couple of years as I don't like the service. Takes 7-10 days for a cheque to clear!

jimpix12

I already have an overdraft, which I often ebb into (not unauthorised o/d though).

I was looking at getting a credit card. Right now my credit rating is 850 ish - not so bad, but could be better ('Fair'). How long does it take to improve? Is it reviewed monthly?

If so, I think I'll apply for a Capital One high interest rip off credit card and put a few £s on it a month, as I've read people here doing.

Volcane

The numbers don't matter but for what's it's worth my "score" went from 780 to 876 in the 6 months I had a Capital One Classic and this was then enough to get me accepted by most mainstream cards.

A couple still rejected me though (I'm looking at YOU Mr Tesco! :mad: )

jimpix12

Volcane, how did you got about improving it? Did you sign up for a credit card?

Mine has gone up from 830 to 860 over 18 months (since I last checked) so not a great improvement, although I guess it could be worse. My rating is "Fair" but I'd like it to be "Good".. I still get rejected from time to time.

Volcane

spunko2010 wrote: »

Volcane, how did you got about improving it? Did you sign up for a credit card?

Mine has gone up from 830 to 860 over 18 months (since I last checked) so not a great improvement, although I guess it could be worse. My rating is "Fair" but I'd like it to be "Good".. I still get rejected from time to time.

Sorry, didn't make myself clear - above post now edited.

Yeah, I got a Capital One Classic and did what this site advised me to do.... spent no more than I could afford to pay off every month in full by Direct Debit.

If it looked like I was not gonna spend on it one month I just ordered a takeaway ppizza or similar.

Even if it's only £10.00 per month. Ensuring you use the card is important to build up those little green zero's!

And of course paying it off is just as, if not more, important too!

And yeah, you will get rejected at times, I've posted in a similar thread but got rejected for 2 of the 7 cards I've applied for last month and applied for 3 this month of which 2 have been referred and one was accepted.

It's all in the game.

jules73_2

Hi all

Does having more credit cards than I need effect my credit score?
I have a few, and I'm going to be getting another soon for a new year of stoozing.
Would it be of benefit to cancel one or two of them? I like to have them as backup, and they are not going to tempt me to spend if I keep them.
I will obviously be keeping one for any new purchases.

Thanks

jimpix12

Thanks very much for your advice, my mate has been doing something similar to what you've been doing, I will definitely look into it.

One niggling thing though, I'm looking to switch cars in a few months (I've got HP and it's time to change it), so I don't want to suddenly start applying for credit cards left, right and centre, as that could look back on my credit report. I think I'll apply to a maximum of 2 (one at a time of course) and see how it goes...

Can I ask why the numbers don't matter? I thought that was the main part of deciding who gives me credit

harrymetsally

I have a bad credit rating from a mobile contract account. I bought it for my partner and then we separated and he assured me he was paying it off monthly, but as it turns out he wasnt (obv. hates me!) so I have been paying it off via a debt recovery agency. This has affected my rating badly, and i have now closed the account and am all clear from it.

I applied for my first credit card about 6 months ago but got refused (that alerted me to the phone contract palava!). Shall I try and re-apply for a card now or wait a bit longer?

I finish my job in 2 months and havent got another lined up yet, so i would quite like to try and get one whilst i am working as it will increase my chances. But i only recently paid off the bill on the contract phone.

How long should i wait and whats the best card to go for.

I would appreciate any help on this matter

Harry:A

nickmack

jules73 wrote: »

Does having more credit cards than I need effect my credit score?

Having unused available credit can affect lenders decisions. If you don't use an account, it's probably better to close it.