low credit rating - 0% credit card advise required

ajohnston

i have a low credit score the reason unknown i have no mortgage my partner pays the rent i pay the utility bills , i got divirced in 2007 and have no financial connectiion with my ex partner i earn 23k per annum i currently pay 2 credit cards £1000 on each and a catalogue for 500.00 all bills are paid on time and always pay the requested amount i check my credit file but cant understand my low scoring

my cards are capital one and barlcaycard

i now require a 0% interest credit card to transfer these balances to pay them off but am scared of applying as it will footprint my credit file and reduce the score

i applied for a bank loan but got rejected because of the low score

can some one please advise me on the best way to go with this


thank you


ann

Tixy

Don't worry about the score that the credit reference agencies will sell to you. Worry about what is on the actual credit report.
Are you on the electoral roll? does this show correctly on your credit reports?

Which of the credit reference agencies have you obtained copies of your files from?

skintdad

are you near to your credit limits on each account? and do you pay the minimum or more? if more, how much more?

ajohnston

hi

thank you

my credit file is with experian
my credit cards are both £1000.00 limit and yes they are at their max and yes i pay the requested amount each month but to me this is not an excessive card limit
i took the two cards out ot try and rebuild my creidt file in 2007

i was married with a mortgage we got divorced and the mortgage paid off i have ended all financial commitment with my ex on my credit report

the only thing in my married life was sometimes i had a few late payments

i have been single since 2007 and not once made a late payment infact i have paid payments early

all i want is a 0% interest card so i can pay these off

i am on the electoral role at my current address

i am getrting paranoid now as i cant see anythng at fault on my credit file

i know people with CCJs and they have money lending thrown at them

please help

ajohnston

surely there has to be a card out there that is suited to my requirements
i am totally confused i have £2500.00 debt and all i want to do is get a 0% interest card

i am beginning to spend my life worryng about things that are affecting my credit file

skintdad

As you are near to your credit limits and only paying minimum payments you will find it difficult to get a 0%card. These details will show on your credit file and on any application you make. It makes you look like you can only just afford what credit you already have so banks will not give you more

CLAPTON

have you checked all three credit reference agencies?
does your experian report show the late payments

start paying more than the minimum each month and so reducing the balance

generally speaking 0% cards go to people with excellent credit files

Linz4383

ive recently checked my credit report and im unable to get any credit because i have so many unsettled credits i.e catalogues/credit card/settee (although catalogues are paid off now only had bits for xmas), the fact that you have the credit cards and catalogue could be affecting it, also that you are using near enough all of your credit limit might be affecting it too

YorkshireBoy

ajohnston wrote: »

i earn 23k per annum i currently pay 2 credit cards £1000 on each and a catalogue for 500.00

Although you're maxed out on the credit facilities, £2,500 debt on a £23K salary isn't really a lot.

Have you asked your bank (the one that receives the salary) for a credit card? Hopefully it's not Barclays! If it is, are they the ones who also turned you down for a loan? Is your bank account run well? ie no unauthorised overdraft fees etc?

izools

ajohnston wrote: »

yes they are at their max

This will be a severe problem.

Owing more than about 40%-50% of your available credit limits will make you look like you're suffering debt stress and can't cope.

Owing most of your credit limits - as you say - "At their max" - will make you look absolutely unable to manage your money. This will be contributing heavily to your poor creditworthiness.

You don't owe much compared to your salary, there's no rhyme or reason for you maxing out those cards - stop spending on them and pay them off, you shouldn't need 0% to do this on your salary.

Once you get half way there, you'll find it much easier to get 0% for the rest to help save some interest further down the line.

ajohnston

oh dear thanks everyone looks like i will have to pay more than the minimum amount each month

i have worked so hard on my credit file ensuirng that there are no late payments etc and maintianed that level for 4 years + and basically i have done nothing to improve it looks like i have made matters worse

the only credit report i have is experian and i pay for that monthly

i always believed that as long as the required payment on your credit was met each month and paid there was not problem