Help! Credit Card damaged my credit rating

[Deleted User]

unborn_chicken wrote: »

Any help please?

Yes. Stop worrying about the damn score.

Pay your bills on time, be on the electoral roll, don't go over limit, check the only accounts on your report are yours and stop buying random numbers from people who don't lend money.

Catherine_Johnson_2

Read the previous posts

rartherinv

Hi mate, are you sure you've been paying for the experian credit score and not the IQ test? Every time you pay £6 for a made up number it goes down

pqrdef

unborn_chicken wrote: »

I bought some train tickets for £50, paid it off within a few days and my credit rating has gone from 'fair' to 'poor'!!!

The credit reference agency doesn't get details of your purchases and payments. It will get your monthly statement balance, and whether you paid the minimum on time, and whether you paid more than the minimum.

But if you pay for your purchases without waiting for a statement, your statement balance will be reported as £0 and it will look like you aren't using the card at all.

avatar2010

What does very poor equate to numerically? I did the same recently (yesterday) I applied and was accepted for a capital one card and my score took a hit from 702 down to 656 just for applying.. I to am only trying to improve my credit rating before applying for another mortgage later in the year. I'd query why your going in reverse with this card by managing it properly by paying it off and on time each month?

glawster_2

izools wrote: »

Also the presence of a new account always has a negative effect. Any accounts under six months old are considered new and negatively effect credit ratings because they haven't been open long enough for prospective new creditors to see how the debtor will handle said account.

Also opening more than one account in a six month period can be interpreted as debt stress - desparation for credit.

Once the account has been open for over six months, as long as there have been no new applications for credit in the mean time, it will have a positive effect, if run properly and kept with a balance of below 50% the limit.

Totally agree, however I'm seeing a lot of sites saying that 30% or under is the optimum credit utilization figure.

glawster_2

Saints2011 wrote: »

I would say all of the answers you have been given is helpful advice, depends if you listen!

Taken from a Experian doc: > Just in case you didnt listen

"Can I find out my credit score?
You do not have a single credit score or rating. Different organisations take different
information into account when working out your credit score and may have different
scores for different products.
When you apply for credit, organisations do not have to tell you exactly how they work
out their credit scores but should give you a basic explanation of how scoring works
and tell you whether your application has been refused because of your credit score and

whether this involves the information held on your credit report."

That's the last time I pay Equifax £5.99 for their 'credit score'

duchesspink1

when i took out my cap one card last month, I had to ring to activate it. I asked if it were true that paying your balance before your statement is generated means that you don't get a tick on your credit report for that months payment and was told that its nonsense. The guy told me that you can pay anytime before your statement is generated or on the day your receive your statement. Credit being repaid is always reported to the CRA's and that as long as you are paying and not paying late, then it will be reported as positive.

I believed that I had to wait until my statement was generated because its what i'm always seeing advised by members on here, i'm going to pay when I get paid rather than when my statement is generated and see how its reported