Credit Card for improving credit score

WishingonaStar_2

Hi, My credit score is currently 'good' according to Experian. I am not on the Electoral Roll at the moment but have registered to be so. I have one CCJ which is 4 years old which has been satisfied.

I want to apply for a high APR credit card to improve my rating so I applied for the AQUA credit card and they refused me!!! Why would this be so? I now want to apply to Vanquis but am worried that they will refuse me and my rating will decline further! Can anybody help?

thanks,

Tixy

Probably a combination of the CCJ and lack on being on the electoral roll.

I wouldn't apply to anywhere else until you are on the electoral roll.

I would wait until you are on the e/r and that this has been updated on your credit file (which can take 6weeks or so after your council has informed you that you are on it).
Then you could try applying for vanquis.

Ben8282

Do you actually have any existing credit agreements? Although the 'good' experian score means nothing in itself, to have been told that your credit is 'good' and then to be declined for a Granite card certainly raises questions.

BugsyBrowne

I love the way experian thinks someone who has a CCJ has good credit, not trying to be rude to the OP but having this on your credit report you would probably classed as a high risk to high street lenders making your credit report on a serious note pretty poor.

This is why experian(credit expert) is hopeless, it's best to just look through your own report and don't even look at the score they give you as its relatively easy going through your own report and seeing for yourself if your more and likely going to be accepted.

WishingonaStar_2

I have a mortgage account with only one default in the last 3 years and I have two credit cards which are under debt collection agents (totalling £3500) but I have not defaulted on any of those. I have no other credit cards and I am not in debt anywhere else.

I paid to have my credit score and it came out at 90 so I am at a loss as to why they won't lend to me, especially for a credit card with such a high APR that I only want to improve my borrowability!! :cool:

Tixy

WishingonaStar wrote: »

I have a mortgage account with only one default in the last 3 years and I have two credit cards which are under debt collection agents (totalling £3500) but I have not defaulted on any of those. I have no other credit cards and I am not in debt anywhere else.

I paid to have my credit score and it came out at 90 so I am at a loss as to why they won't lend to me, especially for a credit card with such a high APR that I only want to improve my borrowability!! :cool:

Are you certain the entries on your credit file for the 2 debts with debt collectors don't have a default date registered on your credit file? It would be very unusual for them not to have, the very fact that debt collectors are involved usually means that your original agreement with the credit card lender has broken down and that they consider you in default of that agreement.

The mortgage account on your credit file - you say that has 1 default - do you mean 1 missed payment marker? or that it is marked with a default maker and a default date?

Whilst credit scores are essentially meaningless - if yours is coming out at around 90 (out of 999) with experian, then that is a very long way from 'good'.

The reason you will have been declined is because you are viewed by potential lenders as being high risk.
-Not being on the electoral roll, hard to verify your address, you might be harder to track down if you do default.
-A CCJ on your credit file - a track record of not paying back somebody you owed money to.
-A missed payment on your mortgage (if that is what is it) - appearance of someone who cannot even pay their first priority item, the mortgage, on time.
-2 debts with outstanding amounts totally £5300 - already owes a significant amount of money.
--If there are defaults registered on your file for these 2 accounts - a track record of not being able to keep up repayments on credit agreements.

Presumably you can see why they might be concerned?

WishingonaStar_2

sorry my rating was 900 not 90!! Yes I can understand them being concerned but I'm not asking for 0% APR and a limit of £10,000. I only hope for a high APR with a low limit (approximately £200) that I want to use to prove I have learned how to pay things back! I only made one default on my mortgage - it was two days late as my salary didn't go into my bank account. I told the mortgage company but they said it would still default.

Tixy

I only made one default on my mortgage - it was two days late as my salary didn't go into my bank account. I told the mortgage company but they said it would still default.

A default on your credit report is very different to a late payment - it is much much worse, and you need to understand the difference.

Have you actually looked at the detail on your credit report in the account section to see what is recorded? Is the mortgage recorded with a default - a 'D' in the monthly fields and a field that says default date xxxxxx? or with a single '1' marker to indicate a missed or late payment?

If you have a default recorded on your credit report for your mortgage this would indicate that you got at least 3 months in arrears and that the mortgage company considered you to be in default of your agreement. I would guess that they haven't recorded this but would suggest that you check your report.

WishingonaStar_2

Hi, yes I checked my report and on the mortgage company it lists a '1' where I paid late. Apologies for not making it clear! About 10 years ago I had credit card bills that I couldn't afford to pay for a long time. I eventually found work sold my flat and paid off the majority of cards in full. The lesser of the two had been referred to debt recovery agents and I am paying £200 per month to pay them off without interest.

KingElvis

I have two credit cards which are under debt collection agents (totalling £3500) but I have not defaulted on any of those.

No trying to be mean but with these little beauties under your belt, do you think another credit card company is going to take a punt on you?

Would you?