Coop Current account /credit card problem...

PLM80

Hello - Would really appreciate some help with the follow issue....
I bank with the Coop and have a credit card with them too(which I always pay off). What's happened (Thursday) is that I got a letter saying that they wont be renewing my card when it runs out in July and when I rang up to question this I was told it was due to me going over my overdraft limit on my current account (£200) in March for 10 day (was away didn't keep an eye out went to -£400 - first time ever.....).... really bad timing as i am also possibly looking to increase my mortgage (have a new one in principle with Britaina/coop). Looked up my credit rating with Experian (Friday and I have a rating of Excellent 999) so what to do.... Should I apply for a new credit card, cash back looks good but need to pay off my current card which I can but will this be good for cash back but not good for mortgage (it's only £500 over two months - coop letter says it's £350 this month but I know this was sent out before my trip to London). I feel like i'm damed if I do and damed if I dont.... Is there anyone out there able to help?

Bravehearted_2

To be honest, seems like you have potentially serious cash flow problems. Going into OD £400 is a lot. You need to take a good look at your cash flow if you have to decide between paying a card or mortgage.

FYI the experian score of 999 is meaningless and not worth much.

Take the new mortgage deal if they are still willing to give it because after this missed payment they may decline.

PLM80

As I read this I can't quite work out if you at having a laugh and mocking me.....
In my eyes £400 is not a lot and a mistake...
Why have credit scores if they are meaning less
I have no cash worries ....
Are you mocking me?
Is there anyone less out there able to answer my questions?
Thank you

YorkshireBoy

PLM80 wrote: »

In my eyes £400 is not a lot and a mistake...

Sadly, having an unauthorised overdraft twice the size allowed visible on your credit report shows lenders searching your file (though not necessarily the Co-op since they know more about you) that you can't manage your money day-to-day or month-to-month.

Why have credit scores if they are meaning less

The people who gave you the 999 number don't lend money themselves. Although they do take lots of customers' money in payment for providing this useless number. How much did you pay for it?

I have no cash worries ....

Your credit report says otherwise. Sounds like the Co-op agree?

flimsier

Helpful and pleasant souls around here at the moment. Good job no-one is judging you, eh?

OP; can you clarify your finances - the opening post is a bit confusing. I think you need a new credit card, but it sounds like you might need to ensure you're on top of the existing debt at the same time. Maybe just do a statement of affairs for your own budgeting?

PLM80

Thank you for all your answers, at no point was I judging anyone,
but thought I was being mocked, as a first timer it felt very strange....:(

Again thanks for your replies and if any of you are up for giving me anything extra I would be very grateful.

As an added, The only debt I have is the current credit on the coop card (£500) and am luckly enough to have savings in another account not with coop (to put down 1/3 of the mortgage I am asking for and pay the credit card off) Maybe this is where I have gone wrong.... spread out to get the best deals on saving and not dealing with the every day....Coop.

Thanks again

Bravehearted_2

PLM80 wrote: »

As I read this I can't quite work out if you at having a laugh and mocking me.....
In my eyes £400 is not a lot and a mistake...
Why have credit scores if they are meaning less
I have no cash worries ....
Are you mocking me?
Is there anyone less out there able to answer my questions?
Thank you

I'm not having a laugh nor mocking you.

No one goes £400 overdrawn by mistake - that's not the sort of amount you THINK you have spare.

You have the right to discard my advice.

PLM80

Thank you for your reply
I do appreciate it, my mistake not being on the case with what was going out when, being away, not looking online and constantly thinking I was on a £500 over draft facility, similar to when I was with RBS... With them for 20years.
Thank you again