Bad credit rating and cards - Advice!

nat_87

Hello,

I'm looking for some advice regarding my credit rating and cards. Basically I owe £200 on my Capital One card (maximum limit with high interest!), and a £300 overdraft with my bank HSBC. The overdraft ends in October, and needs to be paid off immediately.

I applied for a Barclaycard Platinum card to try and pay off the debt, and move to 0% but I just got rejected. I earn £20,000 and that was the minimum amount to be earning for the card. A majority of main searches (home phone, mobile etc) have been made in the last 2 years. I just had a look at my Equifax report, and everything is fine aside from an old Natwest debt in 2008 totalling £900+. It's been defaulted, and I'm wondering if that's why I'm being rejected. However I haven't been rejected for any other direct debits for phones ever!

Unfortunately my payments at home have just gone up, and I'm going to be really struggling soon. I need to pay off the debt, but don't know where to start! My main concern is the £300 from the bank. HSBC do a credit card, but would I be really damaging my credit score if I apply for another card in such a short space of time??

Any help is greatly appreciated! Thanks

sistafromanothermista

nat_87 wrote: »

Hello,

I'm looking for some advice regarding my credit rating and cards. Basically I owe £200 on my Capital One card (maximum limit with high interest!), and a £300 overdraft with my bank HSBC. The overdraft ends in October, and needs to be paid off immediately.

I applied for a Barclaycard Platinum card to try and pay off the debt, and move to 0% but I just got rejected. I earn £20,000 and that was the minimum amount to be earning for the card. A majority of main searches (home phone, mobile etc) have been made in the last 2 years. I just had a look at my Equifax report, and everything is fine aside from an old Natwest debt in 2008 totalling £900+. It's been defaulted, and I'm wondering if that's why I'm being rejected. However I haven't been rejected for any other direct debits for phones ever!

Unfortunately my payments at home have just gone up, and I'm going to be really struggling soon. I need to pay off the debt, but don't know where to start! My main concern is the £300 from the bank. HSBC do a credit card, but would I be really damaging my credit score if I apply for another card in such a short space of time??

Any help is greatly appreciated! Thanks

Probably, and more than likely. If you've just been declined for a card
any subsequent refusals will damage your Chances of being approved for anything else for at least 6 months.

Parafira

There is another way to repay your debts, for example stop spending. Cut all non vital spendings (beer, movies, bars, etc)

nat_87

@sistafromanothermista - Ah, I had a feeling it was 6 months, but wasn't too sure.

@Parafira - That's been done already!! My spending got me into this mess, so now I'm left with trying to sort it out

Thanks for your replies!

BugsyBrowne

sistafromanothermista wrote: »

Probably, and more than likely. If you've just been declined for a card
any subsequent refusals will damage your Chances of being approved for anything else for at least 6 months.

2 years more like as the OP has a 2 year old default, so applying in 6 months won't change a thing.

sistafromanothermista

:wave: nat_87 might be an idea to post your SOA onto the wannabe board..http://www.makesenseofcards.com/soacalc.html

sistafromanothermista

BugsyBrowne wrote: »

2 years more like as the OP has a 2 year old default, so applying in 6 months won't change a thing.

:eek: Wow 4 yrs! well there you go OP. Might be worth posting your SOA to see if there's anything you can ct down on or switch in the mean time.

BugsyBrowne

sistafromanothermista wrote: »

:eek: Wow 4 yrs! well there you go OP. Might be worth posting your SOA to see if there's anything you can ct down on or switch in the mean time.

2 years had to adjust my first post as the OP defaulted in 2008 which stays on the old credit file for 6 of the best.