stoozing well but the credit limit will soon be reached

ricky_v

Don't apply too many times, many rejections can affect your credit rating. If I was refused more credit I would kinda do what Hurri has suggested, but a different way. Keep fairly close to your credit limit, pay off mininum +£1 each month, and then just do your spends on debit/cash, and make the odd purchase on the CC which is roughly equivalent to your min payment.

So lets say you've got £1,900 on the CC (£100 under limit). Min payment is usually 1% of outstanding balance so it would be £19. Buy a product for £20 each month on your CC until the 0% ends. You're paying off that purchase every month with the min payment +£1, while rolling over the £1,900 "debt", which ofcourse the £1,900 "debt" will coninue to earn interest.

The purchase doesn't have to be £20 exactly, it can be, say £25 or £30. If it's £30, you've got £10 to put on the CC next month, to keep it at £1,900. Ofcourse this requires dicipline, shove anything more than £100 through the CC in this scenario and you go over your credit limit. If you're very confident then go as close to the limit as you wish, personally £100 below limit is a good buffer IMO.

burrows

just done one with credit expert. im a poor 581.

because of to may credit accounts being opened in a short space of time, and to many checks being carried out.

By reading a page on isas on MSE (a new years resolution) i realized that by being a typical 'just one current account person' i was loosing money and opportunities.

so i went right im sorting everything out, got a good current account, credit card, isa, regular saver, and standard saver. the started snoozing with a tesco card.

for springing into action and turning my finances around, i m penalized.

ive canceled my nationwide credit card and the standard £500 overdraft on my first direct 1st account as its the only thing i can do.

rb10

burrows wrote: »

just done one with credit expert. im a poor 581.

because of to may credit accounts being opened in a short space of time, and to many checks being carried out.

By reading a page on isas on MSE (a new years resolution) i realized that by being a typical 'just one current account person' i was loosing money and opportunities.

so i went right im sorting everything out, got a good current account, credit card, isa, regular saver, and standard saver. the started snoozing with a tesco card.

for springing into action and turning my finances around, i m penalized.

ive canceled my nationwide credit card and the standard £500 overdraft on my first direct 1st account as its the only thing i can do.

The ISA, Regular Saver and standard savings account will not have incurred credit checks, as they are not credit products.

So you should just have checks showing for the current account and credit card.

These two alone are not enough to drop your score to that sort of level - you must have other missed payments showing on your credit report.

Whilst credit checks may penalise you to a small extent, I believe it only has a tiny impact.

burrows

i have 1 good factor:

The usage of your available credit indicates a lower risk

and 5 negative factors:

You have recently opened 1 or more new credit accounts.
2 cards 2 current accounts 1 phone contract this year.

You have a significant number of recent searches on your credit report.
I have had 9 for insurance when i only have 1 car policy! (i did make one change to it though).
1 in April for a RBS credit card that i don't remember applying for! This on top of the obvious ones brings us to a total of 17 and then 4 extra made by experian themselves (do these affect?).

You have revolving credit that has been open for less than 10 months.

You have no successfully settled non-mail order accounts.

The age of your accounts indicates lenders are likely to view you as higher risk

SO apart from the now canceled credit card and and the overdraft on the 1st account can't realy think of anything to do.

i have a old natwest current plus account that i was keeping open for that sake of it, that may have and overdraft, does closing whole the account have any effect?

how long does it take for your report to update? it generated a new one for today but it does have yesterdays 'instant changes' on it.

pqrdef

Closing an account won't remove the search, and probably won't show up at all. After a while (months) they'll show it as settled. This may help.

On the other hand, unused credit also helps. It shows you're in control. If your available credit is now maxed out, you may have lost your only good point.

Mulder00

burrows wrote: »

1 in April for a RBS credit card that i don't remember applying for!

This is probably your Tesco card - Tesco credit cards are "underwritten" by RBS.

As for you feeling penalised because you took control, it just depends on how you view it. You got some credit, now you need to prove that you can pay it back. If you had no credit account, your score would probably be lower.

Also be careful with applying for so many financial products - at the moment, there is very little differentiating you from someone who is simply trying to get as much credit as possible.

You'll have to simply give it some time for all the accounts to build up a history.

jamesd

Patience seems likely to be most productive at this point. Few accounts, recently opened, and a fair number of searches. The last two will improve over time and let you get more accounts to build up a longer visible credit history.