Is my credit score any good

Phil_rich

Try virgin money, I just got one through with a £9k limit. very similar credit score of 897. 0% on purchases for 12 months also, so you can pay for your hols next year.

DevCoder

allpine5346 wrote: »

i earn £3000 a month and my debt is £400 a month thats not 50 % and the 2 credit cards have a limit of £2000 each im wanting to book a holiday to mexico costing me £5k and im wanting to put it on a credit card

They look at debt (not matter over how many months/years) against 1 year salary for debt to income ratio.

So 17,500 debt and 50% of 36K income is a debt /income ratio of 50%.

allpine5346

Phil_rich wrote: »

Try virgin money, I just got one through with a £9k limit. very similar credit score of 897. 0% on purchases for 12 months also, so you can pay for your hols next year.

thanks will try virgin money im going to wait untill next month as the hp finance i took out was late decmber 2011 and its only showing 5 months payments and if im not mistaken score will increase after 6 months of any new account so it could go up 20 or so points , thats what they told me aty experian they said i had to wait for any new accounts to have been running 6 months and score should increase slightly ?

allpine5346

krisdorey wrote: »

They look at debt (not matter over how many months/years) against 1 year salary for debt to income ratio.

So 17,500 debt and 50% of 36K income is a debt /income ratio of 50%.

ok i see what you mean , but in theory i do have a disposable income after debt of £2600 a month , what if i was to apply for a home improvement loan surely they will see i can make repayments

DevCoder

Experian score means nothing, please try and understand that.

Why not save £1000 for one month (you haven't stated your disposable income per month) and use the two £2K credit cards?

Or better still save and pay for the holiday in cash.

davethorp

krisdorey wrote: »

the score is useless, a random number generator would be better

And right on queue its a shameless plug for my credit score generator

Linky

DevCoder

allpine5346 wrote: »

ok i see what you mean , but in theory i do have a disposable income after debt of £2600 a month , what if i was to apply for a home improvement loan surely they will see i can make repayments

If you have D.I of £2.6K then you shouldn't have any issue saving for a couple of months to pay for the holiday.

Any loan will be viewed as the above, if you applied for a home improvement then they'd want proof that 1) you are spending the loan on home improvements and 2) that the improvement will add X% value above and beyond the loan value. And the X% is normally quite large.

allpine5346

krisdorey wrote: »

Experian score means nothing, please try and understand that.

Why not save £1000 for one month (you haven't stated your disposable income per month) and use the two £2K credit cards?

Or better still save and pay for the holiday in cash.

i have the cash but i want to put it on a credit card in case something goes wrong i.e airline company or hotel goes under if i paid cash i would be doomed , if paid on credit card i would have more of a leg to stand on as it would be the credit card companies money at the time you cant be too carefull

allpine5346

krisdorey wrote: »

If you have D.I of £2.6K then you shouldn't have any issue saving for a couple of months to pay for the holiday.

Any loan will be viewed as the above, if you applied for a home improvement then they'd want proof that 1) you are spending the loan on home improvements and 2) that the improvement will add X% value above and beyond the loan value. And the X% is normally quite large.

i have the cash but i want to pay fot it on credit card in case something goes wrong , airline company goes bust etc . then i will have more of a leg to stand on

DevCoder

Then you can pay a small percentage on the card , the rest in cash and still be covered by S.75