Advice Welcomed

Mr_Softy_Top

I would appreciate any comments on how I should progess. I am currently building up my credit status and have been using the high interest Capital One and Barclaycard for the last 7 months as I was refused by just about every other credit lender. I missed payments in the past because of unemployment about 2 years ago but since the start of the year I have been working and have not missed a payment since. I recently ordered a copy of my credit report from Experian and created a disassociation between myself and brother who appeared on my credit file as he had terrible status with defaults all over the place. My question is how long should I wait before I should apply for a better card? I have a long list of searches on my credit file, the last search being 8 months ago.

Joe_Bloggs

Get your statutory £2 report from Equifax sorted and your chances will be much better.
J_B.

fiobee

My question is how long should I wait before I should apply for a better card?  I have a long list of searches on my credit file, the last search being 8 months ago.

I'm sure you know that information stays on your credit file for 6 years, so I don't think the answer is wait till your file is clear.

Many credit card companies advise not to re-apply for cards until 6 months after your original application - perhaps this can be interpreted as 6 months of 'good' records on your credit file being sufficient for acceptance?

Just my befuddled thoughts...

Galstonian

Although it does seem that the majority of credit card lenders use Experian for searching.

Can I ask why you want more credit? Are you carrying a debt on the Cap1 card?

Joe_Bloggs

@Galstonian
I did not know that the majority of credit card companies used Experian.

What is the approximate distribution of credit card searches between the Credit Reference Agencies by credit card issuers ?

J_B.

Galstonian

This is perhaps something that could be researched here since there is a reasonable audience who have access to credit reports from both Equifax and Experian.

In my own experience I have only found Barclaycard and HFC (though not so sure now its part of HSBC) use Equifax for searches. Everyone else used Experian. This is borne out by messages both here and on other websites.

Mr_Softy_Top

I dont carry any debt on the cards as I pay them off in full every month. The credit limits are so low that it is pretty much impossible to get into trouble with them as they are £200 Capital One and £260 Barclaycard. I would like a better card to make it easier in the purchase of items so I dont have to pay for large items in cash as I have been doing for the last 6 months. As I said because I am now in a secure job so using a credit card sensibly is not a problem.

Galstonian

Didn't mean to pry, just didn't want to be seen advocating getting into debt which you might not be able to afford.

Rather than applying for another card yet have you thought about asking Cap1 and Barclays for an increased limit? They will usually reconsider limits after 6 months and if they do a search now it will definitely show a better status than 6 months ago. They may do a credit check when you ask. If you are successful you might not need to apply for another card but if you do want one I'd hold off for another month just to ensure it doesn't look like you are overstrecthing yourself.

Joe_Bloggs

@Mr Mr_Softy_Top
It is great news that you are not in debt. Perhaps you could indulge this forum by getting your Equifax report and comment on the differences between it and  your Experian report. It is surely not a good idea to have easily correctable, false information, circulating financial institutions in your name.
J_B.

Mr_Softy_Top

I asked both Capital One and Barclaycard for a limit increase last month before I got my Experian Credit report corrected. They say I have to wait 6 months before they would consider an increase again so I would hope than rather having to wait that long to have a decent limit from them it might be better to just have one card from some other lender with a greater limit with more sensible interest rates.

btw. I cant believe the way tv and radio programmes claim that credit companies just throw credit to anyone who asks, in my experience this is a big myth.

Galstonian

There was a post about building good history faster - someone suggeste a catalogue purchase so you can get a string of zeroes on your report much faster - could be worth trying?