Credit advice

RobinDavies14

Hi all,

I was being refused credit due to having a default on my credit score from 2008. Last April I applied for and was accepted for the Vanquis 39.9APR credit card which Martin advised to use to improve credit by clearing the balance every month which i have done so, in turn having my original credit of £500 increased to £1000 4 months later and most recently increased again to £1750. I have no intention of using all this credit but it keeps me below the 33% threshold I learnt lenders like you to stay below.

My query is as my credit has increased this tells me my credit is improving but I'm wondering when will I be able to apply for a credit card with low interest rates? I dont want to apply for them and get rejected which will make me apply for another one as I also learnt constant applications also affect your credit score.

Any help appreciated and eternally thankful.

Robin.

YorkshireBoy

RobinDavies14 wrote: »

My query is as my credit has increased this tells me my credit is improving

All it says is that Vanquis are happy. It doesn't necessarily follow that others will view you in the same light.

You don't say who the default was with, or on what type of account? But how about dipping your toe in the water with the bank that receives your salary/income? After all, no-one knows more about your financial circumstances than they do.

Not sure where you got your 33% figure from. Mine's substantially more than that, but then my credit rating has been built up over a long period of time and I have an impeccable payment history.

RobinDavies14

Thanks for reply, my original default was with Natwest credit card and I also bank with Natwest, the default notice on my credit score will be gone next year as the 6 year period is up. I was actually at the time getting charged by my bank for going overdrawn but had all that refunded thanks to Martin as it was the charges that were putting me overdrawn and in turn not allowing me to pay off my credit card so I am in the process of trying to get the default lifted as it wasnt my fault. I got the 33% from a credit advice website.