credit score of 888 - need balance transfer

pompeydave1

morning all,
i was in some serious debt problems about 5 yrs ago , owed about £20k but after family etc helping out / saving like mad i"ve managed to clear all but 1 last credit card.its a mint card and owe around £4280 on it.i always pay off £150 a month instead of the min £92-£95.interest sits around the £79 mark so not really knocking much off each month. i have 3 defaults from around 5yrs ago but these a/c"s are settled.
To my astonishment my credit score has risen to 888 (good) on experian , has sat in fair for some time before that.
My question is that i would really like to start looking at balance transferring this debt over to something a bit lower on interest .in the past i have been turned down even though experian matches me against these cards i should appy for.
my only worry is that i dont want too many searches on my record and fall down into fair section again. ive tried the "wont leave a mark on your score" bit but didnt get anywhere.
do you think by moving into the "good" section on experian will improve my chances ? any advice most appreciated..many thanks

Buzby

No. Any CRA 'score' is simply a marketing ploy, and bears only a fleeting relationship to real-world decisions. There are no short cuts - you apply, and your file is searched.

The longer you leave it (if you had earlier issues) then the better it gets!

pompeydave1

ahhhh theres me thinking ive got more chance of a balance transfer....6-8 months to go when defaults fall off record so maybe then is a better time to apply ?

geekonthepc

Wait for the defaults to fall off before you even think about it. As Buzby said, the score is completely irrelevant to your odds of getting any form of credit. Each company has their own scoring system.

Having said that, if your "score" is 888 now, you probably won't be in a too bad position when the defaults do disappear. Just keep everything up to date in the mean time and ensure there aren't any errors on your file.

Felix_Schalyz

pompeydave1 wrote: »

ahhhh theres me thinking ive got more chance of a balance transfer....6-8 months to go when defaults fall off record so maybe then is a better time to apply ?

As others of said the CRAs so called credit scores are a marketing ploy for profits.
You can be bankrupt or have defaults littered over your report and have a 980 credit score with Experian.

blitzboy

If the defaults aren't dropping off for another 6-8 months then personally I would do 1 application now as this won't count against you in over 6 months time. Maybe for one of the 'easier to get' cards rather than the market leaders.

On the MSE balance transfer card page there is a fluid card which is 0% for 15 months. There is also a 'pre-application' checker to see if you are likely to be accepted which doesn't mark your credit file at all (see link below).

https://creditcards.moneysavingexpert.com/?wfAVaUXcWJI%3d

Also, Barclaycard have a pre-check on their website which is worth a look, only takes a minute.

HOWEVER, if you decide to apply and a re rejected then leave it there until the defaults are gone as more than 1 application will have more of an impact.

pompeydave1

hi , just tried and was rejected and 0% chance on any of the others !! i"m on a salary of £24k 7 yrs in same employment , 3 yrs renting privately at same address but still a no go.

will take your advice and try in approx 8 months time.

many thanks

Felix_Schalyz

pompeydave1 wrote: »

hi , just tried and was rejected and 0% chance on any of the others !! i"m on a salary of £24k 7 yrs in same employment , 3 yrs renting privately at same address but still a no go.

will take your advice and try in approx 8 months time.

many thanks

24k salary and 3 defaults is like an Arsonist trying to join the Fire Service you won't get accepted.

pompeydave1

LOL , i like the phrase !! yes will try in 8 months when 3 defaults drop off report , might stand some sort of chance then.

Felix_Schalyz

pompeydave1 wrote: »

LOL , i like the phrase !! yes will try in 8 months when 3 defaults drop off report , might stand some sort of chance then.

Your chances will improve drastically when the defaults are removed but just seen they're 5 years old which makes me wonder what else is littered over your report that lenders don't like.

pompeydave1

well just the 3 defaults , all satisfied. nothing else stands out .bank a/c fine , on voting register etc.maybe as i am renting and did have a previous address for only 2 years rent i dont know. i will def give it another shot in 8 months , by then my balance will be around the £3700 mark.