near perfect credit score, now to battle!

hagen_2

hi all,
have just received my credit score from experian, 999 out of 1000 which im pleased about, as well as surprised!
i want to start my stoozing ball rolling, i have a £4000 car loan balance with nationwide, £3500 balance with 0% barclaycard which is about to run out,there is some spare cash to make dent in car loan.my thoughts are leaning toward a virgin card as it seems they give a generous limit (anyone know if they use experian?) or maybe an egg card.

how many applications over what period of time is likely to affect my credit score and are the various companies making note of stoozers or do they not really care?

any answers / suggestions will be gratefully received as i do want to get off to a good start and not make any stupid mistakes

thanks for your help,

rob hurrah! for the group and booooooooo for the banks!!!

mountainofdebt

I don't want to be negative about this but I had 999 out of 1000 aqs well and have been turned down for a couple of ccs.

To be honest I was totally amazed that the score was this high as we have recently paid a few repayments late.


But you may be totally different to me....I just thought you ought to know the other side of the coin!

dag_2

I don't want to be negative about this but I had 999 out of 1000 aqs well and have been turned down for a couple of ccs.

Yeah - that experian thing isn't totally reliable.

how many applications over what period of time is likely to affect my credit score and are the various companies making note of stoozers or do they not really care?

Correct me if I'm wrong anyone - but it's okay to apply for two or three credit cards at the same time - but once you have applied for any credit cards, don't apply for any more for at least four months.

i want to start my stoozing ball rolling, i have a £4000 car loan balance with nationwide, £3500 balance with 0% barclaycard which is about to run out,there is some spare cash to make dent in car loan.

Splitting hairs but - paying debts off with a 0% credit card isn't technically "stoozing" - "stoozing" is when you pay it into a savings account and earn interest off it - but not to worry, it's still a good idea to get as much of your debts to as cheap an interest rate as possible - and when the 0% promotional rates are about to expire, try to shift those balances somewhere else - assuming you haven't paid them all off by then.

If you do ever have any spare cash, then only pay off those debts that are currently charging more interest than you can realistically earn off a savings account. If none of your debts are charging interest, you can open a savings account and start stoozing for real.

But first of all - check that your car loan doesn't have any early redemption penalties.

Hope that helps.

newfoundglory

I think that those credit scores must be quite useless. We don't have a single credit score in the United Kingdom; if you have indeed paid late or missed payments for some accounts that would get you an immediate rejection as a potential customer at some companies for things like credit cards and current accounts (and so ultimately doesn't say much for a score of 999!).

Even if you had a so-called "perfect" or "near-perect" credit score, on some applications that would still get you rejected. Lenders can look at that and go "well there is no chance in hell of this guy ever paying interest or missing a payment", so they know they won't make any money off you - thus you get rejected anyway! (typical example of Amex that)

All lenders score differently, and i'd take those Equifax and Experian credit scores with nothing more than a pinch of salt - it just seems to be that Equifax and Experian are charging silly prices, and people pay it to satisfy their curiosity, even though its almost completely useless unless you have inside knowledge of a lenders scoring system!

hagen_2

thanks for your replies, my aim was to gain high enough available balances on two or so cards, to pay off the interest bearing debt and then have cash to invest for the start of (hopefully) lots of free money.one small step etc..

credit scoring does seem to be somewhat of a black art , but having in years past paid interest on both loans and credit cards they will hopefully see me as a future interest paying customer. a strong will,a keen eye and the desire to roll them over for a change will hopefully see me come out on top for a change!

am i right in thinking that if you apply for two or more cards at exactly the same time, the different companies searches wont show up to each other, but what if virgin take along time to process and egg are very quick?

thanks again

rob

Reaper

hagen wrote:

am i right in thinking that if you apply for two or more cards at exactly the same time, the different companies searches wont show up to each other

No. The searches show up immediately. What wont show up for a while is whether they decided to give you a card.