Barclaycard

LucyBl79

Hi everyone...This is my first post! Just after some advice if anyone can help please?

I am looking into getting a mortgage in the next year or two but need to improve my credit score from Fair. I have a credit card with Barclaycard and stupidly didnt pay the bill for 2 months. As a result Barclaycard cancelled the card so I cannot use it anymore. They also set a repayment plan up for me, of £65 per month and reduced the interest. I was just wondering what would improve my credit file more; either paying the £65 and chunks off where possible or should I get a credit union loan through my company and pay the card off.

Any help would be greatly appreciated and thanks for your time in advance.

Tixy

How is this recorded on your credit file?
Does it show as a default recorded against this account on your file? Or show as a couple of missed payments? or as an arrangment to pay?

If you continue to pay it off monthly is £65 the maximum you can afford - and how long will it take to pay off at that rate?

LucyBl79

I haven't checked my credit file for a while but I'm guessing as a default!

I could afford to pay more than £65 a month. But I was wondering if it would look better on my credit file that the account
Is paid off fully and I get a credit union loan?

Thanks for your reply!

You-kip

LucyBl79 wrote: »

I haven't checked my credit file for a while but I'm guessing as a default!

I could afford to pay more than £65 a month. But I was wondering if it would look better on my credit file that the account
Is paid off fully and I get a credit union loan?

Thanks for your reply!

Lucy also remember scores from CRAs are worthless and theres no such thing as a fair credit score.

LucyBl79

So would you recommend that I just continue to pay the credit card off as much as I can monthly as opposed to getting the loan through my company?

nicp60

LucyBl79 wrote: »

I haven't checked my credit file for a while but I'm guessing as a default!

You need to check this out before working out how to fix it - you wouldn't go on a diet without knowing what you weigh to begin with!

You should get all 3 files and look through them You can get the statutory reports for £2 - don't sign up for a monthly plan or pay for some daft score. Callcredit (Noddle) is free, and the other 2 you can get for £2 each.

LucyBl79

It is just logged as missed payments on my credit file - according to Noddle. Doesn't mention anything as a default. Just 3 months late payments!

The_Boss

LucyBl79 wrote: »

It is just logged as missed payments on my credit file - according to Noddle. Doesn't mention anything as a default. Just 3 months late payments!

Check Experian and Equifax too to be safe. Your mortgage lender will search these credit files when assessing your application, so better to know now. As mentioned ignore the worthless scores though.

nicp60

LucyBl79 wrote: »

It is just logged as missed payments on my credit file - according to Noddle. Doesn't mention anything as a default. Just 3 months late payments!

If it's 3 late payments I would wonder whether they'd continue to do that every month until it's settled, especially if the original payment would have been more than this.

How much is left on the credit card?

Thrugelmir

LucyBl79 wrote: »

I am looking into getting a mortgage in the next year or two but need to improve my credit score from Fair.

If you are struggling to repay a debt. How are you going to save a deposit for a property?

LucyBl79

nicp60 wrote: »

If it's 3 late payments I would wonder whether they'd continue to do that every month until it's settled, especially if the original payment would have been more than this.

How much is left on the credit card?

£3800 at the moment!