Is this good?

orfoster

I've totalled up my balances vs my limits on my credit accounts.
Balances
Barclaycard £1,100 of £3,200
Lloyds £180 of £1,500
Vanquis £970 of £2,000
Very £900 of £1,700
Total £3,150 debt
Total £8,400 Credit
37.5% if closed accounts count

The Barclaycard and Lloyds cards above aren't operational because I got into difficulties but on my file it says 'credit limit' nowhere does it talk about it being closed on either. So will these count to my score. I'm reducing them massively each month and want to rebuild my score so have always thought these didnt count but would be good if they did.

BugsyBrowne

You don't rebuild a score there's no such thing, you build your credit history for when a lender scores you on their own criteria.

Your ratio above looks ok though.

CLAPTON

orfoster wrote: »

I've totalled up my balances vs my limits on my credit accounts.
Balances
Barclaycard £1,100 of £3,200
Lloyds £180 of £1,500
Vanquis £970 of £2,000
Very £900 of £1,700
Total £3,150 debt
Total £8,400 Credit
37.5% if closed accounts count

The Barclaycard and Lloyds cards above aren't operational because I got into difficulties but on my file it says 'credit limit' nowhere does it talk about it being closed on either. So will these count to my score. I'm reducing them massively each month and want to rebuild my score so have always thought these didnt count but would be good if they did.

debts don't increase your credit rating:

use of credit regularly repaid does

BugsyBrowne

CLAPTON wrote: »

debts don't increase your credit rating:

use of credit regularly repaid does

Don't think the OP is asking that he's suggesting from a lenders point of view seeing that he's not near his limits etc etc.

CLAPTON

BugsyBrowne wrote: »

Don't think the OP is asking that he's suggesting from a lenders point of view seeing that he's not near his limits etc etc.

The OP is entitled to read my post as he likes, but it is my view of how a potential lender will see things.

BugsyBrowne

CLAPTON wrote: »

The OP is entitled to read my post as he likes, but it is my view of how a potential lender will see things.

Pity the forum wasn't full of facts rather then views.

CLAPTON

BugsyBrowne wrote: »

Pity the forum wasn't full of facts rather then views.

I assume you are referring to 'credit scores'?

BugsyBrowne

CLAPTON wrote: »

I assume you are referring to 'credit scores'?

I'm not 100% sure what I'm on about TBH.

But yes credit scores is one of those subjects where we can all but guess.

orfoster

Thanks everyone.
What I'm not sure about is both my Barclaycard and Lloyds are cards I cannot any longer use. When I get my statements it tells me I have £0 credit limit because they are old bad debts I had in 2009. But on my credit file they show a credit limit (Equifax) so would these count in terms of ratio.
As far as borrowing and repaying goes, I've only started again this year with Vanquis and Very accounts and it does appear my 'score' as Call Credit hold has gone up significantly in 8 months compared to 12 months prior.

orfoster

Oh and the other thing is, does anyone know how having a Pay a Day Loan impacts on credit. Some say it's helped and others say as it's categorised as 'advance against income' it's not good as lenders see it as desperation and not a positive loan/repayment relationship.

imoneyop

orfoster wrote: »

Oh and the other thing is, does anyone know how having a Pay a Day Loan impacts on credit. Some say it's helped and others say as it's categorised as 'advance against income' it's not good as lenders see it as desperation and not a positive loan/repayment relationship.

It will be viewed as a red flag by a mainstream lender. It shows that you are on the edge financially and unable to budget properly.