Help with Rating

jetsetwilly_2

Hi,

I have been stoozing for about a year now, got 7 cards, total credit limit is about 35k (not all being stoozed).

My last 3 card applications (Halifax Charity, F.Direct and Scottish Widows) have all been rejected.

Up till now, I easily got credit for anything, now it seems I can't get anything at all.

First, why is this

Second, will it affect me if I buy a new sofa etc on credit

Third, how can I improve my credit to what it was a few months back?

Bargain_Rzl

jetsetwilly wrote:

Hi,

I have been stoozing for about a year now, got 7 cards, total credit limit is about 35k (not all being stoozed).

My last 3 card applications (Halifax Charity, F.Direct and Scottish Widows) have all been rejected.

Up till now, I easily got credit for anything, now it seems I can't get anything at all.

First, why is this

Because (a) the ratio of available credit to your income is probably now pretty high, and (b) you have been applying for a lot of cards in a shortish space of time, so there are currently a lot of searches logged on your credit file.

jetsetwilly wrote:

Second, will it affect me if I buy a new sofa etc on credit

Do you mean store credit? If so, I don't know (though it probably will). But you say that not all of your available credit it stoozed. Do you have a card with a 0% balance on it at the moment which you could put the sofa on, at a low interest rate? Or juggle some of your existing debt between cards to free one up? Make sure you do not buy the sofa with a card that has stoozed debt outstanding on it, or you will mess things up (see the credit card articles on this site).

jetsetwilly wrote:

Third, how can I improve my credit to what it was a few months back?

Stop applying for credit cards for a few months. If some of your cards reach the end of their 0% periods in the meantime, just pay them back and cancel them by writing to the CC company. Once you have a lower ratio of debt to income and no recent searches on your credit file, you will find it much easier to get new cards.

HTH

jetsetwilly_2

Cheers mate, think its my 15k on egg that is messing things up, but with their anniversary offer due in July, I shall be keeping that beauty