How else can I improve my credit file?

raslsuk

Hi all,

So for the past 6 years I've been trying improve my credit file. I had a couple of defaults which dropped off last year and a CCJ which dropped off a few weeks ago.

Only problem is I'm still struggling to get better credit cards and I'm not sure what my next step should be. I decided to apply for a Sygma card and got rejected instantly and also done a couple of soft checks all to no avail. I also applied for a flexaccount with Nationwide and got rejected, along with a overdraft application from my current bank, even though the account gets managed perfectly..

I've studied my credit file and the only bad thing I can see is that I was on an arrangement to pay with a catalogue last year for approx 6 months (ended around september time), I paid it off in full and the account has since been re-instated.

Only other thing is that I recently got accepted for a loan with Pay Break for a new computer, which I've just started paying for. (£500 over 6 months)

5 searches in the last 12 months. I've been on the electoral register for a year at current address and 6 years at previous address. Salary is 26k. No mortgage.

I have the following cards, all of which have small balances on and get paid in full each month.

Vanquis £2500 limit
Aqua £500 limit
Capital One progress £1200 limit

I have no idea what else I can do? Is it likely to be the arrangement to pay I had that's causing it?

Thanks

The_Boss

Imagine that the arrangement to pay is spooking lenders. The longer that passes by, the less impact it will have. It's barely 6 months since you came out of it.

matttye

An arrangement to pay is the step before a default and is considered almost as bad as far as I understand. So yes, it's likely to be the arrangement that's having an effect.

raslsuk

Yeah I read that, but also read that it's not affected a lot of people in getting decent cards. Perhaps it's just not been long enough, will just have to carry on with what I've got.

Thanks

CreditCrunchie

I found Barclaycard far more amenable to giving me a card than any other lenders, so try them? Have you done the MSE eligibility check? Nationwide also have a soft check facility on their website.

bsms1147

Time heals all.

Lots of recent searches which may make you seem more desperate for credit. Give it six months. The arrangement to pay will be further in the past then.

Is there something you need the credit for now, or are you just being impatient?

Thrugelmir

Let's turn the question around?

Why do you require more credit facilities. Lenders only make money if the cards are spent on every month or have outstanding balances. You have 3 cards already. So why a fourth.

To improve your credit rating. Do nothing. Behave normally. Spend and pay back on the cards you have.

raslsuk

I wanted a card that I could book a holiday on and pay it over a few months with 0% interest. I could use one of my current ones but I'm not paying the silly amounts of interest they charge...

CreditCrunchie - Yeah tried them all, MSE, Nationwide, MBNA etc. I've done the Barclaycard one and got 'not eligible' which I'm a bit miffed about as I thought I'd at least be offered the initial lol!

CreditCrunchie

Are you on the electoral roll? Have you checked all 3 CRA's? Seems strange you'd get not eligible.

The_Boss

CreditCrunchie wrote: »

Are you on the electoral roll? Have you checked all 3 CRA's? Seems strange you'd get not eligible.

Even with a recent arrangement to pay?

They are on the electoral roll as stated in the original post.

Thrugelmir

raslsuk wrote: »

I wanted a card that I could book a holiday on and pay it over a few months with 0% interest. I could use one of my current ones but I'm not paying the silly amounts of interest they charge...

Then you are expecting too much. You should clear your existing cards and close them.

Alternatively learn to save before spending. Thereby not incurring any interest charges at all.