I've ruined his credit rating, what can I do?

angchris

suzieq wrote: »

Oh, and one other thing - will paying off that Next a/c improve things? I'll be paying it off anyway, but once it's settled, does that look better?

yes it will improve things but it will help alot more if you close the account down completely as you will have less available credit in fact close all empty credit cards/accounts down that you can and his credit rating/worthiness will dramatically increase

xgingerx

angchris wrote: »

does oh really need to know the ins n outs of his credit rating? i`d be tempted to keep shtumm :shhh: so long as you make an effort to sort it out it should disappear of its own accord given a little time.


Good Point, providing the oh is not planning to change is car in the immediate future or looking for a good loan deal

But I agree with Ang, this might be a better option if you can get away with it, and if it does arise then you can act surpised and come clean then

xgingerx

""yes it will improve things but it will help alot more if you close the account down completely as you will have less available credit in fact close all empty credit cards/accounts down that you can and his credit rating/worthiness will dramatically increase"""

Hi Ang, beleive me it can work totally opposite as well like I said before, it really does depend on other factors othe sizue credit report which I know she cant mention here. I know we are contradicitng each other on this point, but let say for example i have 3 account and 1000 limit on each, i am using 3000 so i am using 100% of my available credit which is not good, if i pay next which is 1000 and leave it open means I now owe 2000 but have 1000 left available so using now 66% of my credit which looks a lot better to creditors.

if you then closed next so you have now 2000 available you would be again using all your available credit, ie maxed out which is not good.

So it depends on what the rest of the credit file looks like, do u see where I am coming from ??

suzieq

Blimey, this is all so confusing!

In terms of money itself, we have a fair amoutn of disposable income, and are now working to cut down our OD as the interest is stupid - last month it was 1300 OD, but I think this month it'll be around £700, which is great, then, as soon as that's cleared, we'll work on the CCs.

OH will probably ask if we got the most recent CC, but unless I ask him to get involved in the finances, he'll be none the wiser.

Thanks so much for all the help!

Storm

Hi Suzie :hello: fellow pompey girl!

With the credit rating, it is difficult as different companies look at different aspects of what you've got available etc. You mentioned 2 credit cards with zero balances, so I would think closing at least one would help, but give them a ring to see if they'll give you a good 0% or low LOB transfer deal first.

I also went all out to clear the OD rather than the cards simply because I hated feeling it wasn't 'my' money, and it's far too easy to slip over a self imposed limit.