help needed on high interest credit card!!!

scouse2201

Hello everyone i have been reading the posts on this forum for some time and hope you may be able to answer a question for me ?

I have a capital one high interest credit card trying to rebuild my credit score, i've had it for around 6 months and each month i spend a couple of hundred pound on it and then pay it off in full.

My questions are how long does it take to rebuld my score?

Is it a good idea to get another high interest card and do the same thing on that one?

thanks in advance

Dan:rotfl:

CLAPTON

what does your credit file say?

why do you want to increase your credit rating?

scouse2201

Cheers for quick reply.

Ive never actually got hold of my credit file, but while at uni i defaulted on a credit card so always figured my score wasnt to good. plus :-

i applied for a £50 overdraft on my bank account just to see if i could get it but i got declined, strange seen as £1400 clears each month.

i had to put money down before t-mobile would give me a contract

barclays turned me down for there high interest credit card

I just want a decent credit score for the future e.g mortgage, loans

CLAPTON

get hold of your credit records ... from all three agencies , they cost £2 each or you can get free trials.

how long ago was the default and has it now been paid off?

scouse2201

ok will do tomoro

erm the default was a couple of years back, i've got bout £60 left to pay which will be payed off on 5th august.

do you know how long the default be on my file? is there anyway to get rid of it?

CLAPTON

This is how it is :
..... you have an unpaid defaulted debt .. now a potential creditor will see that as either can't pay or won't pay.. either way frankly why would anyway want to lend money to you?

The default will stay on your file for six years from the date of the default.
Once you have paid it off it should be marked as satisified and credit may be easier to obtain.
Its unlikely you will be able to get rid of it before the six years because it is a matter of fact.
Bare in mind that a default is seen as only slightly better than a CCJ.

You will be able however to get a mortgage although they may charge a premium on the interest rate and expect a larger deposit.

scouse2201

anyone got any ideas on my original questions?

cheers

smudgemanc26

See this thread it might be of some help

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

I knew i read it somewhere about you probably will get refused credit if you pay off all your balance in full every month and it was in this article, so even though you have no debt as your clearing it off it seems like the cc companies dont like this and therefore you are not credit worthy it makes no sense at all to me!

scouse2201

Thanks for your reply wow did not realise that is how it works!! how bizarre?

Treadmill

The credit reference agency used for credit searches list is spot on, I get accepted for every single card I apply for without exception unless its callcredit checked, I experimented yesterday with Halifax and no joy... Call Credit. My advice is stay away from providers who use callcredit,.

jay78

Treadmill wrote: »

The credit reference agency used for credit searches list is spot on, I get accepted for every single card I apply for without exception unless its callcredit checked, I experimented yesterday with Halifax and no joy... Call Credit. My advice is stay away from providers who use callcredit,.

Who use call credit?