Credit Cards

striving_to_be_debt_free

Good Morning Oh Wise Ones

Looking for a bit of help. A bit of history, my husband and I have just gotten a copy of his credit report and it makes for very bad reading, his credit score is 'very poor' (experians exact words). We have been paying his debts off on time now for a few years and have recently just came to a new arrangement with his final creditor. He way previously in a DMP but stopped this last month as the company he had used for the last few years for this where taking about £30 a month for the privelage. The last creditor her has left show 6's beside their payments for the last goodness know how long. As I said this month we have started paying them directly.

Any way I digress, as we are now looking to improve this can anyone recommed a company that if he applied for a credit card he might actually be approved for (APR is not a concern for this purpose). We plan on using this by spending some money on this during the month then paying the majority off, leaving a nominal balance. I will keep the credit card so that he cannot be tempted into his old ways (he now leaves all the finances to me anyway and just asks for 'spends' once a week).

We need to get this sorted so that we can apply for a mortgage in about 9 - 12 months

All help greatly appreciated

Treadmill

Have you tried for a Capital One classic card, The APR is horrendous, 34.9% and it has a low limit sometimes as low as £200 but is easy to obtain.

If you get knocked back give it a while before trying another company as repeated searches deteriorate your score even further.

rayday2

I think you may actually be better seeing a very good mortgage advisor, one credit card is not going to do a whole lot of mending.

We are just in a DMP and got a mortgage deal this week. The way they judge mortgages and cc are completely different.

Just a thought.

striving_to_be_debt_free

Thanks for the reply treadmill, one of the accounts that was included with the DMP was Capital One so unsure if he could have another account with them anyway
Thank you also rayday2 I was very worried that no-one would touch us with a very long bargepole. Although I am away that we may have to take a higher rate of interest.

As a extra I have paid off my car loan (£2627.50) and credit union loan (£2339.13) today. I have seen the light and used my savings (I was sorry to see them go! The savings that is not the debt, obviously) so I no longer have any debt. Hubands debt now stands at £4800 so we can now chuck £450 a month to this instead of £200!

Sea78

Well done on getting debt free! Make sure you pop yourself on the DF roll of honour Now, with regards to your OH - just keep going with your repayments. What does 6 mean? sorry

Sea xx

floss2

Vanquis is the other poor credit score credit card....if that makes sense

momisa

Is it possible that you could have the 6's investigated to ensure they were late payments? I ask as I've done this in the past and had information corrected. These payments weren't missed or late because of you but because of the DMP company - right? It's worth checking if you can get these corrected.

Also make sure all accounts which are closed are marked as such and show as fully settled - not sure what the wording is on the docs, this may depend on which credit file you're looking at. I take it you're checking all three (including "call credit" and "equifax") and not just experians?

As you're wanting to get a mortgage I echo rayday2 and suggest you speak with a mortgage advisor who can offer you free advice and they'll be able to let you know how debts/credit files are viewed. Also bear in mind that you can agree a mortgage in principle and hold it for 3 months which is good if you want to get a good rate as a lot can happen to interest rates in 3 months.

HTH