Is my credit rating going up?

ryan316

Hi guys,

During uni and the years that followed I fell into the payday loan trap. I managed to get myself out of it last year, and I applied and was successful in getting a Vanquis credit card to improve my credit rating.

I've also made about 3 times the minimum payment on my vanquis card each month. I received an email the other day saying they are going to increase my limit from £1000 to £2000 which is surprising (I turned it down as I don't want access to that much credit with their interest rates.)

I was just wondering if this is a sign my credit rating is improving? I've already used a free trial with Experian and Equifax so can't check with them and my Noddle rating still says 1/5.

Here is my current debt:

Natwest Graduate Overdraft - Limit is £1600, currently at £1500 and paying £100 into it each month

Capital One Card - Limit increased in January 2015 to £550 from £300. Currently paying £50 onto it each month and not spending anything.

Vanquis - Situation as above.


I hope this is a sign my credit rating is getting back on track!

Thanks for your help.

[Deleted User]

It means that Vanquis feel you can be trusted with a larger limit, and hopefully make them some more money. They'll no doubt be pleased by you paying more than the minimum but paying them interest each month.

Your scores are irrelevant, so ignore them. If you want to be seen in the best light, then use your cards regularly but pay off in full each month. Don't go overlimit or miss payments, and don't take out cash.

ryan316

Thanks for the advice! In terms of paying off in full each month that isn't possible right now, I took the vanquis card down to about £900 whilst I was moving flat. I usually pay over £100 off each month, and tend not to spend any. Is this still helping my credit rating?

Also, will the fact that I'm in my Natwest graduate overdraft have a negative effect on my rating?

Thanks!

[Deleted User]

If it's an authorised OD, then it's not the end of the world, but it tends to tell lenders you don't have enough money to last the month. I would get out of it.

With the cards, throw as much as you can at them to pay them off, as I'm sure the rates will be high on them both. Pay all spare cash to the one with the highest rate.