Noddle 1/5, What Can I Do?

SLZ

Hi all,

My Noddle credit profile shows I'm on 1/5, Experian is equally bad and I'm trying to figure out how to improve my profile as I was recently rejected for a balance transfer card that I thought I'd get.

My financial situation as it stands isn't the best due to job change and I'm playing catch up, I utilise the majority of my credit which I feel may be the issue but I pay £500 off on my Barclaycard and HSBC card respectively each month, I'll admit with the Barclaycard I have gone over the limit twice this year only but this isn't shown on the credit reports, it says 'Up to Date' and 'OK', EE has one late payment due to direct debit mistake and aside from that my profile shows that I'm good at repaying on time.

Is it the fact that I utilise too much of my credit limits on both my cards or could it be that my address that is used for all the credit accounts are linked to my parents address and that's doing me harm due to their worse situation?

Aside from paying off more of my debt and trying not to use it, is there anyway I can try and improve my score? I do plan on closing an account with RBS as soon as I'm paid next month and I clear the remaining £80, I'd do it this month but council tax bill came from my old property which I'm required to pay, 12 months later!! :mad:

I can't close credit accounts until I have cleared them, right? As I wouldn't mind closing the HSBC credit card but to pay the debt and not have the money available isn't something I need right now.

wileycat

Start with some of the simple stuff..

Get all you're addresses aligned - and confirm you're on the electoral roll at the same address etc
Make sure there is nothing on the credit report thats incorrect - and challenge it if there is etc - like the DD mistake, was that you're fault?
I used checkmyfile to do the more detailed history checking and they do some chasing for you as well.

With the debts, you know what you need to do, but most important is pay on time each month and not go over the limit, if you need a bigger limit its better for youre credit report than going over.
Try and close the accounts which have defaults on them first - if thats feasible.

YorkshireBoy

wileycat wrote: »

I used checkmyfile to do the more detailed history checking

But checkmyfile don't get all the information from the 3 CRAs that you could get by going direct yourself (for £2 or free trials).


So I'm not sure how that's "more detailed history"?

SLZ

wileycat wrote: »

Start with some of the simple stuff..

Get all you're addresses aligned - and confirm you're on the electoral roll at the same address etc
Make sure there is nothing on the credit report thats incorrect - and challenge it if there is etc - like the DD mistake, was that you're fault?
I used checkmyfile to do the more detailed history checking and they do some chasing for you as well.

With the debts, you know what you need to do, but most important is pay on time each month and not go over the limit, if you need a bigger limit its better for youre credit report than going over.
Try and close the accounts which have defaults on them first - if thats feasible.

Thank you for your response

I'm on the electoral role at both addresses although I use one main address for all applications, it shows on the CRA reports.

I'll be honest the DD was probably my mistake, it's paid in full now but it was late by a month as I didn't realise an there wasn't any reminder until my next bill from EE.

I don't think I could get a bigger limit and I wouldn't want the temptation, I'll most likely make an additional payment to the Barclaycard as a buffer, £600 rather than £500.

Closing accounts, I'll be doing RBS Account > Hitachi Loan > HSBC Credit Card, that's in order of amount remaining, RBS is mostly OD usage charges, HL is a loan due for final payment in three months and HSBC could be paid off if I didn't use it (max limit is £500).

Thank you for your help, I checked with CheckMyFile and it does show a better report than I expected, it appears my report was hindered due to 2 late accounts, both of which were this year so by year end it should be better? Also my age is a factor apparently I'm too young

Thank you once again.

20aday

AFAIK you can close down your HSBC credit card account and still make the repayments until the balance is cleared in full (including any trailing interest.)

I'm guessing your wish to cancel the card is because it's the one with the highest APR of the two?

SLZ

20aday wrote: »

AFAIK you can close down your HSBC credit card account and still make the repayments until the balance is cleared in full (including any trailing interest.)

I'm guessing your wish to cancel the card is because it's the one with the highest APR of the two?

Can you? I didn't know that, I'll call them tomorrow as I also noticed that they're listing an old address to CRAs which may be causing an issue so I'll need to fix that!

Yes, it's the highest interest rate of the two, Barclaycard is an awful lot lower!

20aday

Is it at all feasible for you to service the HSBC card with a larger repayment and once that's cleared tackle the BarclayCard?

If you only make the minimum payment (plus a £1, for example) to the BarclayCard you can chip away at the HSBC debt much quicker.

I assume BarclayCard have no 0% on Balance Transfers for you? Having said that if it's your only credit card after closing the HSBC one then you'd end up paying interest every month again anyway.

SLZ

20aday wrote: »

Is it at all feasible for you to service the HSBC card with a larger repayment and once that's cleared tackle the BarclayCard?

If you only make the minimum payment (plus a £1, for example) to the BarclayCard you can chip away at the HSBC debt much quicker.

I assume BarclayCard have no 0% on Balance Transfers for you? Having said that if it's your only credit card after closing the HSBC one then you'd end up paying interest every month again anyway.

My limit is £500 on the HSBC card which is apparently the maximum I have decided to pay off £100 a month and put the rest on the Barclaycard although I'll still be spending the money so I don't know

Barclaycard has no BTs or any offers, and as you say I would end up paying interest and I am paying a lot. I'm aiming to be in 50% less debt by Christmas.

Malmo

Check My File shows account data for Equifax & CallCredit/Noddle only.
It does not show account data for Experian, only public record data such as CCJs or electoral roll information. This is stated in their Terms & Conditions as quoted below:

The information we provide may not be identical to that which can be obtained elsewhere. For example, we do not provide account information from Experian, although we do provide Experian's version of the Electoral Rolls/Registers, persons linked to you on the Experian database, Experian's record of insolvencies including bankruptcy, sequestration, IVA records, Trust Deeds, and similar, together with Experian-sourced court records including High Court Judgments and County Court Judgments, including the court, plaint number and status of such judgments, and whether settled or not

You should obtain the statutory £2 report from Experian.