credit rating wont get any better

bugs78_2

Hiya all

I'm sure there is no magic answer but id like some advice. I have had a very poor credit rating which I have been slowly wirking on improving. Last year I applied for a high interest credit card just on the off chance and to my amazement they accepted me.

Well various life struggles have hit us any now my credit rating saying it won't increase as one of my accounts is close to its credit limit. I can only asume its my credit card I want to get my rating back on track but this is really stopping me, now I know the only real otion is to pay it off, but does any one have any tis to help?

Thanks

MrSilk

.... Pay it off

Voyager2002

Stop wasting time and money on your credit score, which says nothing about how lenders view you. Save the subscription and use it to pay down the debt.

DCFC79

Your credit rating means nothing, your credit history is what matters.

Yes pay it off.

bugs78_2

Well the credit report is free so I'm not shelling anything out for it.

Iv seen some sites which check the likelyhood you are accepted for credit and it says I will only have access to credit with higher rates

Philis_Burrell

Credit History...Have you had late payments before? or even times you did not pay at all when is due?

PeacefulWaters

The best way to use the credit card to improve your likely acceptance for cheaper credit is:

1) spend on it monthly.
2) clear the balance completely after receiving the statement.

By building up debt you're telling other potential lenders that you're spending more than you earn.

Why the desire for more debt anyway?

jamesd

Having a card close to its limit is a negative factor. It's not close to as negative a factor as lots of late payments so it is your older history that is having the greatest effect.

For the short term try applying for a card with a six or twelve month balance transfer offer, not the best on the market. If declined, wait six months before trying again, then try a different place. The purpose of this is to save you money by letting you transfer the balance to a cheaper place.

Longer term you just need to keep a record of on time payments of everything and let time move the bad history further into the past so it has less effect.

pvt

bugs78 wrote: »

Well the credit report is free so I'm not shelling anything out for it.

Iv seen some sites which check the likelyhood you are accepted for credit and it says I will only have access to credit with higher rates

Does whoever is providing you with this, albeit free, credit report know how much you earn? Or what you might be wanting to borrow the money for?

As others have said, stop worrying about your credit score and get on with your life.