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Noddle - missing CC information?
Comments
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It's worth checking if the CB account is actually still open? You say it's unused (how long for?) and has no balance - possible they have closed it due to inactivity and the letter got lost.
Available credit will always count against you in lending terms as you could, in theory, go on a spree and rack up 30k odd of debt based on your credit - if the card is unused and not reported then unless it is only on Equifax, having it open seems a negativeSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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It's worth checking if the CB account is actually still open? You say it's unused (how long for?) and has no balance - possible they have closed it due to inactivity and the letter got lost.
Available credit will always count against you in lending terms as you could, in theory, go on a spree and rack up 30k odd of debt based on your credit - if the card is unused and not reported then unless it is only on Equifax, having it open seems a negative
Hi.
It's open, and fully functional, with paper statements every month. I think that it won't be on any credit record, as posters suggest above as I opened it 22yrs ago. No late payments, defaults or anything.
So I suspect that lenders can only see the £26k limit on my other two cards.
Although, the one fact I learned from Experian is that my Next card had a limit of £3600 which seems a ridiculous amount. I closed it a while ago anyway.
P x0 -
Available credit will always count against you in lending terms as you could, in theory, go on a spree and rack up 30k odd of debt based on your credit - if the card is unused and not reported then unless it is only on Equifax, having it open seems a negative
My experience doesn't bear this out. I've had available credit of over twice my salary at times and have never had any problems in getting more.
I still have available credit of over my salary and have companies more than willing to lend.0 -
The age will be the reason. It wasn't until around 1999 that card providers started seeking consent to report non-default things to credit reference agencies. Older accounts won't normally be reported.I've had it for more than 20 years.
The lack of reporting of this card makes it particularly valuable to you because it has no effect on your credit scoring. Keep it for as long as you can to maximise the flexibility it offers.
Do ensure that you always accurately report all credit accounts on application forms if asked, along with accurate balances if asked. It's not a tool for deception and application fraud.0 -
Thank you for your thoughts.
I am always truthful on application forms etc - I don't have any reason not to be, as I've always managed my money without late payments or defaults etc.
I don't have to reduce my available credit to reduce temptation as I'm one of those irritatingly self disciplined types where shopping is concerned.
Having said that, how much chocolate do you reckon I can buy for £8000? :rotfl:
P x0 -
You can probably buy enough. Just wait until the season when creme eggs are on sale then sell them for a profit during the rest of the year.
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My experience doesn't bear this out. I've had available credit of over twice my salary at times and have never had any problems in getting more.
I still have available credit of over my salary and have companies more than willing to lend.
It's never a hard and fast rule and equally anecdotal evidence is very rarely a strong and compelling argument. Having lots of available credit would logically spook some lenders as you could just max it all out and have no way to pay so giving you more credit is a risk judged by the company on your history. Applying for a mortgage is a big risk for the lender so seeing the OP with lots of available credit might put some of them off, a lower credit availability (without harming day to day funding of purchases) could well look nicer to the computer saying yes/no
I had a CC with my bank with a limit of £8850 on a salary of around £1500 after leaving university, I applied for a nectar amex card and got a limit of £13700 when I was on a salary of somewhere around £17000 (meaning total available credit well over £22k) but it probably helps I had never had a loan and never missed a full payment on my CC.
To illustrate the issue about anecdotal evidence, there was a post recently on the CC forum along the lines of "banks are reducing credit limits again" started by someone who had that happen, I and several other posters replied pointing out we had no such issues.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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It's never a hard and fast rule and equally anecdotal evidence is very rarely a strong and compelling argument. Having lots of available credit would logically spook some lenders as you could just max it all out and have no way to pay so giving you more credit is a risk judged by the company on your history.
People's personal experiences matter but you need to put them together to show patterns. It is difficult to prove anything from one person's experience.
However it is still better than the bit in bold above. That isn't even anecdotal evidence - it's pure conjecture!0 -
I'm not a particularly frightening borrower - or I'm sure the banks would be reducing my credit limits, if not closing them.
Although I do have £35k credit available, it's still less than my annual salary, even before I add in my PT contract work.
I am surprised that the report doesn't consider any savings accounts - you would think the fullest picture of a person would be the most accurate.
Px
Off to buy approx 100 000 creme eggs now...
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People's personal experiences matter but you need to put them together to show patterns. It is difficult to prove anything from one person's experience.
However it is still better than the bit in bold above. That isn't even anecdotal evidence - it's pure conjecture!
So do you have any evidence that have available credit above 50% or even 75% of salary before applying for something like a mortgage is perfectly fine and the lender won't mind?
Certainly the reports I have seen mortgage stress test suggest the available credit is a concern for lenders meeting the rulesSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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