We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Credit card improvements

Guys,
Just a quick share, back in June 2011 I started a very bad patch in my credit life... Maxed out a Natwest Credit Card (£1700 limit) made the minimum payment and then spent back on it... Went to see Wonga and the rest of the PDL squad and had debts totalling £2k across these fools at the hieght of my idiocy. I also got a capital one Classic (£200 limit), Aqua (£350 limit) and Vanquis (£250 limit).
Maxed out the lot, and eventually my Dad took control of my finances for a period of about 18 months. Late 2012 I was cleared of my debts. No financial help from my dad who could clear these debts as a drop in the ocean.
Anyway expected that it would take a while to sort my credit out but kept the Natwest card open and the Cap1 card.
Opened a Cap1 progress and a Barclaycard initial in 2013 to see where my file was at.
Both accepted and since then I've had a loan from Natwest £7k at 11% (opened in 2015), and I've just been accepted for a Lloyds Choice Rewards credit card (Amex & MasterCard) £1000 limit and 31% (interest rate not an issue, plan to pay off each month as a daily spend card to earn the points...).
Natwest have also increased my limit to £2600 and Barclaycard to £2400 (none have been requested) and the Cap1 process has an interest reduced to 19.9% (still £200 limit).
I'm planning on applying for a Nationwide Balance Transfer Card now to help clear my Natwest card (£1000 balance for a holiday).
Just thought I'd say to everyone that since my dad kicked my backside into touch (September 2011!!) I've managed to get myself in a much better position. Only the Natwest card now has a balance and I plan to hopefully get a 0% BT (the nationwide card I mentioned).
So although it takes 6 years for defaults etc to drop off, things can change much sooner and now I'm well on the way to getting my credit file back on track.

Cheers guys,
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.