credit utilisation

bike_saving_expert

Hi i recently decided to check out my credit score and was quite shocked at what i found.

i had a poor rating which i was a bit !!!!ed about considering i have missed no payments ever.

These were my problems some my fault others not really my fault,

Credit utilisation. I have 1 credit card with 4000 on it with a limit of 4500. So i have called m and s and got them to increase to 8000. Is there anything else i can do to bring this down further?

Second i have applied for lots of current accs in recent months because of switching bonuses i have 5 atm.

my other reasons were that my accounts had not been open long well that just didnt seem fair because i am young .

It seems fairly simple to solve the one about number of applications but how can i fix my utilization without more searches ?

YorkshireBoy

It's all well and good lifting the M&S limit to £8K, but will your income stand it?...in the view of lenders of course, not a CRA!

Thrugelmir

bike_saving_expert wrote: »

Credit utilisation. I have 1 credit card with 4000 on it with a limit of 4500. So i have called m and s and got them to increase to 8000. Is there anything else i can do to bring this down further?

You still owe £4k. That's what really matters.

bike_saving_expert

YorkshireBoy wrote: »

It's all well and good lifting the M&S limit to £8K, but will your income stand it?...in the view of lenders of course, not a CRA!

its not to use the extra money i was thinking i could apply for a load of overdrafts on my current accs i have loyds, TSB, clydesdale, halifax, first the lloyds TSB and clyc are all brimmed? But will they do hard searches ?

YorkshireBoy

bike_saving_expert wrote: »

its not to use the extra money

I didn't think it was. But whilst your utilisation (debt/available credit) will be lower, your potential debt (available credit/income) will be higher. And that may solve one problem but create another!

i was thinking i could apply for a load of overdrafts on my current accs i have loyds, TSB, clydesdale, halifax, first the lloyds TSB and clyc are all brimmed? But will they do hard searches ?

Why would you want a "load of overdrafts"?