How long until I look good to lenders

sean9461

downhillfast wrote: »

I can't offer any more advice than has already been pointed out other than to say whatever you do DO NOT apply for any credit cards whilst you are involved in obtaining a mortgage - if your lender sees you extending yourself they could withdraw the mortgage offer and leave you high and dry!

I'm not applying any time soon for anything as i understand based on elegibility checkers I have 0-10% chance of acceptance so I would never risk the search in the first place. I'm just trying to understand how long it will be until I stand chances of being accepted for these deals in the future.

ParaJon

It is possible with Barclays to have more than one credit facility.

may be worth using he MSE eligibility checker tool

EDIT: if you have a 0-10% chance, dont apply just yet, you want to wait until your at around 70% +

keep using your current card and making full payments.

Who do you hold your current account with?

sean9461

ParaJon wrote: »

It is possible with Barclays to have more than one credit facility.

may be worth using he MSE eligibility checker tool

EDIT: if you have a 0-10% chance, dont apply just yet, you want to wait until your at around 70% +

keep using your current card and making full payments.

Who do you hold your current account with?

My current account is currently with natwest but I tried the eligibility calculator on natwest website for their credit card and it came back no chance at the moment

ParaJon

Whats the type of account you hold? does it restrict you in anyway? does it have any overdraft facilities?

have you ever had an overdrawn account or unpaid phone bill?

Superscrooge

It takes time to build up credit history but from your posts you are doing everything fine.

After about 6 months of responsible credit card use, lenders start to be willing to increase credit limits.

After 12 months you will have a very good chance of being accepted by some of the more mainstream cards.

sean9461

ParaJon wrote: »

Whats the type of account you hold? does it restrict you in anyway? does it have any overdraft facilities?

have you ever had an overdrawn account or unpaid phone bill?

It's a normal account with an overdraft facility but I havnt applied for an overdraft so it currently doesn't have one. Never missed a phone bill. No missed payments ever however I only have payments on my report for the last 5 months.

sean9461

Superscrooge wrote: »

It takes time to build up credit history but from your posts you are doing everything fine.

After about 6 months of responsible credit card use, lenders start to be willing to increase credit limits.

After 12 months you will have a very good chance of being accepted by some of the more mainstream cards.

I hope I'm doing everything right. I just wanna make sure I get good chances of being approved for things in future when I might need them. If you can think of anything else I can do to make things improve any faster that would be great. Would more than 2 lines of credit simultaneously being paid off every month make things better? Say if I applied for other subprime cards in mean time?

Thanks

Superscrooge

I don't think there is any way of rushing things. From your initial post you already have two credit cards. Obtaining another credit card is unlikely to make lenders think you are lower risk - possibly the opposite.

You want credit card companies to lend you £5,000 at 0% interest for 12 months or longer. There isn't much profit on that sort of deal for them, certainly not initially. So they will want to be as certain as they can be that you are low risk and not going to default on the debt.

A few years of good credit history and they realise you are low risk and you start getting the better offers. You just have to be patient for a couple of years to start getting the best deals

Make sure you are on the electoral role that always helps

chuckley

sean9461 wrote: »

Saved deposit from my wages. However my bank account that I started with at 17 was never upgraded and never shared info to credit reference agencies and I'm currently only 22. I changed banks 6 months ago to an account that does share data

it will definitely be on your credit file as this was 2009? it will just be reported as 0 and green ticks due to no overdraft.

my RBS basic is the same. However I'd say all bank accounts are reported like that unless overdrafts are involved.

ParaJon

sean9461 wrote: »

I hope I'm doing everything right. I just wanna make sure I get good chances of being approved for things in future when I might need them. If you can think of anything else I can do to make things improve any faster that would be great. Would more than 2 lines of credit simultaneously being paid off every month make things better? Say if I applied for other subprime cards in mean time?

Thanks

Two lines of credit being paid off wont necessarily increase your chances, as a lender could view it as why would you need a third?

Keep paying off your existing barclay card and you sometimes find that they will just propose an increased credit limit to you.