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Is it wort it?
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Fireflyaway
Posts: 2,766 Forumite
Looking for some opinions please. I took out a capital one card about 8 months ago in a bid to improve my credit score.
I had a poor score ( 98) due to various defaults, pay day loans etc.
My score is improving ( 274) and I have paid off most of the debts.
I was gutted to see today that my card is over the limit by £1.20..... So annoyed.
My question is - I can't see my score improving that much until after 6 years when the defaults are wiped off, so should I get rid of the credit card in case I accidentally go over again? Maybe not having one is pefereable ?
I had a poor score ( 98) due to various defaults, pay day loans etc.
My score is improving ( 274) and I have paid off most of the debts.
I was gutted to see today that my card is over the limit by £1.20..... So annoyed.
My question is - I can't see my score improving that much until after 6 years when the defaults are wiped off, so should I get rid of the credit card in case I accidentally go over again? Maybe not having one is pefereable ?
0
Comments
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Ignore your score.
Keep the card and use it wisely. Spend a little and clear in full each month.
No credit history is not much better than a bad one.0 -
Hi Fireflyaway,
If you focus on overpaying the card and clearing it in full before you use it again, then you should avoid going over the limit in the future. Creditors will look at your overall credit worthiness when assessing for future credit and whilst defaults are going to be a negative factor they will also consider you age, whether or not you are a homeowner, on the electoral role etc.
Try and make sure you have done everything you can to improve your score and zx81 is right, a blank credit score doesn't help future lenders assess your credit history any better.
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Fireflyaway wrote: »I was gutted to see today that my card is over the limit by £1.20..... So annoyed.
If are you struggling to manage your finances. Don't use credit cards at all. Spend cash only. Then you'll know to the penny how much money you actually have.0 -
Thanks everyone. Just thinking how annoyed I would be if I paid in full on time for a year and then messed up all the good work with a late payment. On balance its probably not worth the risk. I can't trust myself to be organised enough. However if I don't have a credit card I guess I have no history at all. The honest solution would be to grow up and get more organised!0
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How about a full payment direct debit?0
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