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Rejection and credit scoring

Trembling_Turnip
Posts: 147 Forumite
in Credit cards
Hello all.
My Virgin credit card 0% balance transfer offer is coming to an end, with just under £4,000 on it and a whopping 20.4% interest about to start.
I applied for the 14 months 0% BT offer with Barclaycard which was successful, but only with a credit limit of £2,000.
I applied for the capital one credit card for the 0% BT offer in the hope of being able to switch the rest of the debt onto that but was refused, and offered another capital one card with some ridiculously high interest rates on balance transfers and purchases.
In a bit of a panic I then applied for a Tesco card (refused), the RBS card (refused) and the Egg card (refused).
My credit record was checked in August and seems in order but obviously all these applications have damaged it. does anyone know how long i should wait before making another credit card application?
i managed to switch the remaining £2000 onto my existing Halifax credit card with an offer from customer retentions of 6 months at 0% interest (3% fee)
Will six months be long enough to repair the damage I've done to my credit rating?
any advice/experiences mucho appreciated.
My Virgin credit card 0% balance transfer offer is coming to an end, with just under £4,000 on it and a whopping 20.4% interest about to start.
I applied for the 14 months 0% BT offer with Barclaycard which was successful, but only with a credit limit of £2,000.
I applied for the capital one credit card for the 0% BT offer in the hope of being able to switch the rest of the debt onto that but was refused, and offered another capital one card with some ridiculously high interest rates on balance transfers and purchases.
In a bit of a panic I then applied for a Tesco card (refused), the RBS card (refused) and the Egg card (refused).

My credit record was checked in August and seems in order but obviously all these applications have damaged it. does anyone know how long i should wait before making another credit card application?
i managed to switch the remaining £2000 onto my existing Halifax credit card with an offer from customer retentions of 6 months at 0% interest (3% fee)
Will six months be long enough to repair the damage I've done to my credit rating?
any advice/experiences mucho appreciated.
Proud to be dealing with my debts! :beer:
egg loan [strike]£10300[/strike] £2400
student loan [strike]£4500[/strike] ZERO!!!
MBNA CC £4500
egg loan [strike]£10300[/strike] £2400
student loan [strike]£4500[/strike] ZERO!!!
MBNA CC £4500
0
Comments
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The banks will not see any credit checks longer than 6 months so you will probably be ok. I hope you don't have too much already on the Halifax Card, but would definately pay that one off first as it has the shorter lifespan.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
Hey GeorgeUK - where do you get six months from? Is that the official length of time acknowledged by Equifax, Experian etc?
After Sainsbury's turned me down i checked my credit record and there was not even a search from them listed, so they must have just declined me on some other reason
But as for the others, well i guess because i've now got three credit cards, a loan and an overdraft on the go....
I've got about £500 purchases on the Halifax one, plus the £2,000 balance transfer. I know I won't be able to pay it all off before the six months but hoping that by that time i can get another 0% BT card deal or increase my credit limit on the Barclaycard.
Of course i should just pay them off and stop card tarting but it's not as easy as that!!!Proud to be dealing with my debts! :beer:
egg loan [strike]£10300[/strike] £2400
student loan [strike]£4500[/strike] ZERO!!!
MBNA CC £45000 -
Hi
Searches stay on the files of the credit reference agencies for a period of one year.
Whether individual lenders assess you on those searches for the whole year period is quite frankly a mystery! Lenders are very tight lipped about their credit scoring criteria.
Regards
UNDERGROUNDThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
:eek: Double checked back posts and online sources.
I've misinformed you.
http://www.experian.co.uk/downloads/consumer/mythsV6.pdf
The footprints stay on your report for a year and both you and the lenders see this.
I had been quoting from previous posts i had seen and had never checked it at source (i usually do - very sorry about this)
I do recall looking at (very) established posters having said (one who worked for banks), checks after 6 months have very little influence on your score .
Lesson learnt
will make sure i know what i'm talking about next time.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
Thanks for this info!
TTProud to be dealing with my debts! :beer:
egg loan [strike]£10300[/strike] £2400
student loan [strike]£4500[/strike] ZERO!!!
MBNA CC £45000
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