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Rejection and credit scoring

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). :o

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

Comments

  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    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) 11/08/2011
  • 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 :confused:

    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 £4500
  • System
    System Posts: 178,353 Community Admin
    10,000 Posts Photogenic Name Dropper
    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
    UNDERGROUND :D
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    :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 :o
    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) 11/08/2011
  • Thanks for this info!

    TT
    Proud to be dealing with my debts! :beer:
    egg loan [strike]£10300[/strike] £2400
    student loan [strike]£4500[/strike] ZERO!!!
    MBNA CC £4500
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