credit rating & balance transfers

ollieb_4

Hi all,
About 2 years ago my credit rating was in the 900's - this is considered very good. Since then I have been managing a large portion of my credit debt by moving balances around to take advantage of deals such as 0% transfers etc, I considered this to be a form of responsible money management. My credit rating is now in the 600's and considered very poor. The only thing that has changed is my 'available' credit that I have, that I have been given.
Is this a new approach to credit scoring that I am unaware of? to penalise consumers for having available credit rather than the tradittional debt owed?
I thought we have all been encouraged to move balances to new accounts offering better deals and effectively saving us money.

Subsequently, everytime I apply for something that involves a check of my credit rating I fear that I'm going to suffer a lower credit score.

Experians' advice is to 'wait it out' for my score to increase and dont apply for anything else.

I feel cheated. Does anyone else have any similar experiences or any advice on how I can speed up this process to get my score back?

Confused & frustrated,

Ollie B

NewbieMoneySaver**

Hello Ollie B,

I have had exaclty the same thing happen to me. Its weird, I had every card on the market and they kept accepting me and I have done the same as you by moving around the debt to 0% cards and never using the cards for anything else.

I have never missed any of the payments and never had a ccj.

I checked my rating the other week and its 640 which like you say is very poor. I have since tried clearing some old accounts of my record which were cleared years ago. I have also been told to wait a while and not apply for anything else.

Strange thing is though that my wife has no income at all and applied for a 0% card last week with the houshold income (Mine) and got accepted.

Cheers

ollieb_4

Thanks for the reply. incredible its exaclty the same situation I find myself in, including the credit score.
Well, unless anyone else any suggestions other than simply cancelling cards and waiting, looks like thats all we can do for now.
Having said this, I've learned a hard lesson, I simply wont even apply for cards unless I absolutely have to, and will always cancel them when I'm through using them - something I believe the lenders' should take some responsibility for.

10-4, over.

Ollie B