Quick C.Card Q...

Little_Pickle

hey guys...

quick question...
I'm on electoral roll, addresses are up-to-date, have been paying everything on time for well over a year now and never had debts before then, and the credit card is nearly gone! yay!

So why is my credit rating so blinking awful???
I had a sketchy 6 months back before my LBM (over a year ago) and went over credit card limit / got overdarft fines.

Being the good little DFW I am now, I now this is probably the real reason...
but I've got 3 out of 5 stars on my credit report.

I needed to get a 0% credit card for my trip away (I'll have it paid by the end of the year - but prices are going up and up and I need to book now) as I didn't want to use my current credit card (21.9%!!!).

I was turned down... in seconds... bad credit score...
I dont' understand.
Any suggestions?
LP
xox

floss2

Dunno hun...I was turned down for one CC, then accepted by Natwest....low limit, but it's to rebuild my record anyway, not for major purchase.

The search for the 1st one didn't even show....I obviously didn't meet the right "criteria"

Shineyhappy

Have you read Martins article?

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

How much credit do you have and out of how much potential credit?

Little_Pickle

Hey Floss, thanks honey..maybe it's just the same thing here then..
At LBM I owed about £4k, now it’s down to hang on *taps away at calculator* £470 to old credit card and old overdraft.

It’s just made me real sad! humpfff! :rolleyes:

Little_Pickle

How much credit do you have and out of how much potential credit?

Hi Shineyhappy! Long time no chat!

I read the article. Ticked all the boxes... I dunno...

I owe £470 out of a potential £1,850.00.

I could reduce my Credit Card, but the last time I did this (from £3.5k to £1.6K) my credit rating DROPPED because it said I was at the top end of available credit!!!! I just can’t win!

postingalwaysposting

it is true that sometimes people with a brilliant credit score gets turned down ~ the ones that pay the full payment/on time. This is because the credit agencies seem them as a non profit making customer, ie they wont get interest/late payment fees out of you. The whole system is a mine field and i guess no one will ever know why someone in no debt gets offered no credit and someone with thousands of pounds worth of debt gets offered thousands more. The best thing you can do is try once more but then i wouldnt try again after that as each search shows up on your report and then its another thing agaisnt you. As any searches after that throws up a warning light as you trying to get lots of credit in a small space of time.

hth pap

Little_Pickle

Ta PaP… was thinking the same too… it’s stoopid! I don’t WANT a lot of credit, but I’m finding it impossible whilst others manage to get thousands and thousands of ££££’s…

‘tis crazy no???

Burlesque_Babe

I agree with PaP. Each company has a different criteria so where one might reject you, another might say no.


Who is your CC with? I would (again agreeing with PaP) try just 1 more application for now with maybe Capital One, Mint or maybe one of the MBNA group (go through Quidco as well for MBNA ones and Mint!) - I only say these because when my credit rating was through the floor, they accepted me and I was in a much worse situation than you are.

Little_Pickle

Thanks the Keren! I may try it one more time through Quidco…watch this space huh?
LP
xox

Shineyhappy

Little_Pickle wrote: »

Hi Shineyhappy! Long time no chat!

I read the article. Ticked all the boxes... I dunno...

I owe £470 out of a potential £1,850.00.

I could reduce my Credit Card, but the last time I did this (from £3.5k to £1.6K) my credit rating DROPPED because it said I was at the top end of available credit!!!! I just can’t win!

Hiya, yes its been a while since we had a good chin wag!

I guess you will be coming to the London meeting living so close and I am so excited about that I will be saving my pennies!

I wouldnt worry too much about getting refused a card banks are a law unto themselves and tbh they probably like rejecting people when "credit crunches" occur to make themselves look like responsible lenders :rotfl:

I think once you have paid off all the debts in full then just have a little spend on a card and pay it off in full every month and this is supposed to help.

My aunt has a 13k mortgage 30k in savings 350k house and has a bad credit rating as she doesnt believe in credit so wont use it!

Little_Pickle

Really? Crazy isn’t it?
Oh well… 21.9% it’ll have to be then! (If I don’t get accepted on one more try). I’m just glad I have that card to pay for my flight with… even though it’s gonna cost me tons in interest.

Yes, I’ll be coming to the London meet for sure.. I think we should come dressed as our MSE name and try and guess who each other is!!!! Ha ha!

You’re doing really well, btw… really been getting into the clicks over the past coupla weeks.. was a bit slack, but now have the points adding up… and I’m joining that 1st Dec 07 to 1st Dec 08 challenge too.. I’ve added one of those BIG piggy banks from Clinton’s to my wish list for crimbo…