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Low credit limits & general credit score improvement.

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Adamr8965Adamr8965 Forumite
2 posts
First Post
Hello all new member here,
I have a couple of questions regarding the subject title, 
So I'm trying to improve my credit score from poor to excellent. 
I have 2 cc's one with Capital one £1600 limit opened 2yrs ago, and a vanquis opened 13months ago with a £150 limit.
Now I have two old defaults one of which is 55months old and the other is 23months old. Both are settled with a zero balance.

The problem is my score never really seems to be increasing much if at all. 
I use my two cc's for everyday purchases and they are paid in full at the end of the month. Also I've had no limit increasing since opening either. 

The only other things I have reporting to the cra are my EE phone, car insurance, and Natwest current account, both EE and natwest are more than 10yrs old.

My income is around £110k per annum, so I feel my limits could be upped slightly. 

Any information would be much appreciated thank you all. 

Replies

  • Ebe_ScroogeEbe_Scrooge Forumite
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    First off, ignore your score - it's neither seen nor used by any prospective lender.  Check that all the data in your credit records is factually correct, and check that you're registered on the electoral roll.  The two defaults will be a slight mark against you, though a settled default is far better than an unsettled one, and their impact will diminish with age.  You're doing the right thing by using your cards regularly and always paying in full and on time - keep doing this, and your credit history will improve over time.  In terms of the credit limits - you can always phone up your card provider and ask if they will increase your limit for you, the worst that can happen is that they say no.

    If all else fails and you actually need a card with a higher limit, you could try one of the eligibility checkers and apply for a new card from a different provider.  But don't go making lots of applications - more than a couple of applications is a short space of time will start to reflect badly on your credit file.
    I may not know much about art, but I know what I like.
  • alfred64alfred64 Forumite
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    It will take several years for your rating to improve from poor to good.Much longer before it becomes excellent.
    Your defaults will not drop off for at least six years and even though from now on you  run your accounts impeccably it will be a very long journey.
  • quackers82quackers82 Forumite
    63 posts
    Part of the Furniture 10 Posts Combo Breaker PPI Party Pooper
    I had to wait until my defaults were at least 3 to 4 years old out of the 6 they stay on file for before i could get remotely decent limits with credit cards. Aqua i found increased my limits every 3 months with heavy usage of the card and re-payment in full, i went from £400 limit to £4000 in just over 12 months, so if its the large limit you want they might be a good choice, but again it may take you a year or 2 to work yourself up to that kind of limit. 
    Amex did give me a card when i still had defaults, the limit was low £1500 but its £15,000 now 2 years later after paying off in full every month so again a lender that will increase generously if they see the right habits.   

    Lenders may be more risk averse at the moment though, but i would try Aqua first https://www.aquacard.co.uk/credit-cards 
    you could try your luck with Amex as well, 2 hard searches wont be a big deal, but with one default only being 2 years old Amex might not take the risk. 
  • Adamr8965Adamr8965 Forumite
    2 posts
    First Post
    Thanks for the help. 

    I have just applied and got accepted the for the Aqua advanced card, so hopefully that will build my rating some more. 
    Also I did a quick check on Amex and I wasn't eligible for their cards. 
    Funnily enough Natwest has pre approved me for their cards, I wonder if that's because I bank with them and they can see my income and expenditure? 
  • dazzaofdagenhamdazzaofdagenham Forumite
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    My wife has a CCJ that will be six years old next week...so will fall off her files
    we have been waiting for a year for this to happen, therefore hoping we ( us ) will be become instantly more credit worthily for a remortgage later this month.

    can this be true 
  • D3xt3r5L4bD3xt3r5L4b Forumite
    715 posts
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    Adamr8965 said:
    Thanks for the help. 

    I have just applied and got accepted the for the Aqua advanced card, so hopefully that will build my rating some more. 
    Also I did a quick check on Amex and I wasn't eligible for their cards. 
    Funnily enough Natwest has pre approved me for their cards, I wonder if that's because I bank with them and they can see my income and expenditure? 
    Just don’t pay attention to the score and rating given by the CRA’s
  • MovingForwardsMovingForwards Forumite
    5.4K posts
    1,000 Posts Name Dropper Photogenic First Anniversary
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    My wife has a CCJ that will be six years old next week...so will fall off her files
    we have been waiting for a year for this to happen, therefore hoping we ( us ) will be become instantly more credit worthily for a remortgage later this month.

    can this be true 

    She was always "credit worthy" to the right lender, especially if the CCJ had been paid off. 

    I recently completed a purchase with a satisfied CCJ and a few defaults.
  • dazzaofdagenhamdazzaofdagenham Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭
    My wife has a CCJ that will be six years old next week...so will fall off her files
    we have been waiting for a year for this to happen, therefore hoping we ( us ) will be become instantly more credit worthily for a remortgage later this month.

    can this be true 

    She was always "credit worthy" to the right lender, especially if the CCJ had been paid off. 

    I recently completed a purchase with a satisfied CCJ and a few defaults.
    When we asked about remortgaging with Barclays....they asked about credit and we were quite honest and explained that the CCJ is there... they advised best to wait until it falls off...
  • MovingForwardsMovingForwards Forumite
    5.4K posts
    1,000 Posts Name Dropper Photogenic First Anniversary
    ✭✭✭✭
    My wife has a CCJ that will be six years old next week...so will fall off her files
    we have been waiting for a year for this to happen, therefore hoping we ( us ) will be become instantly more credit worthily for a remortgage later this month.

    can this be true 

    She was always "credit worthy" to the right lender, especially if the CCJ had been paid off. 

    I recently completed a purchase with a satisfied CCJ and a few defaults.
    When we asked about remortgaging with Barclays....they asked about credit and we were quite honest and explained that the CCJ is there... they advised best to wait until it falls off...

    That's one lender out of hundreds. You could have spoken with a broker a few years ago.
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