Credit report questions

scottyleics

Hi all,

I have a few questions about my credit report which I hope you folks can give me some steer on

The first is I have a missed payment (£5 delivery charge on Very). Totally my fault as I missed the bit about delivery charges not being buy now pay later and I had not put a Direct Debit in place. I did write to them and explain at the time but they said no they would not remove it from my credit file. Should I add a notice of corrective to explain this or will is just cause more trouble than its worth? It was 3 years ago.

Secondly, I recently closed two credit cards, both HBOS owned. One MBNA branded, one Halifax branded. Both cards are now on my credit report as settled but show their credit limit was £500. This was not the case. Should I write to them and ask them to correct the limit they were really closed with?

In regards to limits, I have an MBNA Card with a £26,000 limit, a Halifax one with £5500 and a Barclaycard one with a £12500 limit. Both companies recently contacted me and said they have reviewed my limit and it can stay as it is (i.e. not decreasing as they have done with many others). Should I close one of the cards as I have a lot of available credit.

Last question, My credit utilisation is 0%, I have a loan on my car but this is almost paid off. My mobile phone is also almost paid off. One my phone and car are paid off (by end of 2020) it is unlikely I will use any credit products. Should I start using my credit card to pay for things like shopping and petrol or is that going to have a negative rather than positive impact?

I know this is a very long post with a lot of questions but this is the first time in my adult life that I will actually not be saddled with debt after 6 years of paying it all back.

I have nothing on the radar which will require a loan etc, I do not plan to get a car or anything. A mortgage would be nice some day but thats a ways out.

Cheers

D3xt3r5L4b

1. No don’t add a NOC. You’ll have to take it in the chin and they’re correct in saying they’re not obligated to remove the missed payment

2. It makes little difference what the limits actually were

3. Keep them open. Use regularly and pay off the statement balance in full for each one 

4. Yes do that and follow Point 3

scottyleics

Awesome thanks. Should I try and spend on each card? Maybe do shopping one week on one and another on a different card? I will set my DD to pay the full balance.

D3xt3r5L4b

Just use them regularly to avoid them becoming dormant and a lender thinking you’re not using them at all

PRAISETHESUN

scottyleics said:

Awesome thanks. Should I try and spend on each card? Maybe do shopping one week on one and another on a different card? I will set my DD to pay the full balance.

Make a purchase on each card at least once per statement cycle and pay it off in full  (definitely recommend setting a DD for the full statement balance). Easiest way is to just to pay for fuel/groceries on a different card each week as you suggest.

PaulW922

As far a the Very thing goes - payment history is usually only shown for the last three years. So as long a you keep the account open until that missed payment is more than there years old you will be fine anyway. 

D3xt3r5L4b

PaulW922 said:

As far a the Very thing goes - payment history is usually only shown for the last three years. So as long a you keep the account open until that missed payment is more than there years old you will be fine anyway. 

6 years.