low credit rating

rating_689

Hello there

i am as i type i am sulking into my coffee.

i thought i had a good credit rating. i have 26 mortgages and 5 credit cards and all have been paid on time (i have one late payment marked at the start of a new credit card 15 months ago). so i assumed all was well in the land of my credit rating.

2 weeks ago i was declined for a b&q card so decided to order one of the credit rating reports from credit expert. i was horrified to discover that i am ranked as poor 689 out of 1000. the last couple of credit card forms that have arrived through the door pre selected have only given me low £1000-£2000 credit limits. last year virgin offered me 17k and my platinum amex has 13k avaliable with a £800 current balance.

how can i be such a bad risk? is it the amount of credit checks that mortgage companies do ?

how can i become a perfect credit citizen, or will i rot in blacklist hell.
any suggestions gratefully received.

regards ,
credit confussion

Phonix

You have 23 mortgages? _pale_


I'm not sure but I don't think a 650+ rating is that bad. People worry when it drops below 500.

how can i be such a bad risk?

You have 23 mortgages!

empfun

Hi rating_689, just to be sure, you should also look up the other two credit reference agencies (Callcredit and Equifax) before making anymore applications.


Feel free to give me a spare house anytime.

deemy2004

I definetely would not give another penny to someone with 26 mortgages ..... :rotfl:

cronshd

I don't think you are in blacklist hell - at least not yet.

It might be the case that you don't fit the profile for B&Q - or that 26 mortgages is considered a significant risk.

A Experian score of 689 is plenty high enough to get accepted for many credit cards. Is there something lurking on your file, which maybe you have forgotten?

Clariman

Hi rating689. It is difficult to say without knowing more. As others have said a credit rating of 689 is not that bad. A late/missed payment won't help. If I was guessing, I would say that the 26 mortgages could be having an impact. Remember - what the CC companies are assessing is what risk they are exposing themselves to by lending you more money. Given that the property market has cooled significantly and there is a possibility that house prices could fall by a reasonably amount, perhaps they are viewing property investors as a greater risk than they did this time last year ... which would probably be a sensible precaution.

Clariman