Credit Rating

redgewd

I currently have 4 credit cards with about £30k stoozed, one of them is about to run out and I have to pay back £11k. I tried to get another card but was refused and the reason they stated was I was over committed. Once I pay back the £11k how long do you think it will take for this to reach the credit agencies and for my credit score to improve again. It appeared that they were all quite willing to give me cards at the beginning but now they can see I'm only paying back the minimum payment hey have put a block on it. I plan to pay back the £11k in a couple of weeks and then cancel the card. Hopefully when I try again my score will have improved, has anyone had a similar experience, please advise. Thanks

Clariman

redgewd wrote:

I currently have 4 credit cards with about £30k stoozed, one of them is about to run out and I have to pay back £11k. I tried to get another card but was refused and the reason they stated was I was over committed. Once I pay back the £11k how long do you think it will take for this to reach the credit agencies and for my credit score to improve again. It appeared that they were all quite willing to give me cards at the beginning but now they can see I'm only paying back the minimum payment hey have put a block on it. I plan to pay back the £11k in a couple of weeks and then cancel the card. Hopefully when I try again my score will have improved, has anyone had a similar experience, please advise. Thanks

Don't be too put off my one refusal. I had 2 (my first 2 ever) in January, then appealed for one of them and got given a card. I have subsequently applied for 2 others and got them both. Each lender has their own criteria so some are tougher than others. Who was the lender who refused you ?

In answer to your question, once you close your credit card it will probably take a couple of months for it to show up as 'settled' on your credit reports so be a bit patient. Also, don't forget that having been refused you probably can't re-apply for that same card straight away, but it might be worth appealing.

Clariman

redgewd

It was Morgan Stanley who refused me and stated that I was over committed, a Skycard application came through which is linked to Barclaycard which is a card I've had for 15 years and haven't snoozed on so i thought i would have a good chance but was refused as well. I've now applied for 3 cards for my wife and she has been accepted for Virgin, egg and NAT West even though she is on half my salary but obviuosly owes nothing.