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    • zx81
    • By zx81 18th Jan 18, 1:47 PM
    • 18,646 Posts
    • 19,911 Thanks
    zx81
    The drop in credit score could be due to the weather. It doesn't mean anything so ignore it.

    You utilisation is quite high. You could stand to get another card - another 5k wouldn't look too much for your income, and would make your utilisation better.

    However, lenders wouldn't be too concerned at the moment as your debt is at 0%, so you don't look desperate for credit.
    • Kc18
    • By Kc18 23rd Jan 18, 1:45 AM
    • 2 Posts
    • 0 Thanks
    Kc18
    We are currently looking at getting our first mortgage within the next year or two (max 2 years) however after checking my credit score I am slightly concerned about my late payments on some online stores, worst of it was a about 3 years ago back when my credit score was not something I was thinking about, these are the only form of debt I have had and I am currently applying for a credit card to try to boost my score but I am concerned this is going to be a little bit to late now.
    • zx81
    • By zx81 23rd Jan 18, 5:26 AM
    • 18,646 Posts
    • 19,911 Thanks
    zx81
    It's never too late.

    Get a card, use regularly and clear in full each month. Set up a full pay DD so you don't miss payments.

    Don't pay any attention to the score itself. Just focus on managing your credit responsibly.
    • shicky
    • By shicky 23rd Jan 18, 6:10 PM
    • 78 Posts
    • 23 Thanks
    shicky
    The drop in credit score could be due to the weather. It doesn't mean anything so ignore it.

    You utilisation is quite high. You could stand to get another card - another 5k wouldn't look too much for your income, and would make your utilisation better.

    However, lenders wouldn't be too concerned at the moment as your debt is at 0%, so you don't look desperate for credit.
    Originally posted by zx81
    when you mention utilisation, is there a rule I should keep in mind such as the 30% one I mentioned? Or is this nonsense?

    I wonder if there's anything else to consider in terms of being more 'advanced' for lack of a better term. For this I mean healthy financial situation, if the debt was suddenly recalled, I could pay it. I wondered if I basically should try to get access to as much credit as possible while it's easy?
    • zx81
    • By zx81 23rd Jan 18, 6:20 PM
    • 18,646 Posts
    • 19,911 Thanks
    zx81
    Certainly keep a healthy amount of your credit unused - 50% utilisation is often quoted, but it really depends on your circumstances.

    Don't over think it, but things to bear in mind -

    - Don't have so much credit that if you maxed it out tomorrow, lenders would think you could never pay it back

    -Don't use all your available credit - you look desperate

    - Don;t carry interest bearing debt unless you need to

    - Don't make vast numbers of searches at one time - again, you look desperate.

    But other than that - borrow what you need to and pay it back on time.
    • HES1984
    • By HES1984 6th Feb 18, 7:44 PM
    • 4 Posts
    • 0 Thanks
    HES1984
    Credit Score Correction
    2 years ago I received a consent order when i divorced my Ex husband which stated he had to pay any and all joint debt that was accrued when we were together, due to him maxing out overdrafts gambling and paying back payday loans.
    At the time he was working for a reputable bank which held the larger of the two accounts (2k overdrawn) and we went to the back to get my name taken off the account but the bank refused - saying the consent order didn't mean anything - i believe this was due to him working for them and the adviser we saw being his friend.
    I was wondering if there was anyway to challenge this by getting in touch with the financial ombudsman and/or getting a correction on my credit score, as the tiny amount he is paying off every month (if he pays anything at all) is crippling my score and i am desperate to buy a house - something i am unable to do if this carries on.

    If you took the time to read this thank you very much.
    • shlom
    • By shlom 11th Feb 18, 2:30 PM
    • 5 Posts
    • 0 Thanks
    shlom
    credit card refusal
    Will applying for a credit card with a provider that can see my current account and savings account change my chance of being accepted?
    • DCFC79
    • By DCFC79 11th Feb 18, 2:57 PM
    • 32,584 Posts
    • 20,502 Thanks
    DCFC79
    Will applying for a credit card with a provider that can see my current account and savings account change my chance of being accepted?
    Originally posted by shlom
    Maybe maybe not.

    Apply and see what happens.
    • jacobjohn7
    • By jacobjohn7 12th Apr 18, 12:43 PM
    • 68 Posts
    • 8 Thanks
    jacobjohn7
    Loan request
    Hi, all... question. I have the best credit rating score...I recently applied for a loan AA and got offered 20,000 in 5 minutes at 3.1% I thought it would need a confirmation like some websites say do you want accept this.. Well, I was kind of testing the water, and I thought a willing lender search and a willing offer, declined eventually by me would not be a bad thing... I have just re applied to get the same loan and instead of 3.1% its now 9.9% whats the next step getting in contact with the AA to take the searches off my file? thanks alll
    • DCFC79
    • By DCFC79 12th Apr 18, 1:08 PM
    • 32,584 Posts
    • 20,502 Thanks
    DCFC79
    Hi, all... question. I have the best credit rating score...I recently applied for a loan AA and got offered 20,000 in 5 minutes at 3.1% I thought it would need a confirmation like some websites say do you want accept this.. Well, I was kind of testing the water, and I thought a willing lender search and a willing offer, declined eventually by me would not be a bad thing... I have just re applied to get the same loan and instead of 3.1% its now 9.9% whats the next step getting in contact with the AA to take the searches off my file? thanks alll
    Originally posted by jacobjohn7
    The searches stay as long as they are correct which in this case they are. Why would you want them removed ?

    Why did you apply then turn it down (have I got that right) and re apply again ?

    The 3.1% is a very good rate.

    Your credit score albeit good isn't seen by anyone but you.
    • RobsterUK
    • By RobsterUK 15th Jun 18, 5:45 AM
    • 19 Posts
    • 9 Thanks
    RobsterUK
    Applying then not taking up a loan
    I have some credit card debt and I've just applied for a loan to pay them off. My application was accepted but the rate they've offered me is quite a bit higher than the advertised rate, and crucially higher than the rate I'm currently paying on my cards, so I've decided not to take it up.

    From the MSE article I know that this search will be shown on my credit file, but not whether I was accepted or declined. Do you think lenders for any future applications will assume I was declined because no new lending appears on my file following the search?
    • zx81
    • By zx81 15th Jun 18, 6:00 AM
    • 18,646 Posts
    • 19,911 Thanks
    zx81
    Not necessarily.

    It depends on how desperate they think you look.
    • MaudeLebowski
    • By MaudeLebowski 15th Jun 18, 1:36 PM
    • 30 Posts
    • 19 Thanks
    MaudeLebowski
    Arrangement to Pay
    I have 3 credit cards that have defaulted nearly six years ago. I set up individual payment plans with each company to pay off the debt. Interest / fees etc were stopped. Two of the accounts, HSBC and MBNA/Virgin Money showed and continue show the accounts in Default and no mention of the payments being made, even tho payments have been made monthly over the last 6 years, the third, Barclaycard shows ' arrangement to pay' / the amount paid each month and ' account up to date. Should they all show ' arrangement to pay ' instead of 'Default'. each account has changed hands several times with payments being maintained as set up originally.
    Originally posted by creative2013
    I had a similar situation - found that some creditors reported it as an AP whereas other just reported it as a Default. I guess an AP is still technically a Default as the payment terms weren't adhered to.
    Don't worry about them though if they defaulted nearly 6 years ago....they drop off 6 years from the date of default
    • Benjaminbrooks
    • By Benjaminbrooks 15th Jun 18, 5:30 PM
    • 1 Posts
    • 0 Thanks
    Benjaminbrooks
    Credit Score Improved
    Superb technologies credit solution is legitimately the best,they helped me get my credit back on track.I was able to finance a car and get a new credit card with a $14000 credit limit. However, its imperative that you understand that you have to comply with their directions and advice. They do their best to advice you accordingly to your situation so help them, help you. Everyoneís situation is different so in the beginning some may see slow progress or some may see fast progress again it depends on being patient, follow directions and your particular situation. Overall, I totally recommended superbtechnologies444 at gmail dot com
    to my closest friends,family and everyone;I promise you, you wonít regret it.
    • JamesMiller1
    • By JamesMiller1 15th Jun 18, 5:41 PM
    • 1 Posts
    • 0 Thanks
    JamesMiller1
    Credit Repair
    I have a debt with a collection agency that the original bill was in 2014 but not registered with collections until 2017. I have considered paying it off but the interest is more than double the amount.I donít know what to do,I want to buy a home but Equifax leaves me a score of 480 and TransUnion a score of 510. I explain this to one of the agent who understand FICO a lot and he confided to me that if I really want to remove every negative item on my credit report that I should contact this credit repair company who specialise on credit repair.I reached out to Ovation Credit Services via mail at ovationcreditservices at gmail dot com for credit repair and behold the results were amazing.
    • mattdrummer
    • By mattdrummer 30th Jul 18, 9:39 PM
    • 15 Posts
    • 3 Thanks
    mattdrummer
    Existing credit card vs. 'credit cards for bad credit'
    Hi folks,

    First post on the MSE forums since 2011... long time no see.

    I'm in the process of getting my head around fixing my credit history (long overdue - just found a post I made in 2009 about a failed credit card application), and as such am working my way through the various sticky threads.

    One quick question - I'm up to point 13 on Martin's 'improve your score' article, where he talks about picking up a high interest card and paying it off by DD to build some positive history. I was about to jump on that when I realised I actually have a credit card I never use with HSBC, who I have my current account with. It's got a 2K limit, and the APR is pretty standard I think, around 17/18%. I'll check, but I'd pay it off in full each month anyway.

    So should I start spending on this card and paying it off by DD? Or is it somehow better to get one of these other cards?

    I can't think why it would be better to get a new card rather than stick with this one, and it's probably a bit of a dumb question, but hopefully someone can help me out.

    Cheers!
    Matt
    • DCFC79
    • By DCFC79 30th Jul 18, 9:53 PM
    • 32,584 Posts
    • 20,502 Thanks
    DCFC79
    Hi folks,

    First post on the MSE forums since 2011... long time no see.

    I'm in the process of getting my head around fixing my credit history (long overdue - just found a post I made in 2009 about a failed credit card application), and as such am working my way through the various sticky threads.

    One quick question - I'm up to point 13 on Martin's 'improve your score' article, where he talks about picking up a high interest card and paying it off by DD to build some positive history. I was about to jump on that when I realised I actually have a credit card I never use with HSBC, who I have my current account with. It's got a 2K limit, and the APR is pretty standard I think, around 17/18%. I'll check, but I'd pay it off in full each month anyway.

    So should I start spending on this card and paying it off by DD? Or is it somehow better to get one of these other cards?

    I can't think why it would be better to get a new card rather than stick with this one, and it's probably a bit of a dumb question, but hopefully someone can help me out.

    Cheers!
    Matt
    Originally posted by mattdrummer
    Have you checked your credit files ?

    Id just use the HSBC card if its still active.
    Last edited by DCFC79; 30-07-2018 at 10:49 PM.
    • Gary_Dexter
    • By Gary_Dexter 30th Jul 18, 9:57 PM
    • 2,125 Posts
    • 1,185 Thanks
    Gary_Dexter
    Any card is fine.

    The APR won!!!8217;t matter as you will be paying it off in full each month
    • mattdrummer
    • By mattdrummer 31st Jul 18, 5:07 PM
    • 15 Posts
    • 3 Thanks
    mattdrummer
    Thanks both.

    DCFC79 - I haven't checked my credit files yet - that's next on the list. Just working my way through everything step by step. Starting to spend on my credit card and pay off in full by DD seems like an easy and quick action to take.

    My situation's a bit messy - was living abroad for six years until recently, and my credit wasn't great even before that (as mentioned, got rejected for a pretty basic credit card back in 09).

    Tried to join the MSE credit club but Experian couldn't verify me. So definitely do need to dig into the files and see if I can figure out what's going on.

    *Sigh*. Lots of work to do, but good to be able to get started at least.

    Cheers
    • Exorbitant Extant
    • By Exorbitant Extant 14th Aug 18, 5:05 PM
    • 3 Posts
    • 1 Thanks
    Exorbitant Extant
    Credit Repair Options
    I'm currently trying to build up my credit rating a bit, it only registers as 'Fair' on the Experian Credit Club check thing. I know that it is more an art than science as Martin says, so i was wondering if there might be a consensus on my best option.

    I have two items on the checklist as orange, one is being a tenant rather than a homeowner, not much i can do about that at the minute. The other is credit utilization being too high or too low, it must be the latter as i only have one CC as debt, and spend about £50 a month on it, always paying off each month. I do have an old settled CCJ on my account, which doesn't appear to show as a CCJ i guess because it's settled ?

    What I'm wondering is if a personal loan is likely to increase or decrease my score ? It would obviously add to my credit utilization. Or would i be better getting a cashback credit card and using that a lot, paying it off each month ? I know the real answer is a bit fluffy but might be interesting to hear some thoughts from others...
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