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    • worriedDan
    • By worriedDan 11th Mar 17, 3:32 PM
    • 193Posts
    • 610Thanks
    credit file
    • #1
    • 11th Mar 17, 3:32 PM
    credit file 11th Mar 17 at 3:32 PM
    Hello folks,

    You will be pleased to see that this is not one of my usual self piitying posts! I am actually looking for some practical advice.

    I have shifted a bit of debt around onto 0% cards etc. This has affected my credit score due to making a few applications. I had a letter yesterday from Barclaycard telling me that my credit limit had been reduced due to info received from credit agencies. Will this be due to the multiple applications? It doesn't really matter at the moment, however at the end of the year I will need to do some 0% shifting.

    By this point I will have cleared about 17-18k of cc debt, so I am hoping that I can take advantage of some existing customer offers, however I know that there are no guarantees.

    I guess my question is, is 8-9 months of regular on time payments (2k payments!), along with no additional applications, sufficient time to improve my credit file back to a half decent state? The worst case scenario is that I have to pay about 250 additional interest from November! Not the end of the world, but definitely a situation I would like to avoid if possible.
Page 1
    • C.M.
    • By C.M. 11th Mar 17, 4:36 PM
    • 57 Posts
    • 105 Thanks
    • #2
    • 11th Mar 17, 4:36 PM
    • #2
    • 11th Mar 17, 4:36 PM
    As you know, Noone can say for sure as credit scores are varying and useless. ....

    However, no further credit applications during that time, and a pattern of regular payments should be enough to put you in a better position in 8 months - especially as your credit utilisation will have drastically improved
    • Suffolk lass
    • By Suffolk lass 11th Mar 17, 5:27 PM
    • 1,905 Posts
    • 20,129 Thanks
    Suffolk lass
    • #3
    • 11th Mar 17, 5:27 PM
    • #3
    • 11th Mar 17, 5:27 PM
    And you could register for the MSE credit check service so you will be advised when they reassess your score (anonymously) and tell you if it has improved. I applied for a Halifax Clarity last August after my holiday and received a congratulations text the week before last (6 months maybe, after the application and a 0% cash advance) to say my credit score had improved. I have had two spends on the Halifax Clarity (both in euros) and I have not cleared the balance of the 0% for 12 months account. As C.M. says, you cannot be 100% sure but my experience echoes your hopes
    MFiT T4 #2 update 51.75% after Q8 5,203 behind where I should be
    Save 12k in 2018 #53 - after Feb 13.3%/10,000
    OS Grocery Challenge 2018 spent 452.64/3,000 including stores so far
    My DFD is here
    • Sazzie23
    • By Sazzie23 13th Mar 17, 4:39 AM
    • 2,618 Posts
    • 10,503 Thanks
    • #4
    • 13th Mar 17, 4:39 AM
    • #4
    • 13th Mar 17, 4:39 AM

    As OP says, credit scores are a mysterious beast and vary between different agencies. I'd be very wary as having my access to interest free is what finally pushed me over the edge into a DMP, together with an interest hike from 19 to 29% as they realised I was starting to struggle.

    If you have the funds, I'd try to make slightly more than the minimum payments where you can, alternate the accounts but obvs pay more towards the ones with highrper interest. I'm guessing you'll have snowballed already, but if not, it's worth trying it to see the best route.

    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
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