Too many credit cards? aka "The Credit Card thread"
- Thread starter robfosters
- Start date
Associate
I'm going for 1000 on this. Stuff like phone contracts and other finance does count towards your credit score as well as car loans, anything that can prove you responsibly borrow money and pay it back works in your favour.
Can you even get 1000? I don't have anything on credit, i've used PayPal pay in 3 on occasion, and i've had phone contracts like 10 years ago nothing since mind you.
I Just checked min it's currently 922, I don't know if that's good or bad, but considering i'm in my 30's and i've mad 0 effort to ever increase it it doesn't seem so bad
Soldato
It's so close it just needs to tick over by 1 more and it's there!
Surely you get pre-approved and accepted for everything with that score?
Soldato
Not sure how relevant this will be but when i was looking to get a mortgage the bank of scotland said my credit rating was A+ so I'm not sure how that relates to a credit score out of 999 before the likes of Clearscore even existed!
EDIT
1 Credit card to my name!
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Soldato
I do what I preach though, I don't take credit out for the sake of it. I only have 1 CC and it's my regular spending card which acts like a debit card, all of my purchases are made backed with cash in the bank, which as @Raymond Lin says, means I buy through credit rather than on it.
My only debt today is my mortgage, which is common for a lot of people, and I got a new (2nd hand) car recently which was sorely needed, but that will clear off the balance start of June.
Experian score is a little bs tbh, the Credit Karma one is a bit more realistic. On that I have a more realistic score.
Funnily enough the two big factors it says would improve my score are a) getting more credit and b) using more credit!
The credit sites are handy for checking you don't have any weird shenanigans on your credit file more than anything. Experian and Credit Karma are both free, and I've found them useful in the past to check things linked back to my name are accurate.
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I wouldn't post this kind of stuff on a public forum! Usually security questions for taking on more debt asks this kind of stuff.I do what I preach though, I don't take credit out for the sake of it. I only have 1 CC and it's my regular spending card which acts like a debit card, all of my purchases are made backed with cash in the bank, which as @Raymond Lin says, means I buy through credit rather than on it.
My only debt today is my mortgage, which is common for a lot of people, and I got a new (2nd hand) car recently which was sorely needed, but that will clear off the balance start of June.
Experian score is a little bs tbh, the Credit Karma one is a bit more realistic. On that I have a more realistic score.
Funnily enough the two big factors it says would improve my score are a) getting more credit and b) using more credit!
Does anyone know if Monzo flex is included as part of your credit limit on your file
Yes, assumed credit limit £1200 (I have monzo and just checked what it is)
Soldato
I think it's safe the only thing on there is current credit limit, nothing is personal info.
Credit scores don't work Like that.
For example I can't (and I'm not sure why) get. An Aqua card. I also cannot get a HSBC card.
However I can always get lloyds, barclaycard, amex, m&s etc cards.
Different lenders target different demographics. Aqua may well not approve me as they want people poor credit. I never miss a payment. It's possible that's why.
Also. A 999 credit score is achievable with very little credit history. Many lenders won't like this. It's like you giving some money to a radom person you've met in pub once.
Don't get hooked up on the number. Because I shift products a lot (bank accounts, CCs) my score usually jumps between good and excellent. Yet lloyds said I had the very best credit rating for them when applying for a mortgage.
As an example barclaycard just approved me for a new 7k card. So my score dropped.
But they still approved me for 7k when I already had 43k of previous credit available. I suppose as my credit history is perfect
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Credit score is an interpretation of the data by third parties. Each bank has their own criteria. "Pre-approved" isn't a thing; it's a marketing gimmick.
Soldato
There are, I think, 3 different major credit agencies and I think you can get rejected for any reason on trying to get more credit depending on what the computer spits out.
The comparison sites I believe can do soft searches that show your likelihood of being accepted for certain products though.
The comparison sites I believe can do soft searches that show your likelihood of being accepted for certain products though.
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I've always relied On pre approval. And it's never failed me. It was also correct on HSBC when it said I had 0pc chance of approval.
Aqua is a sub-prime lender (masquerading as a knight in shining armour "credit builder" company). They make their money on really poor people. If you have good credit, you have no business being their Customer so they just decline.
HSBC is probably because the systems are garbage lol.
Ok it is a slightly more insightful than just pure marketing --- but it is based on openly available data/at most a soft search (like what car insurance comparison sites do). The point is it has lots of assumptions that when you reveal all could swing it in any direction.
Yeah I knew Aqua were for poor credit. Ie.. Lots of juicy missed payment charges. And also "oh, you missed a payment.. That offer is now invalid"
Yeah it does have the caveat "as long as its all true"
Soldato
Yes the few times I've used it, I've also found the pre-approval thing pretty accurate in terms of what you'll be accepted on.
Same as you, never been rejected for a pre-approved card