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Hi. I got my Equifax report in November and it bothers me that there's a red label under the £ sign. It effectively says I have bad repayment history?
As a test, I applied for a small low cost hire purchase agreement from a provider I've used before and was refused (approx £600). This is odd as I last used them successfully in 2010 and 2011 (they are Pay4Later).
The only thing I can see on my report is that I took out a Tesco credit card in 2012 in order to replace my car - I was under the impression that this was better than a HP loan? That's the only thing I can see different between then and now so to speak. However, these are the balances on all my cards:
Tesco: £4000
Santander: £3000
Barclaycard: £4500
Barclays Current Account: £2200 in credit
The limits on those cards are higher, I am paying down this debt and should be done by April '14. None of it is subject to collections, the last recorded missed payment was for Santander in 2008 which was while I was between jobs, but hadn't affected my Pay4Later applications in 2010 or 2011.
The main reason I want to get this sorted is I'm aiming to remortgage in June and don't want any flies in the ointment; the Pay4Later applications are purely a test out for me. Is it simply as I have too many credit cards?
As a test, I applied for a small low cost hire purchase agreement from a provider I've used before and was refused (approx £600). This is odd as I last used them successfully in 2010 and 2011 (they are Pay4Later).
The only thing I can see on my report is that I took out a Tesco credit card in 2012 in order to replace my car - I was under the impression that this was better than a HP loan? That's the only thing I can see different between then and now so to speak. However, these are the balances on all my cards:
Tesco: £4000
Santander: £3000
Barclaycard: £4500
Barclays Current Account: £2200 in credit
The limits on those cards are higher, I am paying down this debt and should be done by April '14. None of it is subject to collections, the last recorded missed payment was for Santander in 2008 which was while I was between jobs, but hadn't affected my Pay4Later applications in 2010 or 2011.
The main reason I want to get this sorted is I'm aiming to remortgage in June and don't want any flies in the ointment; the Pay4Later applications are purely a test out for me. Is it simply as I have too many credit cards?
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