Is it worth applying for more credit

[mgfboy]

When everything for me blow up 3/4 years I UE most of my credit cards etc, I have had no 1's, defaults etc for over three years.

I currently have still 2 credit cards, a loan , mortgage, banks accounts etc.

Will it speed up my improvement in credit rating by applying for more???????

Credit scoring stills seems a black art rather than anything logical to me.

[The Tech Clerk]

Re: Is it worth applying for more credit

When everything for me blow up 3/4 years I UE most of my credit cards etc, I have had no 1's, defaults etc for over three years.

I currently have still 2 credit cards, a loan , mortgage, banks accounts etc.

Will it speed up my improvement in credit rating by applying for more???????

Credit scoring stills seems a black art rather than anything logical to me.

Careful all you need is a serious illness and no work/loss of income, what would you do then? ask me I am trying to find out after 5 years.

[mgfboy]

Re: Is it worth applying for more credit

Careful all you need is a serious illness and no work/loss of income, what would you do then? ask me I am trying to find out after 5 years.

I wasn't going to use it , if I got it. It's more of I like having option sort of thing.

[Never-In-Doubt]

Re: Is it worth applying for more credit

Too much will go against you and affordability so best to ever only applky for what you'll use

[mgfboy]

Re: Is it worth applying for more credit

Too much will go against you and affordability so best to ever only applky for what you'll use

Fair enough, thats what I would normally tell clients, but to be frank i've never had to rebuild a credit rating before and I didn't ever deal with that much adverse.

[SXGuy]

Re: Is it worth applying for more credit

put it this way, i went BR, waited 5 years from discharge, managed to rent a house for 2 years, and get a mortgage after.

Only credit i had, was a car finance agreement for £283 a month.

Take from that what you will.

[SaltnVinegar]

Re: Is it worth applying for more credit

I currently have still 2 credit cards, a loan , mortgage, banks accounts etc.

My understanding (which may be wrong!!) is that if you have lines of credit above, the best way of improving your credit score would be to just keep paying them off, so in another 6/12 months you have demonstrated your ability to repay the credit lines you have.

What I've been told is that if you have multiple lines of credit that you could potentially use then this could score against you as you could potentially overstretch yourself. E.g. if its seen that you have 5 credit cards each with a balance of £100 but each with a credit limit of £2k then you have a potential credit line of £10k with which you could quickly get into trouble.

I'd suggest that in your particular situation patience and continuing to make payments to your existing credit lines is going to be the best option to improve your credit score - but like I said I'm not the expert