Affect of cancelling/transfering your Credit Card on Credit Rating (ICB)

M

mise

Registered User
Messages
10
Hi,

If you move credit cards and cancel the original one, does that appear as a black mark on your credit history with ICB?

M
 
Hi Mise

I can't see how it would. However, if one were in the habit of switching credit cards often, I believe it may have an impact.

Marion
 
Marion said:
Hi Mise

I can't see how it would. However, if one were in the habit of switching credit cards often, I believe it may have an impact.

Marion
Click to expand...

How can it be spotted on the ICB , I suspect it could be inferred but :

a) is there a difference between min payments on time and clearing in full on time in the ICB records
b) does the card issuer have a unique flag onthe iCB so that a person who card hops would show as a serial minimum payer but with a series of different issuers ?
 
Credit Cards are a relatively new addition to the ICB report. UP until now a credit card would only appear on the report if you defaulted on the card, (i.e were so bad with repayments that they cancelled your card). The odd month of mist payments wouldn't show up.

Now I think you'll see missed payments, just as you would with loans.
I can't see any reason why they'd record that you did not clear our balance in full.
They have no problem with that, they like it in fact. As long as you always pay your minimum you should be fine.

Remember the ICB doesn't "score" you. It's up to financial institutions to decide if they like you. The ICB report shows both good and bad history.

-Rd
 
Question B.
Yes it would be possible to see that a person has held Credit Cards with lots of different lenders. The financial instatution that you had a loan or credit card with is listed on the report.

So if you hopped your way through 5 credit cards in that past 5 years, all five would be shown.

I know where you're going with this. Could a person be denied a credit card even though they've never missed a payment simply on the basis that they have a record of being a rate tart? The answer is Yes, I'm sure the institutions could detect that from the report, and it would be up to them if it was a policy they felt like enforcing.

-Rd
 
Thanks for that clarification on whether 'the system' could spot a rate tart .
 
You must log in or register to reply here.
Back
Top