Question on Credit Scoring

[i_got_a_mohawk]

Hey guys,

Just a quick question really, as I know there are some guys in the banking industry here.

Due to a bank error, the credit limit on my card was decreased and as a result my balance took me over that limit. They have reset my credit limit, refunded the fee's for going over the limit and sent an apology letter.

But, will this have any impact on my credit rating now that I've gone over my credit limit on the card (even though it was a random bank error) ?

Cheers

- Will

[Selta]

It's hard to say. You'll want to keep an eye on your credit anyway, so this is just something to look out for. I don't even know if there is a credit marker for going over a limit or not... I think most markers are for non-payment and bankruptcy, but I don't know nearly as much as I should about this stuff.

[Linas]

Last time I checked my credit, there was an option to dispute any bad marks that were noted on your credit check. It would be wise to check your credit (you can do it once a year for free), and see if there are any marks against you. If so, it might be a hassle to dispute it, but im sure it can be done with the help of your bank.

[mpdd]

it is pretty scammy the process of buying a house actually will reduce your credit about 15 or 16 points from the multiple credit checks, if your card is through a bank they can usually help you out with correct info or getting access to people who can help you

[UncleFluffy]

Originally Posted by Linas

It would be wise to check your credit (you can do it once a year for free)

3 times a year, once per agency. Best thing to do is rotate between them on a 4-monthly basis.

Though that's in the US, the OP is in Scotland which has different rules, anyway...

[MadMan118]

Probably nothing major if anything, run some checks with the big three (Equifax, Experian,Trans Union) if theres anything wrong they'll find it.