What merits going on a credit blacklist?
I'm totally naive about finance issues and hope someone can give me advice.
I recently graduated with an overdraft of £1500 & a credit card debt of
£1800. I have been unable to find work since graduating 6 months ago and as
a result I was late with payments for my credit card. After some letters
from my bank threatening to put me on the 6 year 'list' unless I brought my
balance down to the agreed limit (£1500), I came to an arrangement to pay £5
per month until I found a job.
I want to know if this means I am already on a blacklist? I feel I may be
because the late payments began during my last semester and when my bank
tried to increase my overdraft they told me the application was refused
(they guy at the bank made the application on a computer screen in front of
me). He was unable to give me specific reasons as he was just taking his
orders from a computer.
Can I assume this means I am on that blacklist, even though I've made an
arrangement with my credit card company now?
I also need to know if this means I will be refused another credit card, or
if by merely applying for one I will make things worse, as I read somewhere
that any 'enquiries' at all made to Experian (the national credit-rating
agency) looks bad on your profile.
Can someone please briefly explain in English what this 6 year blacklist
actually means and how it can effect me? I've already applied for another
credit card for occasional online purchases (I've made a separate posting
about this card, Capital One) and although I haven't decided yet if I will
accept or signed anything yet, I am wondering now if my mere application has
already done some damage!
Please advise me someone!
- There is no such thing as a credit blacklist. If you start to miss
payments, then anybody looking at your credit file will see details of those
missed payments for upto 36 months from the date they first happened. If
you go into default on a cre