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    • PJ70
    • By PJ70 12th Jun 17, 7:10 PM
    • 7Posts
    • 1Thanks
    PJ70
    Best card for card protection only??
    • #1
    • 12th Jun 17, 7:10 PM
    Best card for card protection only?? 12th Jun 17 at 7:10 PM
    Hi all,

    I don't know why but credit cards these days just baffle me. I rember when credit cards were simple but there seems to be so many different choices catering for so many different situation, I just can't seem to workout which card suits my needs.....so I'm here asking for some advice as to which one I should look for.

    My needs are very straight forward....all I want is a credit card which I can use to purchase different household products with the sole purpose of gaining extra protection if things go wrong.

    My credit score is perfect because I owe nothing other than the usual household bills which are paid as and when due...but a perfect credit score doesn't always mean I can choose any product I want.

    I just want a card that enables me to buy something, then pay the card off straight away without accruing a penny of interest yet still retaining that extra purchase protection.

    I don't travel much now but hopefully that will change shortly so the card might be used to purchase the actual holiday itself but that's probably about it.

    So, any suggestions on which card would suit my needs would be much appreciated.
Page 1
    • zx81
    • By zx81 12th Jun 17, 7:19 PM
    • 13,192 Posts
    • 13,509 Thanks
    zx81
    • #2
    • 12th Jun 17, 7:19 PM
    • #2
    • 12th Jun 17, 7:19 PM
    Any card will do.

    With such a thin credit file, your options may be limited, so I would try your own bank.

    If you are accepted for one, make sure you don't pay it off in full straightaway, but set up a DD for the amount to be taken by the due date. You may as well try to build some decent credit history, in case you want a better card further down the line.
    • McKneff
    • By McKneff 12th Jun 17, 7:37 PM
    • 35,523 Posts
    • 45,721 Thanks
    McKneff
    • #3
    • 12th Jun 17, 7:37 PM
    • #3
    • 12th Jun 17, 7:37 PM
    Get a cash back credit card.
    They give you free money every now and again...

    Not american express though, some outlets dont take them
    No one can make you feel inferior without your consent
    • PJ70
    • By PJ70 12th Jun 17, 7:37 PM
    • 7 Posts
    • 1 Thanks
    PJ70
    • #4
    • 12th Jun 17, 7:37 PM
    • #4
    • 12th Jun 17, 7:37 PM
    Thanks for the advice zx81.

    its always been one of those odd ones with folks like myself who have a high credit score because I don't need/use credit.

    I forgot to mention that I am not working (medically retired) which makes things even harder.

    I will take your advice and speak to my bank when I next go in. I have been reluctant to do so till now as they seem very impersonal now and its all about what the computer says rather than the bank staff themselves. The last time I did enquire about something in the bank was many years ago, I was in exactly the same position as I am now and was rejected firstly for a £25 overdraft then again at the same time, rejected for a new current account. Both left their mark on my credit file and all I did was ask a question about a new type of account.

    Gotta luv this world of finances some times...NOT!!!!
    • zx81
    • By zx81 12th Jun 17, 7:59 PM
    • 13,192 Posts
    • 13,509 Thanks
    zx81
    • #5
    • 12th Jun 17, 7:59 PM
    • #5
    • 12th Jun 17, 7:59 PM
    If your own bank can't help, then your next port of call should be someone like aqua or Vanquis, who specialise in cards for those with no or bad credit history.

    You'll almost certainly be accepted there (as long as you have some kind of income), and can then work up to something better.
    • Candyapple
    • By Candyapple 13th Jun 17, 1:42 PM
    • 2,272 Posts
    • 1,736 Thanks
    Candyapple
    • #6
    • 13th Jun 17, 1:42 PM
    • #6
    • 13th Jun 17, 1:42 PM
    Disregard your credit 'score'. From the sticky over on the Credit Files & Ratings board:

    on what your credit score really means

    By Martin | Edited by Johanna




    If you've paid to get a credit score from one of the credit agencies, how reliable is it? We run through the truth about credit scores.

    I’ve just found out that my credit score has dropped – should I be worried? Right, hold on there for a second. Actually, you don't have a credit score in the UK, you don’t have a credit rating, and there’s no such thing as a credit blacklist.
    So, when you say your credit score has dropped – what exactly do you mean by that?

    Well, I paid a credit reference agency to check my credit score and it's dropped. OK. So you went to one of the credit agencies – Equifax, Experian and Callcredit – and paid them a sum to get your 'credit score'. You'll get a score up to 600 from Equifax, up to 999 from Experian and up to five from Callcredit.

    That's very common, and it's common to be confused about exactly what this is.

    So I do get a score, but it's worthless? What you have to understand is this score doesn’t really mean that much. The first thing you need to appreciate is when you apply to a lender is that it will judge you based on three criteria.

    Firstly, your application form details (which the credit reference agencies don’t have). Secondly, any past dealings you’ve had with that lender (which the credit reference agencies might not know). And thirdly, the information contained in your credit reference files (which the credit rating agencies do know).

    So, the first thing to understand is that this score is based on incomplete information. The next thing to understand is different lenders are looking for different things, so they score you differently.

    Just because one lender rejects you doesn’t mean another lender will do the same. The idea that this is all based on some simple score given to you by one of the credit reference agencies is false. At best, it's just an indicative guide to roughly how good or bad a risk you are.

    In that case – why do they sell it to me? Well, the key word in what you’ve just said is ‘sell’. They sell it to you. Credit reference agencies used to make all their money from selling data to lenders. The idea was to help lenders predict your behaviour, which allowed them to assess whether or not you were a good person to lend to. They do that by deciding not just if you are a good or bad risk, but if you will be profitable or not.

    Then some bright spark at the credit reference agencies realised they could generate a business called 'credit management'. It meant they could start to sell you all the other sorts of data and monitoring products for the first time and start making money from it. You ask why they sell it to you – well, it makes them money.

    More 60 seconds
    The 5% savings loophole
    Using credit cards abroad

    Does that mean it’s completely worthless and I should ignore it? No, I wouldn’t go that far. It's a loose indication of your rough creditworthiness, and certainly it's worth looking at the things they say are blemishes to see what you can do to improve your credit.
    Where I think scoring doesn’t work is, for example, imagine you closed a credit card with a high credit limit that you'd had a long time, but didn't use any more. It's perfectly possible that your score would drop because a long relationship means it's a credit card that could give a good prediction of your behaviour.

    But it also needs to be understood closing this would count as a positive for some lenders because you had less available credit.
    The fact that your credit scorer has decided to reduce the score it gives you because you've cancelled that card doesn’t mean other lenders will do the same. Nor does it mean there's anything wrong.

    OK – right, I understand. So what should I do to improve my credit? Well, it's important to think of this like a beauty parade. Just as everybody finds different people attractive – so do lenders.

    There are general things you can do to 'rouge' up your credit appearance that make sense everywhere. As this guide's only 60 seconds long, I'm not going to go into that here. Instead, read the full Credit Scores guide.

    It's very important to understand – this is art, not science.

    What works for one lender won’t necessarily work for another – so there's no tried and tested right answer.
    Personally I wouldn't bother with your bank. All they will be doing is entering the same info you give them on the computer - the only difference is that they will be typing it in vs you typing it in yourself on your own computer at home.

    Bank staff are just glorified sales people. It is very much a case of if computer says no, they will not be able to do anything about it. All they will do is give you the standard spiel of you'll receive a letter in the post detailing why / check your credit files.

    If all you are doing is buying household products on the card, then just get a credit builder such as Vanquis, Aqua, Capital One etc. The eligibility checker is here:
    https://www.moneysavingexpert.com/eligibility/credit-cards/
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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