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  • FIRST POST
    • EmilyDee
    • By EmilyDee 14th Jul 17, 12:51 PM
    • 1Posts
    • 0Thanks
    EmilyDee
    Weak credit rating: "credit-build" card versus own bank
    • #1
    • 14th Jul 17, 12:51 PM
    Weak credit rating: "credit-build" card versus own bank 14th Jul 17 at 12:51 PM
    Hoping someone out there may have some advice about whether to go with a "credit builder" credit card, or my own bank's..

    I have a weak credit rating (300/700 from Equifax) due to no previous credit history. Partner has always sorted bills, I did food and rent.

    It notes my weaknesses as having no credit card and only one credit agreement, having very recently transferred one of the utilities to me.

    We'd like to buy a house later in the year and I clearly need to build my score to do that. Credit card is a key step. I can't afford to be turned down or my credit will plummet further.. am I better to go with a specific "credit builder" credit card or with my own bank (customer 20+ years)?

    Any advice gratefully received!

    Thank you
Page 1
    • zx81
    • By zx81 14th Jul 17, 12:59 PM
    • 13,180 Posts
    • 13,491 Thanks
    zx81
    • #2
    • 14th Jul 17, 12:59 PM
    • #2
    • 14th Jul 17, 12:59 PM
    You score is irrelevant, so ignore that. Only the data on your file matters.

    Declines are not recorded, so ignore that too.

    Try your own bank first, if you have a thin file, rather than a poor one.
    • amfan
    • By amfan 14th Jul 17, 1:16 PM
    • 72 Posts
    • 48 Thanks
    amfan
    • #3
    • 14th Jul 17, 1:16 PM
    • #3
    • 14th Jul 17, 1:16 PM
    Try your bank, your credit worthiness won't "plummet" because of one rejection, and even if the score does change because of it you're the only one who will see that so don't be alarmed. Failing that try a credit builder card such as Capital One. But be aware they come with high interest, so intend to use it and pay off the whole balance after the statement is generated, don't use it with the intention of holding a balance on the card.
    • donny jim
    • By donny jim 14th Jul 17, 1:17 PM
    • 42 Posts
    • 13 Thanks
    donny jim
    • #4
    • 14th Jul 17, 1:17 PM
    • #4
    • 14th Jul 17, 1:17 PM
    Stick with your banks if it's reasonable (and you can get it,). Start paying for food on the card, but make sure you pay it off in full at end of each month and on time. that is how you build up your credit score. Do mse card check to see if you would qualify. I would be surprised if they refused, just may be low monthly limit, but if that's more than your monthly spend (allowing for overlap between receiving bill and pay date) no problem.
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