Credit Rating: How it works and How to improve it discussion area

mpepperhouse

I was just having a quick look on the capital one website and it says:

Before you apply,
check you're eligible
We're more likely to accept you if:

• You're over 18
• You have some history of managing your credit even if you have had CCJs or defaults in the past
• You are on the electoral roll

We're not likely to accept you if:

• You've never had credit in the
  UK before
• You have been declared bankrupt in the last 12 months

hmm, i havent had a credit card before which i imagine is what they mean by credit.....worth a go still?

izools

geordie_ben wrote: »

How long does it take to work off a search tho? How many points does it knock off your score, and how long does it take to rebuild those points?

I'm guessing waiting 6 months and applying then, and in the mean time getting some savings and doing everything possible to make sure their score is tip top, everything registered, any anomolies on the credit file have been ironed out would be much better

It depends on the reason for the decline.

If the reason is that they didn't meet some other criteria, or there is too little history, waiting six months won't change a thing. The applicant's circumstances will be the same and they'll have just as little history as before.

Once six months passes the searches would no longer have an impact anyway, so applying for one card then waiting six months = applying for four cards then waiting six months, assuming all four applications are done at the same (ish) time.

RE: mpepperhouse - if you have history of a mobile phone contract, bank account, and some such this will contribute to being approved for a capital one classic card. Whilst it doesn't guarantee acceptance, having history of such accounts, even if they aren't credit cards, does give you a chance of approval.

Capital One Classic was my first card and I had a totally blank credit file. But that was six or so years ago.

KingElvis

Cahsplus credit builder would probably help you if you have NO credit at all.

mpepperhouse

I agree with geordie _ben as the letter from barclays said i am able to reapply in 6 months time if i wish so that seems about right to wait and then spend that time making sure everything else is in order.

mpepperhouse

izools wrote: »

It depends on the reason for the decline.

If the reason is that they didn't meet some other criteria, or there is too little history, waiting six months won't change a thing. The applicant's circumstances will be the same and they'll have just as little history as before.

Once six months passes the searches would no longer have an impact anyway, so applying for one card then waiting six months = applying for four cards then waiting six months, assuming all four applications are done at the same (ish) time.

RE: mpepperhouse - if you have history of a mobile phone contract, bank account, and some such this will contribute to being approved for a capital one classic card. Whilst it doesn't guarantee acceptance, having history of such accounts, even if they aren't credit cards, does give you a chance of approval.

Capital One Classic was my first card and I had a totally blank credit file. But that was six or so years ago.

Ah cool, I didnt realise phone bills and such counted! phew!

izools

Absolutely.

As I said, my flatmate has been approved for four credit cards (Cap One Classic, Barclaycard Initial, Aqua, and Vanquis) this month despite never having held a credit card before and having two defaults.

BugsyBrowne

izools wrote: »

Absolutely.

As I said, my flatmate has been approved for four credit cards (Cap One Classic, Barclaycard Initial, Aqua, and Vanquis) this month despite never having held a credit card before and having two defaults.

Izools I am surprised you haven't told your flatmate that having 4 credit cards is a bit stupid, when 1 or 2 will build your credit rating up just as having say 5 credit cards.

geordie_ben

star-fire wrote: »

Izools I am surprised you haven't told your flatmate that having 4 credit cards is a bit stupid, when 1 or 2 will build your credit rating up just as having say 5 credit cards.

That's a big assumption....

izools

Well, it's also true.

Wouldn't say "stupid" as he's set up a DD for the full amount on three of them but certainly "superfluous to requirements"

BugsyBrowne

izools wrote: »

Well, it's also true.

Wouldn't say "stupid" as he's set up a DD for the full amount on three of them but certainly "superfluous to requirements"

Yeah agree I didn't mean stupid, I meant more towards unnecessary..