Credit card question

BigAndy_79

Hi folks.

I recently got turned down for a Tesco credit card as apparently my credit score was too low. Although this surprised me a little, I am now considering boosting my credit score by getting a card with a high APR (poss. Capital One Classic) and paying it off in full each month for a few months.

Do you guys think this is a good idea, or would you leave it as applying so soon again may not look so good ?

Any advice appreciated.

seeya23

i would try flybe first they are easy to get then try the other
www.flybe.com/card/default.htm
or
auqa card http://www.aquacard.co.uk/
Capital One http://www.capitalone.co.uk/creditcards/cards.jsf
Vanquis Visa http://www.vanquis.co.uk/home/home.aspx

melorablack

Paying it off in full each month means that companies will see they can't earn any money out of you.

Ritchie74

melorablack wrote: »

Paying it off in full each month means that companies will see they can't earn any money out of you.

This is correct, and may affect line assignment at origination and account management decisions (limit decreases) if you are already a customer. However whether you are a profitable customer or not cannot affect likelyhood of being accepted as a new customer, as accept/ refer/ decline decisions have to be made by a risk based scorecard, not profit based.

Also, FYI, banks are also no longer able to increase APRs based on profit either.

CLAPTON

melorablack wrote: »

Paying it off in full each month means that companies will see they can't earn any money out of you.

rubbish

the CC make money out of every transaction as they charge the retailer 1-3%

BigAndy_79

I have just answered the ten questions on this site that helps determine what my credit score is like. It states that I will have an average score, however it stated the following:

"Avoid applying for new products unless really necessary and space out applications to help improve your profile."

Not sure what to do; whether to apply for this Capital One card to help boost my credit score, or just leave it. I don't really need a credit card, tbh.
Does keeping a reletively large amount in your current account assist with your score ? Are lenders able to see these things, etc...?

Ritchie74

Not sure what to do; whether to apply for this Capital One card to help boost my credit score, or just leave it. I don't really need a credit card, tbh.
Does keeping a reletively large amount in your current account assist with your score ? Are lenders able to see these things, etc...?
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No, a credit score is for credit purposes and does not take account of current account (except sometimes O/Ds) or savings.

To be honest, if you don't need another CC, don't get one. As mentioned, use the one you have regularly and pay off in full. Helps your score as it shows you an handle credit

iceage3

credit report dosent show your current account just what u owe.

i got turned away from tesco cc ,they wanted me to send some pay slips details .
i stayed clear

BigAndy_79

iceage3 wrote: »

credit report dosent show your current account just what u owe.

i got turned away from tesco cc ,they wanted me to send some pay slips details .
i stayed clear

Yeah, they're wanting me to send last three pay statements. Don't think I am gonna bother either, tbh.

I am just going to take your advice and do that with my existing card, Ritchie. Thing is, though, I have cut the sucker up !! :rolleyes: Lol.

Thanks for the help, guys...:T

Moggles_2

BigAndy_79 wrote: »

Does keeping a relatively large amount in your current account assist with your score? Are lenders able to see these things?

No, the credit card arm of your bank has limited info' about your current account due to data protection regulations.

Have you checked your credit reports lately to see what's on there? (For help, see page 1 of the *How to obtain credit reports* sticky) The status codes shown on current accounts have a different meaning from those associated with credit cards and banks vary in their use of these codes and the data they report to the credit reference agencies.

Once you know what lenders will see, you are in a better position to improve their
opinion