Improving my credit score

nostromo332

JumboFlamingo wrote: »

Thanks ElkyElky - will try Vanquis when I get home and will update you on whether I am the proud owner of a credit card!

cap one have upped their % rate up to a whopping 34.94% as from september 2009

seeya23

my Vanquis is at whopping 47.78% so my cap one is better

cifpower

Vanquis accepted me last year while CapOne refused me; they still are!

JumboFlamingo

OK, so I've just applied to Capitol One and got this message:

We will contact you by post with further details of our decision. If we require additional information from you to approve your application, we'll explain this in our letter.

Hmmmm, I'm anticipating a rejection here

Is this normal?

I've got a feeling that they'll decline me and then I'll have two searches on my credit file, on the same day, oh dear! I hope that doesn't matter too much.

If I use my store cards more (I've stopped at the moment and they are at zero) and pay them off every month, would I build better credit just doing that?

By the way, thanks so much for all the help and advice - I really appreciate it :T

ElkyElky

JumboFlamingo wrote: »

OK, so I've just applied to Capitol One and got this message:

We will contact you by post with further details of our decision. If we require additional information from you to approve your application, we'll explain this in our letter.

Hmmmm, I'm anticipating a rejection here

Is this normal?

I've got a feeling that they'll decline me and then I'll have two searches on my credit file, on the same day, oh dear! I hope that doesn't matter too much.

If I use my store cards more (I've stopped at the moment and they are at zero) and pay them off every month, would I build better credit just doing that?

By the way, thanks so much for all the help and advice - I really appreciate it :T

Yes that is normal. People often get the message 'we'll contact you within 7 days'.

Using your store cards will help your credit file, so long as you NEVER miss any payments or go over your limit. Having a mobile phone contract also helps so even if you do get declined by Capital One, you are still improving your file thanks to the store cards and mobile contract.

snakeio

Remember the the more searches you have on your file, the worse off your score will be, if you get rejected again you will have go give the "apply" button a rest for a least 6 months, then the searches will be wiped from your file(or they should be).

ElkyElky

snakeio wrote: »

Remember the the more searches you have on your file, the worse off your score will be, if you get rejected again you will have go give the "apply" button a rest for a least 6 months, then the searches will be wiped from your file(or they should be).

Searches are wiped after 12 months.

JumboFlamingo

Thanks guys! All great advice... I only wish I'd been on here when I was a student making bad money mistakes

PARIS_5000

nostromo332 wrote: »

cap one have upped their % rate up to a whopping 34.94% as from september 2009

How do you know that capital one are increasing their APR to 34.94%.

Bosie

:eek:

PARIS_5000 wrote: »

How do you know that capital one are increasing their APR to 34.94%.

Hi PARIS, I don't have a Cap1 but hubbie does, he received a letter the other day to say they are sorry, but due to recent bad economy they are putting the apr up:mad: My hubbies was around 19%apr, from October it's shooting up to 29%, he also has a Vanquis card at about 34%, I too have Vanquis and mine is a large 47%