'Bad Credit' Credit Cards Article Discussion

Dorsetdave

I'm soon to enter a DMP with CCCS. They recommend destroying all credit and store cards. I've got a Credit card with Halifax, which I've had about 3 years, it's only got a £500 limit but it's paid off.
Would it be a better idea to use this card to rebuild my dodgy credit rating? I.E Use it for me petrol and pay it off every month.
I've read a few posts suggesting this but just wondered if there's a down side.
I now realise how much trouble some DFWs have trying to get a basic Credit card, I've only just opened a Barclays Bank Account (ready for DMP) and they'd only give me a Cash Card Account.
Any advice appreciated.:)

DEBTMONKEY1A

Anyone know about Capital one (the higher apr one)...wen through the on-line process-no decline-7 days for additional checks-credit card agreement attached-does this mean its a yes??? If it was a decline would it have been immediate on-line?

I'm presently trying to build a credit rating...& this is the last one I'm applying for for the next year (or indeed any other credit). My info...electoral roll last 1 1/2 yrs, 4 yrs + at present address, no ccjs/defaults/missed payments, f/t job for last 3 months on fairly good money, no linked addresses, accepted for vanquis/aqua (no reporting on them on file yet), have a standard & not basic) y/bank a/c since last August & a creditbuilder (mycashplus) agreement since last August-both of which have been reported positively on my equifax/callcredit files. No linked addresses.....

Also will it be a positive thing to have a SECOND pre-paid mastercard with credit builder on the file? Thinking of doing this to have a card me & g/f can use solely for food shopping-so will help with budgeting anyway. Any ideas guys? Posted this in another section-apologies in advance-not sure of best place to put it!

tigerlily44

DEBTMONKEY1A wrote: »

Anyone know about Capital one (the higher apr one)...wen through the on-line process-no decline-7 days for additional checks-credit card agreement attached-does this mean its a yes??? If it was a decline would it have been immediate on-line?

I'm presently trying to build a credit rating...& this is the last one I'm applying for for the next year (or indeed any other credit). My info...electoral roll last 1 1/2 yrs, 4 yrs + at present address, no ccjs/defaults/missed payments, f/t job for last 3 months on fairly good money, no linked addresses, accepted for vanquis/aqua (no reporting on them on file yet), have a standard & not basic) y/bank a/c since last August & a creditbuilder (mycashplus) agreement since last August-both of which have been reported positively on my equifax/callcredit files. No linked addresses.....

Also will it be a positive thing to have a SECOND pre-paid mastercard with credit builder on the file? Thinking of doing this to have a card me & g/f can use solely for food shopping-so will help with budgeting anyway. Any ideas guys? Posted this in another section-apologies in advance-not sure of best place to put it!

As far as the Cap One goes - if you're asked for ID then its nailed on that you got it. I got an email with my online account details on the day after they got my ID but the card and pin took about another 10 days in all. If you login when you get the online details you can see the limit they've given you.

I've been advised by others here not to apply for any more and if you've got vanquis and aqua it doesn't help your rating if you get any more - and as far as I know only cashplus report to the CRAs anyway

hth

tiger

DEBTMONKEY1A

Thanks tigerlilly! They've not asked for id -they're now 'performing additional checks which will take 7 working days'....is that the e-mail response you had? The fact I've only been in my job for 3 months won't help I guess. In another 9 months-1 year I'll get rid of vanquis/cap 1 & hopefully get something like a sygma silver (declined on this recently). I have the magic green 'zeros' on my credit file from 2 sources-Yorkshire bank for a current a/c (opened easily-very surprised as at the time I was under 4 years at my current address & could not give any previous address) & cashplus-since last August so only 6 magic 'zeros' from 2 companies...Still will look better in say 9 months. Also it is re-assuring that if there was a dire emergency that at least I'd have a combined total available credit limit of £700 if needed (I'd only ever use this after any savings & as an absolute last resort).

Tigerlily-best to set up a DD for both these card to pay the full ammts or take a tiny bit of credit from them? Thanks for your help!

alysonembleton

In 2004 after a marraige break up, financial obligations were split, with my ex talking responsibility for a credit card with £500 left on. The card was in my name but the account joint. He kept the house and I moved(Bad decision I know!) After being turned down for a phone contract in Jan 2011 i checked my credit file which revealed the credit card had defaulted in Jan 2011. I imediately contacted the bank, explained the situation and gave my new details and sent them a letter with the full history. All I got was a letter from a debt recovery firm.
I am currently negotiating with the said bank who have been anything but helpful so far. They wanted me to pay £609 without any statements, knowledge of the account from over the last 7 years? My ex, refuses to pay due to his financial problems. The bank did have my phone number but failed to contact me to discus the serious nature of the state of the account.
Any information or advice into this matter would be very appreciated as I dont feel I'm getting a fair deal from the bank so far. Thanks

LadyRachel

Hi, I have 3 're build' your credit rating credit cards (aqua, capital one & vanquis), they're all maxed out & I pay the minimum payment each month. My question is if I repay one of them in full each month & use it for petrol etc then carry on paying it off monthly will it still increase my credit score if I still just pay the minimum payment on the other 2 cards?

murphs2

Hi, I am 4 months away from the end of a 4 year DMP and obviously still have outstanding debts with a few creditors. I have a history of late payments and a couple of defaults, from when I was setting up my DMP. I feel like your credit history should be better than mine and I have just applied to Capital One and have been accepted for a credit card.
I felt sure I would be rejected, like you did, so I was delighted. I had also considered phoning but just took the plunge. I know this still leaves you not knowing but thought I would let you know.

murphs x

mochynbach wrote: »

Hello all!
I have been looking into the idea of applying for a credit card having had very poor history with money. I'm sorry if the following is convoluted.
I entered into a Debt management plan in 2008 with the CCCS; cleared most of the debt with creditors, bar 3 accounts which accepted a full and final settlement, obviously these are now on my credit file (experian and Equifax reports) and will be, as far as I'm aware for the next 6 years. All other factors on my credit report are up to date and positive.
I am now in the 11th month of my 'cashplus credit builder account' with regular payments being made with no problems and this is now showing on experian and equifax reports.

The only reason I'm looking into getting a credit card is to use another 'tool' to 'heal' my credit rating/report, and therefore would only be using it for small purchases e.g. petrol and food. I'm well aware of the dangers of credit cards and I've learned my lesson the hard way!
From reading the article, the Vanquis and Capital One cards are the only ones which I might have a small chance of being accepted for, however, I'm pretty sure I would be rejected if I were to apply online and incur further 'knock backs' on my credit file.

Can anyone tell me whether approaching these companies via telephone would be a better way to go? I just wonder whether it's possible to give them the information I've collected from my credit reports, before they do their own search would be favourable and also explaining that, yes I have a poor credit history, but my circumstances have changed dramatically since those dark days.

I would get on the phone to them now but I'm a bit wary, having been bullied by financial companies in the past over the phone. Plus I don't really want to make an idiot of myself!
Thanks for any advice.

murphs2

I have just done the same, if it doesn't say no it means yes!

I am also thinking about a credit builder card, would you recommend this?

Thanks, murphs.

DEBTMONKEY1A wrote: »

Anyone know about Capital one (the higher apr one)...wen through the on-line process-no decline-7 days for additional checks-credit card agreement attached-does this mean its a yes??? If it was a decline would it have been immediate on-line?

I'm presently trying to build a credit rating...& this is the last one I'm applying for for the next year (or indeed any other credit). My info...electoral roll last 1 1/2 yrs, 4 yrs + at present address, no ccjs/defaults/missed payments, f/t job for last 3 months on fairly good money, no linked addresses, accepted for vanquis/aqua (no reporting on them on file yet), have a standard & not basic) y/bank a/c since last August & a creditbuilder (mycashplus) agreement since last August-both of which have been reported positively on my equifax/callcredit files. No linked addresses.....

Also will it be a positive thing to have a SECOND pre-paid mastercard with credit builder on the file? Thinking of doing this to have a card me & g/f can use solely for food shopping-so will help with budgeting anyway. Any ideas guys? Posted this in another section-apologies in advance-not sure of best place to put it!

spikescot2005

Why pay for the credit builder card if you have been accepted by Capital One as this will work just aswell.

Pink_Floyd_2

I applied for the Capital One card earlier today. As part of the process it gives three green ticks. I think one is checking details, another is verifying application and the last is the credit check.

After this I was asked to sign an online credit agreement. However it did not 100% state I have been accepted. Does anyone have experience of this application process?