'Bad Credit' Credit Cards Article Discussion

matty1286

Pink_Floyd wrote: »

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?

Hi - I have today completed the online application for the Cap One Classic card. I have a poor credit history and am not anticipating being successful but it clearly one of the few cards where I might have the tiniest squeak of being accepted.

In terms of the online app - I also signed and printed off the credit agreement along with getting the three green ticks as previously mentioned.

The last page of the app stated that additional checks would now take place (which is where it goes wrong for me) and I will hear back within 7 working days.

Onthedeck

Hi Guys,
1st post, so go easy.

I need some advice please.

Last year I had a huge amount of debt, around 40K. I was struggling to make paments to cards, loans etc and went on a DMP with CCCS for around 4 months, until I could sell my house.

Eventually I sold up and cleared everything.

My credit rating is 'Poor' and I need to build it up. I applied for a loan with my bank this week and was declined, but they offered my a credit card, which I didn't want. Would it be a good idea to take them up on their offer to start th re-building process?

Also would it be worth getting a mobile phone contract as well/

Any help would be greatly appreciated - thanks

spikescot2005

Yes take the credit card from your back, use it and pay it off every month on time.

What bank was it and which card did they offer?

Pink_Floyd_2

Well I just rang Capital One and they told me I've been accepted. No idea of the credit limit etc but I'm pleased I can start to rebuild things now.

GLA-LHR

Hi there - I hope you guys can help

I have just been approved for the Capital One basic card (with thanks to the articles listed), and have the standard £200 opening limit. I have no real money problems anymore, but I do have a chequered past (firmly behind me).

I have twin objectives:

1) In the short-term to increase my limit. I don't want to be borrowing on these rates for any amount of time, but I will be in the USA in September, and a card with a higher limit than £200 is clearly advantageous when dealing with hotels, etc.

2) In the medium term, to act in a way which best builds my credit rating as fast as possible.

I need advice as to whether my layman-devised strategy to spend as much as possible on the card and pay it off promptly, to demonstrate that I have the cash to be able to afford to do this (which makes perfect sense to me!) is wise, or in fact likely to be counter-productive.

So - would it make sense to use the card essentially for everything and pay off the balance every couple of days? In this way, I could easily put comfortably into four figures a month through the account. Or would this fall foul of the calculations of how much of your available credit your are using?

Also, when talking about the 30% figure - when is that calculated? Is it end of each month before payment, end of each month after payment, or at any given moment - in which case I should never accumulate a balance greater than £60 :eek:

Thanks in advance

simax

Can I just ask something also?

Just got my hands on my first credit card since 1998 (when I was young and foolish).

Now, when it reports on my CRA file, does it have a heavier weighting than my other things on there? ( 2 catalogue accounts - green zeros since opened 3+ years ago and £0 balance) and bank account and mobile contract?

Does that make sense? Say for example, I had a catalogue account with £1,000 limit and a CC with £1,000 limit, and both are run perfectly, does the CC have more of a positive impact on the CRA file?

GLA-LHR

Is anyone able to provide any advice re. my questions two up? Thanks muchly.

locotoro

Hi chaps and chapesses, advice needed.

I currently have a graduate loan with a balance of approximatEly 7500. My credit rating used to be bad then I did well for a few years and now that I recently got married it's taken a bit of a beating over the last few months. I'm looking for a balance transfer card that someone with bad credit can get. Either a 0% or something with a low rate of interest.

Alternatively any ideas on how to shift the balance and pay less.

c-m

Pink_Floyd wrote: »

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?

I got the same. I thought oh-no additional checks, but i received my pin number in the post today. With the card to follow. I've no idea what the limit is.

Kyresa

c-m wrote: »

I got the same. I thought oh-no additional checks, but i received my pin number in the post today. With the card to follow. I've no idea what the limit is.

When you get the card you have to ring them to activate and then they'll try and sell you all sorts of products, oh, and you have to pay by DD every month apparently (either in part or in full...!)