'Bad Credit' Credit Cards Article Discussion

oggyf12011

hi im looking for advise on my credit cards have 3 with total amount coming in at £8300.00p. Have tried to get 0% cards but have run out of options as my credit rating is not that good at the moment.
any advice and help as interest on these cards are becoming harder to pay with very little actually being paid off. I am self employed and work has been harder to find this year with the credit crunch and
that. thanks j

Brussel_Sprout

Hi,

I'm a former DFW and I managed to become debt free in November. Hurrah!!

Now the task to rebuild my financial life as it were.

Just applied for a Capital One Classic and it seems Ive been approved -
Shall I apply for a Barclaycard Initial too? Should I wait 6months and then apply or would it be ok to apply for it now do you think?

Also, does anyone know how soon this will effect my credit rating? Are we talking months or years?

Thanks,

BS

miniond

Just got one of these 'bad credit' credit cars to improve my very poor score, just wondered is it best to pay the credit straight off or wait until the bill for min payment comes through, and then pay in full!?

Thanks

Tixy

Wait until the statement arrives, then pay off in full. If you pay it off before the statement is generated it won't help build your credit.

miniond

Tixy wrote: »

Wait until the statement arrives, then pay off in full. If you pay it off before the statement is generated it won't help build your credit.

Thanks for the reply, I shall do this soon! Is there any other ways I can build my credit? Such as over-paying my mortgage?!

Mine is on very poor at the moment, mostly due to being on a personal finance plan I believe....just scared I'm going to get ripped off when it comes round to getting re-mortgaged!

Thanks again!

Andy

tulips78

I hope someone can help. I became a bankrupt three years ago, I had no other choice at that time and although I take full responsibility for that failure, there were a lot of very difficult personal circumstances which led me to complete the process.

My question is regarding the credit cards for people with bad credit and whether anyone knows if being a bankrupt will automatically rule me out? I want to improve my credit rating so eventually I will be able to apply for a mortgage in the future and show that I have been responsible with credit since the bankruptcy.

According to equifax my credit rating currently stands at 386 which they say is fair. I have one small credit account with a shopping website, I have a long standing contract mobile phone and I am on the electoral register and have lived at my current address for two years. I only have a basic bank account due to the bankruptcy but it's all in order.

I really would appreciate any help anyone could give me. Thanks.

BugsyBrowne

tulips78 wrote: »

I hope someone can help. I became a bankrupt three years ago, I had no other choice at that time and although I take full responsibility for that failure, there were a lot of very difficult personal circumstances which led me to complete the process.

My question is regarding the credit cards for people with bad credit and whether anyone knows if being a bankrupt will automatically rule me out? I want to improve my credit rating so eventually I will be able to apply for a mortgage in the future and show that I have been responsible with credit since the bankruptcy.

According to equifax my credit rating currently stands at 386 which they say is fair. I have one small credit account with a shopping website, I have a long standing contract mobile phone and I am on the electoral register and have lived at my current address for two years. I only have a basic bank account due to the bankruptcy but it's all in order.

I really would appreciate any help anyone could give me. Thanks.

Don't take this the wrong way but you don't have a fair credit rating you actually have a really poor credit rating and to most lenders you are very very high risk.

Try vanquis they are normally the first stop for BR's.

andyh321

Question on bad-credit rating cards

If I get one (due to being in massive amounts of debt) If I buy food and work expenses on it, do I have to wait for statement to come through before paying off or can you literally pay the credit card off as the same day as purchase.

Also – does anyone recommend a payment plan?

Ralphy101

Hi I have about £5k debt - spread across 3 cards currently paying interest.

I have taken stock of my finances and need to sort it out.

I am eager to improve my credit rating too.

I have just applied and been accepted for Capital one xtra card.

If i use this in small amounts and pay of the statement in full everymonth. How long realisitcally will it be before my credit rating improves and i can start looking at better rate Balance transfer cards?

thanks

mikesussex

At the suggestion of MoneySavingExpert I applied for an Eclipse prepayment card to enable me to rebuild my credit rating. I now find that I cannot access the website eclipsecard.co.uk to check my balance and transactions, and an email to their help email address has been returned as undeliverable. Every attempt at the website throws up virus warnings: This site may harm your computer.
Should I be worried?
There is an alternative website eclipse.byinstinct.com but it may be a scam site. Can anybody help?