Moving to mainstream

digitalphase

After a '5' late payment marker put in my file incorrectly by a lender (a/c was under dispute at the time) I have been rebuilding my credit file for the last 6-7 months.
I now have loads of green 0's from O2, Aqua, Vanquis, Capital One, Barclays, Lloyds TSB, Next and Very alongside older records and of course green 0's from the lender who gave me the '5' in the first place :mad:

Just wondering when I can think about applying for a mainstream card again and what one?

Would like one with a reasonable APR for spending until payday then repaying. Or to spread the cost of occasional payments.

I've done the preapproval checker with Barclays and apparently I have a 50-60% chance of being accepted for their Initial, which is a bit crap.

I am in full time employment and have been for 5 months now.

nomoneytoday

A single late payment shouldn't impact your credit that much on its own.

CLAPTON

it would be better to start to build up some savings so always pay in full at month end and so never have to share your earnings with the banks in interest paymentss

almost_there

You could do a lot worse than try for the JJB Mastercard! I applied online,got an instant acceptance. The Apr is 24%. And been told if you run well you should get increases as its run by Sygma Bank.

digitalphase

CLAPTON wrote: »

it would be better to start to build up some savings so always pay in full at month end and so never have to share your earnings with the banks in interest paymentss

Yes, true, but all our savings are going on a deposit for a house.

I'd like to have a credit card with less APR on it to use for emergencies or for buying things online.

Maybe it's best to wait another 6 months, don't need any credit at the moment anyway, would like to get rid of Vanquis and Aqua though.

CLAPTON

digitalphase wrote: »

Yes, true, but all our savings are going on a deposit for a house.

I'd like to have a credit card with less APR on it to use for emergencies or for buying things online.

Maybe it's best to wait another 6 months, don't need any credit at the moment anyway, would like to get rid of Vanquis and Aqua though.

surely you can temporally withdraw some savings; avoid paying 35% interest and then repay the savings a/c.
makes no sense is saving at 3% but borrowing at 35% (or thereabouts)

savermonkey

Don't know if this is right or wrong;

If you haven't already I'd think about closing some of your current credit accounts. I believe that can be positive.

I started full time employment one year ago, went to my own bank for a credit card for starters about 5 months ago. Got a fairly main stream sort of APR. But with no decent benefits etc. Always pay off in full. Credit file looks good.

I had a look at that barclays pre approval thing and only suggested the initial and the goldfish! I want the 'OnePulse' with cashback on TFL spending.

Might have a go at applying later, be interesting if the 'card picker' tool is fairly conservative. Don't know if its too early for me to apply

Be annoying to have such mistakes on a credit file!

Rufus_348

I was reading about this capital one card called the Progress the other day (here: http://!!!!!!/Mp4A) and it seems to be for people with this problem i.e. a re-built credit score that's not quite excellent yet.

Hope this helps

digitalphase

CLAPTON wrote: »

surely you can temporally withdraw some savings; avoid paying 35% interest and then repay the savings a/c.
makes no sense is saving at 3% but borrowing at 35% (or thereabouts)

I don't leave a balance on my credit cards, if I do then it's cleared within a month or two costing me a few quid in interest.

My question was what kind of card with a lower APR would be likely to accept me due to my circumstances. However I may as well leave it until May when things should look a lot rosier.

Thanks for everyone's replies

jonesMUFCforever

This is my opinion - if you are going for a mortgage close all cards you are not using - make sure you don't owe a lot on the ones you use - the amount outstanding and credit limits will make a difference to your mortgage application.
Secondly do you really need another card at this time?

debtdestroyer007

digitalphase wrote: »

After a '5' late payment marker put in my file incorrectly by a lender (a/c was under dispute at the time) I have been rebuilding my credit file for the last 6-7 months.
.

has that been rectified or still showing arrears. under 2years, i think it will be tough to get something mainstream