Tesco cc application success (finally!)

Iona_Penny

My brief story is that at one time I had very poor credit rating with defaults and a CCJ. Last year the six years was up and I applied for a Tesco card ( I wanted it for the points only) and was declined. Applied again six months later and was again declined (not applied for anything else) phoned and was told second application declined as you have to wait 8 months between applications!!
Well the time is up and I have been accepted for 0% on purchases and a credit limit of £2500! I am really pleased. I believe I have learned how to use credit sensibly now and this will be the test.

ontheup_3

Congrats

Bisoy

Well done. I think this site has been excellent in educating the masses on how to learn from their mistakes and being a smart saver.

Gordon_the_Moron

Well done but be careful not to overspend if you only ona_penny :rotfl:

Iona_Penny

Thanks Gordon!
I am now in the process of opening a Coventry 1st account which pays 5.1 interes for first year; the card is 0% until March 2007so.. I intend to pay minimum each month and put the remainder in the coventry as though it has been spent, and then pay off at end of Feb and then clear each month.
It seems like a reasonable plan to me, :question: but I know that I will have to be really disciplined as this is my first real test for 6 years; I will keep updated.

Gordon_the_Moron

It is a good idea providing you can be disciplined enough to make sure you have enough to pay the card off at the end. Keep an eye on the card balance and the Coventry balance to make sure the Coventry balance is equal to, or higher than the card balance.

Once the 0% offer ends you could take another 0% card from somewhere and do the same again, Coventry's rate is only going to go down by about 0.8% or something if I remember rightly.

You do need to remember if you pay less than £1000 per month in the Coventry account it will pay 0.1% interest. If you will struggle to do that then cheat, withdraw the cash and redeposit it (easier if you live near a branch but possible if not using BACS)