First Time Credit Card

Fledgling

Hi All,

Im new to all this and hope that you can help me...

I am 23, and recently attempted to apply of a Tesco ClubCard Credit Card as have been doing some research and it looked liked the best one for me. I received a letter through to say I had not been successful with my application - they said my credit score had been too low and to check it with Experian.

I have now checked it (I have a 852 score) and am still a little confused as to what to do now....

By all accounts I need to get a credit card and start using it to up my credit score but I was refused by the first. I am aware that if you apply to a few different credit cards that can reduce my score. I have some bills going out each month from my account- but how else do I improve my credit score if I cant get a credit card?

Totally confused by the whole thing now... Can anyone help?

Also- I thought of maybe applying to a credit card with a lower Credit Score limit but cant seem to locate any information on what the limits are for different cards. How to I find out that too?!!!

izools

These are the best starter cards for people in your position - with limited credit:

http://www.capitalone.co.uk/creditcards/progress-credit-card.jsf
http://www.barclaycard.co.uk/personal-home/cards/initial/index.html

If you are unsuccessful with those - these have an even lower pass mark on the credit score - but they come with VERY high APRs:

http://www.aquacard.co.uk/
http://www.vanquis.co.uk/

Good luck with your applications!

Once you've held one or two of the above listed credit cards, and used them responsibly, for a year or so, you will have enough positive repayment history on your credit file to be a very good candidate for the lower interest "Prime" cards like the Tesco card or MBNA / Egg / Halifax / Etc.

Let us know how you get on :beer:

paulmcerlean

A tesco clubcard credit card is very much a prime type credit card for those with extensive and very good histories of managing credit cards.

In the decline letter, it will have advised you to check your Experian credit report, but it WILL NOT HAVE asked you to buy your Experian credit score as how Experian score you and Tesco or any credit card company score you will be very different.

Dont buy this score again, as you will read on here, it is an invaluable waste of money for what in effect is a random number.

With no credit history, you need to be asking your bank for a credit card as they will have history on your managing of your account / overdraft if applicable and will be better based to offer you a card.

Failing this the options above are for those looking to get a first time credit card. Just because a hard to get card like Tesco declined you does not mean you cant get a card. I know looking at the Tesco card online seems like it suits you the best, but that is because of the favourable interest rates and 0% periods etc... benefits reserved for those with a strong credit background.

Fledgling

Thank you both!

So so so helpful - felt like I was wading in bling but it makes total sense.. I will have a look into my banks credit cards and check out those links too.

I will let you know how I get on -Thank you again!