Advice Needed: Have very little/no credit history - Where should I Apply?

Hustler1337

Hi,

As the title suggests, I basically only have 1 history of credit which is my existing mobile phone contract with O2 which I have been with for the last 4 months and have paid the amount in full with no delays. My credit report shows this as good -no failed/delayed payments. I'm also on the electoral roll.

My Income is only around £6500 p/a working part time at Sainsbury's, since I am a full time university student. I was thinking of buying a laptop for around £600 through a credit card, setting up a direct debit of £50-60 per month.

I don't want to incur any interest and thought about taking out a 0% deal on purchases credit card. Scared of being rejected and ruining the little credit history I have, I finally plucked up the courage to apply for the Tesco 0% Credit Card (Can't post link, but i'm sure u know which one i'm on about) today and got REJECTED lol (surprised, but then again not surprised in a way - if u get what I mean). So now I've probably created a dent in my credit file and worsened my chances of getting credit!


I have 3 bank accounts but they are under a different name to what I used to apply for the tesco credit card. For example my bank a/c name is: "Mary Jane Smith" but my Tesco credit card application name was "Jane Smith" and my O2 mobile contract name is also Jane Smith. Jane Smith is what I am called, but officially, on paper, my full name is "Mary Jane Smith". Could using my full name improve my chances of credit? Does Tesco (or any other credit company) check to see whether you have any bank accounts using the name you have provided?

So, cut to the chase, just wondered if any MSE member can provide me with any advice/tips/recommendations of where I could apply with a decent chance of being accepted. Would appreciate it.

Thanks!

book12

Since you are a student, try a student credit card if your bank offers it.

izools

You need to ensure you do the following before re-applying:

1. Ensure you are on the electoral role as Mary Jane Smith - register if not, correct it if as Jane Smith.
2. Ensure all of your accounts are updated to show the account holder name Mary Jane Smith. This would be best done in writing enclosing ID showing your correct name.
3. Wait three months for the changes to update on your credit file.

Once this has all been corrected and your credit files updated, you should stand a good chance of approval for a student credit card as book12 advises, failing that there are some starter credit cards to consider:

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

Failing that:

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

Be warned though sub prime / starter cards carry a high interest rate and will cost a lot more in interest than high street cards you aren't eligible for yet.

If you do end up with a sub prime card ensure to spend little enough to clear the balance in full each month, or worse case scenario, very quickly, otherwise interest will be expensive.

Good luck! :beer:

MFWannabe

Hi
As above poster suggested or always try your own bank first as they have your payment, bank details history.
Also when applying you should use the name that is on your bank account; if you are asked to enter bank details for setting up direct debits it will ask you for the name as it appears on your bank account

paulmcerlean

Try your own bank or three - best chance lies there for a decent first card.

jonesMUFCforever

I agree your bank where you hold your student account should be your first port of call.