Help - credit card suggestion for mum

anna42hmr

Can any one suggest who I can suggest mum applies for a credit card with for emergencies only.

She only works part time and has very little credit history, as all loans etc have all been in my dads name (they are completely debt free).

However incase she ever needs credit, we have suggested that she applies for a card in her name for emergencies only, to build up her own credit ratings etc (incase something happens to dad etc).

The only credit that she can remember she had was she used to run a few catalogues many years ago (kays, empire and freemans) but cant remember when they were settled so may not show on her report any more. She has never took out a loan and has a pay as you go mobile, so no credit reporting from a phone company, and also has only ever been a second card holder on my dads credit cards or one of my credit cards.

She also has problems being identified when applying for savings accounts online and has to send in proof of id in the post, will building up her credit report etc help (she is defintaly on the electoral roll)

We are thinking of applying with her existing bank, as mum and dad have a lot in savings with them etc in joint names, but failing that i understand vanquish or capital one would be an idea? is there any others she could consider (would be setting up a direct debit for full payment each month etc and only using occassionally to build up credit rating in her own right)

Tixy

Hi Anna
Try her own bank first definitely. If no luck there then something like capital one would be a good idea - have a look at this article - http://www.moneysavingexpert.com/cards/bad-credit-credit-cards

chattychappy

anna42hmr wrote: »

She also has problems being identified when applying for savings accounts online and has to send in proof of id in the post, will building up her credit report etc help (she is defintaly on the electoral roll)

Hopefully it will do. But I sometimes get asked to do this anyway.

anna42hmr

thanks for the replies, they are popping into town this morning to get some certified copies of the passport done, so she will try and apply for a credit card when they are there, fingers crossed

anna42hmr

would anyone recommend applying for 2 on same day, reason i asked is mum and dad came back from lloyds their credit card system is down so filled in a paper form for the advisor to put the system when they get it back up, or if not up before branch closure, they are posting to the card department.

Reason i am asking is we are wondering to try for either cap 1 or vanquish this afternoon, in theory as the same day, neither would be able to see the application for the other as yet, and if she gets two cards so be it, or if one decline 1 acceptance etc then all sorted,

fingers crossed both wouldnt decline, but if do she will probably leave it another 6-12 months before trying again anyway so wont be too many searches on her credit file etc

what are peoples thoughts on this?

chattychappy

Searches tend to get logged immediately. So one search will result in the fact of a search already being carried out in respect of the other (assuming they both use the same CRA).

One advantage is that there is delay in setting up and reporting the account - so it won't look as if you have so much unused credit allocated. Of course that could work both ways.

anna42hmr

thanks for the reply.

Have spoke to mum on this, she has advised she will wait and see what happens with the lloyds application and see from there

we have got her credit reports ordered though, signed up for the 30 day free trials for equifax and experien, experiens is all fine, nothing on there that would cause concern

She is listed as being on election roll for the last 20 odd years and there is only 4 accounts listed (2 old catalogues which have been settled 8 and 10 years ago respectively, none of which have any defaults, all a long line of green 0's )
and a current account closed 2 years ago marked as settled and one current account she jointly has with dad which is still open and no problems with that either.

We are still waiting for the equifax report as when we applied they have asked her to telephone to confirm some details but the lines only open mon-fri so she will give them a ring then.

ironlady2022

You should have asked for the repots before actually applying! She needs to be applying for a credit card where her CURRENT account (eg pension and DDs going in and out) is held and not where her savings are. I don't see a problem with her getting a credit card and as you say it will be a low limit one as she is part time. She should have waited for the Lloyds TSB one first rather doing 2 applications in one day as at the end of the day seems like she only needs ONE card.

anna42hmr

mayling03 wrote: »

You should have asked for the repots before actually applying! She needs to be applying for a credit card where her CURRENT account (eg pension and DDs going in and out) is held and not where her savings are. I don't see a problem with her getting a credit card and as you say it will be a low limit one as she is part time. She should have waited for the Lloyds TSB one first rather doing 2 applications in one day as at the end of the day seems like she only needs ONE card.

Hi

their current account is with lloyds as well as the savings so that shouldnt be an issue, and also as advised in previous post, she has decided not to apply for a second one until heard one way or another from lloyds

anna42hmr

all sorted forgot to update on here mum got the credit card from lloyds am surprised at the limit £8000! not bad for first card ever

Fruit_and_Nut_Case

anna42hmr wrote: »

Can any one suggest who I can suggest mum applies for a credit card with for emergencies only.

anna42hmr wrote: »

all sorted forgot to update on here mum got the credit card from lloyds am surprised at the limit £8000! not bad for first card ever

Congratulations Anna's Mum. I'd like to suggest that she actually uses it from time to time on normal expenditure, paying it off each month, rather than saving it for emergencies. This will build up a good record over time. Also, some CC providers are introducing dormancy charges for unused cards.