Declined credit card

charlie792

izools wrote: »

Anyway,

To answer your question, these are the four cards he should try for to start building credit rating:

http://www.barclaycard.co.uk/personal-home/cards/initial/index.html
https://www.capitalone.co.uk/creditcards/secure/application.jsf
http://www.aquacard.co.uk/
http://www.vanquis.co.uk/

He'll definitely be approved for at least one if not two or three of the above cards.

Once he's run a couple of these for a year (I'd suggest setting them up with a Direct Debit to take the full balance each month, thereby avoiding acutual debt and avoiding interest) he should be a better candidate for mainstream credit.

I would suggest simply using them in place of his debit card for things he'd buy anyway, groceries, travel, etc.

Good luck! :beer:

Cheers!

It was the idea as you said to replace ordinary expenses and to pay the balance each month so that shouldn't be a problem.

I am glad we've found this out know at least that gives him a while to sort his credit rating out.

Have sent of an application for aqua so fingers crossed - says he should hear within 10 days....
Next we have sort his savings accounts out - get him financially in shape and all that

PopCulture

What about joining a credit union? I heard that was a great way to improve your credit ratings.

PNPSUKNET

Aqua or capital one should help, lenders tend to like 3 year history in main stream

book12

charlie792 wrote: »

Cheers!

It was the idea as you said to replace ordinary expenses and to pay the balance each month so that shouldn't be a problem.

I am glad we've found this out know at least that gives him a while to sort his credit rating out.

Have sent of an application for aqua so fingers crossed - says he should hear within 10 days....
Next we have sort his savings accounts out - get him financially in shape and all that

Should have gone for Barclaycard Initial. Lower interest rates compared to the other cards mentioned above, and have less criteria to meet.

Anyway, all the best. I hope he will get the Aqua credit card.

paulmcerlean

Aqua definitely not the easiest on the list to get, but a decent card none the less, with better limits than Vanquis and Capital One. They do offer an online decision, yes and an estimated credit limit, referral or a straight decline.

izools

paulmcerlean wrote: »

Aqua definitely not the easiest on the list to get, but a decent card none the less, with better limits than Vanquis and Capital One. They do offer an online decision, yes and an estimated credit limit, referral or a straight decline.

Interestingly though, this month, my flatmate was approved for Cap One Classic with 1K limit, Vanuis with 500 limit, and Aqua was the lowest at 350.

Guess it really depends on the profile of the applicant

KingElvis

Just try the Barclaycard pre application tool and see what it says.