Have I made the right CC decision?

nathand_2

Hello Everyone.

I'm trying to figure out if I've made a good choice on my credit card. I'll start by giving everyone a little information.

I'm 18 and self-employed so I began by taking a look at Barclays. I have a current account with them so that was naturally my first choice. On their site the recommended minimum income for their Initial Credit Card is something I exceed (It was either £10,000 or £12,000 and either way I'm a little over that). I went in-branch and was told I'd been accepted and it would be posted to me, later that week I got a letter stating the exact opposite. That I'd been declined and should try again if my situation changes.

I left that for a little while and also signed up to credit expert where some searches had been done, a couple to verify me for their site, a car insurance quote; strangely enough no record of my CC app.

I applied with TSB online where again I met their standards and was still rejected.

Today I gave credit expert a call to cancel my account with them and they suggested I try their matching tool. I was shown 4 different cards that would likely approve me. Capital One's card looked good but one of their suggestions is being on the electoral roll which I haven't done yet.

I eventually applied for an Aqua card which has a very high interest rate and was accepted. While I'm pleased I've been accepted I'm wondering if it's actually going to look worse in my credit history as it's a card designed for people with bad credit.

Any thoughts?

CLAPTON

thoughts
get on the electoral roll, you're lucky to get any CC

an Aqua card used properly (i.e. used regularly and paid in full each month and on time), will show you can manage credit ok.

izools

Don't worry about a sub prime card making you look bad.

For starters, only you and I can see the names of the credit card companies on our credit files - but when a creditor searches our credit file, they only see what type of accounts we have, and not who they are with. So whilst you may see "Barclays - Credit Card"; they just see "Credit Card".

Secondly, Aqua is run by Halifax. It appears on your credit file as a Halifax Credit Card, not an Aqua card - so in that instance even we can't see that it's a sub prime card.

Well done on your approval.

RE: Not seeing the Barclaycard search - this is because they search Equifax, but Credit Expert is Experian; two different credit reference agencies.

I would suggest, having been approved for an Aqua card, you try your hand at a Capital One Progress. It, too, is very easy to get - I was approved for one after having been bankrupt - but unlike the Aqua card, the APR decreases as time goes on so as long as you run the account well there should be no need to get another card elsewhere.

http://www.capitalone.co.uk/creditcards/progress-credit-card.jsf

(They say it's for people with a "Good" credit history, but from Capital One's perspective, as long as you haven't been taken to court by a creditor in the last year, you're "good" )

Good luck!

EDIT: Yes, wait until you're registered to vote before applying for the Capital One Progress

nathand_2

Thanks for everyones response, I really appreciate the help. I'll get on the electoral roll ASAP and give Capital One a go as well.

I'm only looking to build some history so the interest rate doesn't matter too much, everything will always be paid in full before interest is added.