What are my chances?

Diana_Prince

Hi all

I have 2 CCs, Vanquis & Cap 1 and obviously extremely high interest!! I got these as 'credit builders'.

I have 5 defaults on my credit report but have not missed a payment or late payment in over a year. The defaults are settled and are due to 'fall off' between June & December.

What are my chances of getting a lower interest card?

(If it helps I believe my credit score is 'fair' and around 810)

Thanks

YorkshireBoy

Diana_Prince wrote: »

I have 2 CCs, Vanquis & Cap 1 and obviously extremely high interest!! I got these as 'credit builders'.

The interest rate won't matter then, being as you're not carrying revolving balances on them?

What are my chances of getting a lower interest card?

Should be good...come next year when the defaults are guaranteed to have come off and you have some history on the other two cards.

(If it helps I believe my credit score is 'fair' and around 810)

No it isn't. That's simply a CRA's [STRIKE]assessment[/STRIKE] guess of your credit-worthiness, since they don't know your salary, time with employer, etc, etc.

Think about it...if 810 (presumably out of a 1000) is deemed fair, what is 540 deemed as?...poor? How about 450?...abyssmal? And 370?...atrocious? Maybe 250 is diabolical?

And on the upside, the gap between 810 and 1000 doesn't leave a lot of room for average, good, excellent, supadoopa, fabulous, and out of this world does it?

Get my drift? These scores and words mean absolutely nothing so stop wasting your money on them. Wait for the defaults to drop off and you'll find you'll be accepted for more mainstream cards.

Dabooka

The 'Boy talks sense!

Saints2011

YorkshireBoy wrote: »

The interest rate won't matter then, being as you're not carrying revolving balances on them?Should be good...come next year when the defaults are guaranteed to have come off and you have some history on the other two cards.No it isn't. That's simply a CRA's [STRIKE]assessment[/STRIKE] guess of your credit-worthiness, since they don't know your salary, time with employer, etc, etc.

Think about it...if 810 (presumably out of a 1000) is deemed fair, what is 540 deemed as?...poor? How about 450?...abyssmal? And 370?...atrocious? Maybe 250 is diabolical?

And on the upside, the gap between 810 and 1000 doesn't leave a lot of room for average, good, excellent, supadoopa, fabulous, and out of this world does it?

Get my drift? These scores and words mean absolutely nothing so stop wasting your money on them. Wait for the defaults to drop off and you'll find you'll be accepted for more mainstream cards.

Good explanation thank you

Diana_Prince

Thanks for your fabulous help!!

So I should just sit tight and not bother until next year! Thanks!!

KingElvis

Your bank should be able to help you with a decent card.

Diana_Prince

Hmmm my bank is A&L/Santander and I've heard lots of negative things about them!?!