Time to wait before reapplying?

JamesN

Hi guys,

Tried about 7/8 weeks ago and again about 3 weeks ago to get a credit card. Got rejected both times. I'm on a great salary for my age but started the job just shy of 3 months ago.

How long should I leave it before reapplying? Can anyone recommend a card that is easy to obtain (just to get me started). I graduated in July 2010 if that makes any difference?

Edit: Ok, so I got my credit check back. Apparently I've got a perfect score (999) according to credit expert. There have been a few searches on my account for credit (4 in the past 3 months, 9 in the past year). However, these searches were done by theaa, o2, and a few other non banking organisations, would these make a difference? Surely it shouldn't be difficult for me to obtain a decent credit card? I really don't want to have to start off with Vanquis or Capitol one classic as I'd like a decent sized credit limit to improve my rating further. On my score it says I am not on the electoral roll, I signed up for this about 6 weeks ago and had confirmation of this being done before the vote on the voting system.

Any ideas?

Tixy

What cards did you apply for?
Do you have any other credit accounts already?
Are you on the electoral roll? have you looked at copies of your credit files at all?

Could try your own bank if you haven't already, otherwise one of the subprime cards as a starter. 'Bad Credit' Credit Cards: Use them to rebuild credit rating

Credit Rating: How it works and how to improve it

General guideline is not more than 3 credit applications within any 6month period.

JamesN

Tixy wrote: »

What cards did you apply for?
Do you have any other credit accounts already?
Are you on the electoral roll? have you looked at copies of your credit files at all?

Could try your own bank if you haven't already, otherwise one of the subprime cards as a starter. 'Bad Credit' Credit Cards: Use them to rebuild credit rating

Credit Rating: How it works and how to improve it

General guideline is not more than 3 credit applications within any 6month period.

Hsbc's standard one as I've been banking with them since I was 13 (now 23)

I am on the electoral roll


Not looked at my credit reports as yet as I dont think anything will be on them


Thanks for your help so far

Edit: Just submitted a request for a credit report.

KingElvis

Like most people, if your bank turns you down you need to go down the so called "bad credit" route.

Lovely companies you'll come across on that road include Crapital 1, Vanq!!!! and Crapqua

(In other words, apply for a Capital 1 Classic Card...use vanquis as the last of the last resorts as they have interest rates so high you'd need Captain Kirk's spaceship to track it down)

ste_coxy

Each lender has different criteria when they judge an application on its merits however, if you've only been in your current employment for 3 months then this might be something that has brought your scoring with them down. It might be worth waiting till you've been there at least 6 months+

JamesN

ste_coxy wrote: »

Each lender has different criteria when they judge an application on its merits however, if you've only been in your current employment for 3 months then this might be something that has brought your scoring with them down. It might be worth waiting till you've been there at least 6 months+

The person I spoke to did say wait until 3 paychecks have gone through which has happened now. Maybe it's worth giving it another go?

JamesN

Does anyone else have any advice?

ste_coxy

JamesN wrote: »

The person I spoke to did say wait until 3 paychecks have gone through which has happened now. Maybe it's worth giving it another go?

The general rule as mentioned earlier is not to make more than 3 credit applications within 6 months as this stands out on your credit report.

Generally, credit providers want stability in your employment i.e. 6 months+ at least , a regular income, address regularity etc, good previous credit history etc.

They have made it harder to obtain credit due to the credit crunch so they are not giving it out quite so easy, which may also be why you are struggling here.

DermotFlanigan

Apply for a Vanquis and use a few quid a month on it.

Setup a direct debit to pay it off in full every month.

Then in 6-9 month apply for something a little higher

JamesN

Please take a quick look at the edit for an update

Advice very much appreciated.

pwuk

I'd opt for a Barclaycard - they will probably offer you their 'Initial' card - steer clear of other cards such as Vanquis - you don't need to be saddled with that kind of grief.

The other advice to wait for at least three salary contributions to your account is sound. Make an application to Barclaycard.

HTH