Help! ... which card?

Curry_Queen

So I'd be better applying to my own bank (Lloyds) initially then? I think I have a financial appraisal due with them very soon as it happens, so that may be a good time to discuss it with them.


Edit: Sorry, just realised you had already advised this in a post further up ... that'll teach me to sit here instead of going to bed, especially having not slept the night before!!!

Curry_Queen

Ok, having had chance to think about this with a clearer head, I wonder if applying to my own bank might actually go against me. They obviously know my spending habits, and also know that I don't spend all my income every month, so maybe they would decide I don't need a credit card, particularly as it's unlikely they will make any money out of me!

Sorry for all the questions but I want to try and narrow it down to the one most likely to approve my application so I don't have unnecessary searches recorded on my file, as I know that can be a bad thing if you don't have a good history already

Reaper

No, it won't count against you, it will count for you. All the bank wants to know is that you have handled your account responsibly. They want you to have spare income because that is how you are going to pay off your credit card borrowing. My best credit limits have come first from my bank, and second from companies I have savings with.

The credit history is all most lenders have to go on and its information is sketchy. A lender is much happier if you have been a long term customer of theirs as they know more about you, the credit history then becomes much less important.

Start with your bank as the first place to try.

EDIT: Perhaps I should give one word of warning. Although your bank is the best place to start some of them will not inform the credit reference agencies that you have a card with them unless you miss payments (eg LLoyds, HSBC/First Direct). While this is a good thing for stoozers it is a bad thing if you are trying to build up your credit history.

So if you bank with one of them still apply for a card, but to build up a history you might then want to do something else too in a small way, such as buying something from a catalogue company and paying it off weekly, or getting a Capital One guaranteed acceptance card and making small purchases on it.

Curry_Queen

That makes sense, thanks very much

grumbler

Curry_Queen wrote:

...I wonder if applying to my own bank might actually go against me. They obviously know my spending habits, and also know that I don't spend all my income every month, so maybe they would decide I don't need a credit card, particularly as it's unlikely they will make any money out of me!

I do not think so, especially if you apply for a cashback card. Lloyds TSB have Create Card with 0.5% cashback (if you chose interest rate about 15%). It is normal and obvious that person applying for cashback card with high APR intends to pay balance in full. Bank still makes enough money from retailers and by charging foolish customers that make mistakes.

EDIT. I think that Reaper’s warning in his ‘EDIT’ is very important in your situation when you apply for CC with the only aim to build a credit history. :mad: If his information about Lloyds TSB is correct I'd reconsider my advice in favor of Capital One or some other card.

Curry_Queen

That's very helpful to know, thank you

My branch manager is due to call me in a couple of weeks anyway to check all is ok and I'm happy with my accounts etc, so I think I'll wait to discuss the credit card application with her then. I've only been banking with them since last summer and they were excellent in helping me sort out a debit card a few months ago when I'd normally have had to wait at least 6 mths for one. Fingers crossed she'll approve my application for a credit card

Curry_Queen

Ok, just read both of your edits ... I recently opened a MO catalogue account with Littlewoods (thanks to offers/codes advertised on this site ) and was accepted without a problem. I pay off more than the requested monthly amount and it's paid the day the invoice arrives too, so hopefully that will be recorded on my file.

I wonder if maybe I should go for the Capital One card first then, as they more or less guarantee a card even if you have to pay a small deposit for it, and wait 6 mths or so before applying for a different one, assuming they record payments on your file, does anyone know for sure?

lipidicman

Curry_Queen wrote:

Behave you two!!! :rotfl:

I'd have thought my name was the biggest give away, unless you know of any male Queens :rolleyes:

Not personally, but TV programmes are full of 'em!

(I will qualify this light hearted comment as just that, please dont take it as anything else - I realise that humour is often misunderstood on forums!)

Curry_Queen

lipidicman wrote:

Not personally, but TV programmes are full of 'em!

(I will qualify this light hearted comment as just that, please dont take it as anything else - I realise that humour is often misunderstood on forums!)

Don't worry, I'm not easily offended, but I often fear offending others with my twisted sense of humour at times