Best Credit Card for first time user?

MarkD1990

Hi all, I'm new here so be nice :P

Recently I was curious to check my credit score and to be honest I wasn't shocked that it was low, due to complications I had gone through with money last year involving HSBC and Orange.

But anyhow, I left HSBC and now I'm with NatWest.

I read online that apparently if you have a credit card, use it and pay it back in time, it can improve my credit rating, is this true?

If so, what will be the best Credit Card to take out and with who? I've applied for a Play.com Credit Card today but was denied due to my ratings.

If anyone can help I would be so grateful

Thanks
:beer:

Plxply

MarkD1990 wrote: »

I read online that apparently if you have a credit card, use it and pay it back in time, it can improve my credit rating, is this true?

Yes, making regular repayments (preferably in full if possible) on any type of loan improves your credit score.

MarkD1990 wrote: »

I read online that apparently if you have a credit card, use it and pay it back in time, it can improve my credit rating, is this true?

If so, what will be the best Credit Card to take out and with who? I've applied for a Play.com Credit Card today but was denied due to my ratings.

From what you've said I assume you'll want a sub-prime card, however slightly more information is needed to get a decent picture of your credit history. Do you have any defaults showing on your credit file? What was the trouble with HSBC and Orange? How much credit do you have available and how is it compared to your income?

Make sure you don't apply for any more cards until you're sure or you'll put yourself in a rejection spiral.

Tixy

What is actually on your file for your orange and Hsbc accounts? not the score but the actual info? defaults? several missed payments or what?

You'll probably need to start with a subprime card - unless your new bank, natwest will let you have one. Have a read of - 'Bad Credit' Credit Cards: Best cards for poor credit scorers...

MarkD1990

The trouble I had gotten with HSBC and Orange are the following;

HSBC
I kept going overdrawn each week which was totally my fault, then they wanted me to pay what was left all in one go, but I couldn't so I set up an arrangement with them to pay it off weekly, which I did and I closed the account down.

Orange
I phoned up back in April last year to cancel my account and they accepted I wanted to cancel and said, I'll receive a confirmation letter about cancelling in the post, but never had one, so I never thought nothing of it. 2 months after didn't have a bill or statement through so I thought to myself it got cancelled and it got lost in the post. A week later a debt collector sent me a letter saying I owe them £230 on behalf of Orange so I contacted them and they said, even tho I wanted to cancel I had to pay it because my Orange account hadn't been cancelled at all, so I owed them.

That's basically my story of last year.

I only want a credit card that I could use for emergencies only. My annual income is around £11,000 and I got a family to support now aswell, I'm only 22 yeard old.

Any help would be greatly appreciated.

BugsyBrowne

Think you may well find you will have to go down the extortionate high interest credit card route, but paying in full every month it won't matter what the interest is. Capital one classic and vanquis are the best bet.

MarkD1990

star-fire wrote: »

Think you may well find you will have to go down the extortionate high interest credit card route, but paying in full every month it won't matter what the interest is. Capital one classic and vanquis are the best bet.

Thanks Star-Fire and everyone else. I'm going to try and apply with Capital One, if no success I won't aplly for another for awhile and I'll let you know how I get on.

Maestro.

If you are not on the electoral roll Capital One will probably refuse you. They refused me on a basis that the CRAs couldn't "verify my address" and it was before I'd had a letter to confirm that I'd been accepted on the roll at my address - I jumped the gun a bit.

Vanquis did accept me before I even applied to be on the roll but as a company they are absolutely dire, only used as a last resort to build up my credit.