Credit Card Applications

heyjim

Hi,

Im hoping someone could help me here.

Im 20 years old, earning 16k per year with no credit history and living with parents.

I've just applied for 2 credit cards. The first was a Halifax All in One and the other was a Barclaycard Initial which were both declined.

I then come across the Capital One Classic card on the Apply With Confidence website which said I have an excellent chance of being accepted.

Is it likely that I would be accepted for the Capital One card? I obviously don't want to start applying for loads of cards as I hear this can do damage to your credit history?

Any help appreciated!

Thanks

bankhater_1965

the capital one card is for adverse riskier people , do not apply the interest rates are sky high

heyjim

The interest rates won't matter if I'm paying it off in full every month will they?

bankhater_1965

heyjim wrote: »

The interest rates won't matter if I'm paying it off in full every month will they?

i guess not

Gromitt

If your paying it off in full every month then a better card might be Aqua, to get the 3% cashback. The Capital one has no such cashback.

So spend £3300 per year on the card and get £100 back.

heyjim

Gromitt wrote: »

If your paying it off in full every month then a better card might be Aqua, to get the 3% cashback. The Capital one has no such cashback.

So spend £3300 per year on the card and get £100 back.

Would I be right in saying that Aqua is part of Halifax? If so, will it matter that I was declined by Halifax?

Also, if I was to be declined by Capital One or Aqua, what kind of effect would that have on my credit history (if any)?

fozmcfc

You have no credit history, which is why you are only likely to be accepted for a card with high APR and low limits, but as you say if you are paying it off every month, that won't matter.

You are at 2 credit searches, so this one will be cruicial as anymore than 3 searches in a short space of time, is seen as being desperate by companies.

Normally when you are rejected by a mainstream card, they suggest you try for one of the subprime (bad/no previous cards). Prehaps Halifax don't if they did I would have expected them to have pushed the AQUA card.

As for which one to try for, sorry I can't really say, as I have never had a subprime card.

Good luck and report back it is always useful for other forum members to hear how people in similar situations get on.

Maestro.

I HAVE credit history and was declined for the aqua card, I don't think its the easiest sub prime card to get. I'd try vanquis or capital one.

jo-bo

I thought that Aqua was no longer part of Halifax/HBOS.

Gromitt

Their SSL Certificate would state otherwise:

Organisation: Halifax Bank of Scotland PLC

heyjim

fozmcfc wrote: »

You have no credit history, which is why you are only likely to be accepted for a card with high APR and low limits, but as you say if you are paying it off every month, that won't matter.

You are at 2 credit searches, so this one will be cruicial as anymore than 3 searches in a short space of time, is seen as being desperate by companies.

Normally when you are rejected by a mainstream card, they suggest you try for one of the subprime (bad/no previous cards). Prehaps Halifax don't if they did I would have expected them to have pushed the AQUA card.

As for which one to try for, sorry I can't really say, as I have never had a subprime card.

Good luck and report back it is always useful for other forum members to hear how people in similar situations get on.

I was just about to apply for the Capital One Classic card but noticed it said underneath: "We're not likely to accept you if you've never had credit in the UK before."

I don't really want to apply and get declined for a 3rd time. I have a Littlewoods account but haven't actually used it yet. Would that count towards credit if I did use it?