We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pre Approved Credit Card

Finished my IVA at the start of the year so my credit file doesn't look too good.

Trying to get a credit builder card to fix this.

I applied for a capital one "Classic Extra" (I think it was recommended at the time on this site) but was turned down.

About 1 month ago I received a "Pre Approved Credit Card" application form. I don't want to make my credit file worse by apply for loads of cards but does it really mean approved or can they still turn me down.

My credit file has got better as 3 out of the 5 creditors have disappeared as the default date was 6+ Years ago.

Not really worried about high interest rates as I will always pay it off.

Should I apply again confident I will be approved?

Comments

  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    How long ago was your previous application?

    Have you made any other applications recently?

    UNDERGROUND :D
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • You are brave...

    If I went through and IVA and come out the other end... I would steer clear from credit facilities!
    DEBTFREE AND PROUD!!
  • kgkev
    kgkev Posts: 47 Forumite
    I want to get a mortgage in the next few years so improving my credit rating now seems like a good idea.

    Applied for this card in march / april. and haven't applied for anything else since.
  • Just apply a 2nd application in few months wont hurt, why not try for a Vanquis card supposedly the easiest one to get albeit with the highest rates of interest.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    "Pre-approved" means pre-approved to apply not to get one. In other words, they fished your name and address from a mailing list and have sent you an advertising mail-shot.

    If you're going to risk another search on your credit report apply for Vanquis which is easier to get. You'll pay around 5% APR more than some other comparable cards. But if you're paying off the whole balance every month as you should be doing the APR is meaningless.
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    Hi

    Like smithers1981 says, a second application won't harm.

    It's always wise to be wary of 'pre-approved' offers from any company with which you haven't got a current or had a previous relationship.

    There's several 'sub-prime' options (Barclaycard Initial, Vanquis, Aqua) as well as Capital One, just be sure to spread out your applications if you get declined.

    Best of luck,

    UNDERGROUND :D
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.