Do I need a credit card for people with bad credit?

Taucher

So, my experian credit score is 831, which is 'FAIR'. I want to transfer my balance from my Capital One Visa credit card to another one.

I want the best deal, lowest APR etc. But do people with a FAIR credit score need to apply for credit cards for people with poor scores? Or can I apply for normal cards? I dont want my credit score to have lots of searches on them where I have failed in many applications.

Thanks in advance

T

[Deleted User]

What does your credit report say? (Not your score - that's irrelevant.) Any missed payments, defaults , on the electoral roll, etc?

Taucher

Thanks for replying. Yes I am on the electoral register. My credit report has the following information.

3 Positive Factors

• You have no recent searches on your credit report
• The usage of your available credit indicates a lower risk

1 Negative Factor

• You have an account regarded as defaulted or delinquent

1 Change since last report

• Your most recent defaulted/delinquent account is now considered to be less significant

My defaulted account is from 2008 and is satisfied. Also on my report: -

- Number of credit accounts (including those settled) 7

- Amount of available credit (excluding mortgages) £1,327

- % of your total credit being used (excluding mortgages) 49%

- Amount of outstanding debt (excluding mortgages) £1,323

I have no accounts overdue or missed payments in the last 12 months.

Not sure if I qualify as high risk!

T

aimzrabbit

with a default on your high risk for 6 years until its gone off , regardless of what the above says

CLAPTON

what's your income?

Taucher

aimzrabbit - ah yes, so I will not be able to get a good credit card until 2014, which is 6 years after the defaulted account.

CLAPTON - I earn £32,000 pa but am on a rolling contract that is only guaranteed until December 21st - does that affect it?

aimzrabbit

Taucher wrote: »

aimzrabbit - ah yes, so I will not be able to get a good credit card until 2014, which is 6 years after the defaulted account.

nope have you checked all 3 CRAS to make sure the default is on all 3 if it is the chances are you will not get a main stream card



CLAPTON - I earn £32,000 pa but am on a rolling contract that is only guaranteed until December 21st - does that affect it?

CRAs do not have access to salary info you could put that your david camerons maid and be earning 100k they cant check that but lieing on a form maybe deemed as fraud if you end up not paying in the future

Tixy

aimzrabbit wrote: »

CRAs do not have access to salary info you could put that your david camerons maid and be earning 100k they cant check that but lieing on a form maybe deemed as fraud if you end up not paying in the future

Putting inaccurate income information into a credit application is definitely fraud not maybe.

Whilst they cannot phone your employer to check your earnings they do compare what you put on the application form to other applications you have made to other providers, and credit card issuers do still occasionally ask people to prove their income before being accepted.

Taucher - what is the APR on your current card? and the balance?

aimzrabbit

Tixy wrote: »

Putting inaccurate income information into a credit application is definitely fraud not maybe.

Whilst they cannot phone your employer to check your earnings they do compare what you put on the application form to other applications you have made to other providers, and credit card issuers do still occasionally ask people to prove their income before being accepted.

Taucher - what is the APR on your current card? and the balance?

Tixy

i have to disagree failing to dislose information under the fraud act 2006 would only become an alleged offence if parts a and b are commited

so putting a salary of 20k instead of 22k would not be fraud saying your employed and you were not employed would not constitute fraud until a such offence has been commited

thats why i put maybe

Fraud by failing to disclose information


A person is in breach of this section if he

(a)dishonestly fails to disclose to another person information which he is under a legal duty to disclose, and

(b)intends, by failing to disclose the informationâ

(i)to make a gain for himself or another, or

(ii)to cause loss to another or to expose another to a risk of loss.

BugsyBrowne

aimzrabbit wrote: »

Tixy

i have to disagree failing to dislose information under the fraud act 2006 would only become an alleged offence if parts a and b are commited

so putting a salary of 20k instead of 22k would not be fraud saying your employed and you were not employed would not constitute fraud until a such offence has been commited

thats why i put maybe

Fraud by failing to disclose information


A person is in breach of this section if he

(a)dishonestly fails to disclose to another person information which he is under a legal duty to disclose, and

(b)intends, by failing to disclose the informationâ

(i)to make a gain for himself or another, or

(ii)to cause loss to another or to expose another to a risk of loss.

My mate has been putting 40k down on credit card applications since he was about 20 years old and although he's bullsh*ted its hardly the crime of the century and he's got away with for 15 years.

Not saying I agree with it but the lender finding out is about 000.1%.

Tixy

aimzrabbit wrote: »

Tixy

i have to disagree failing to dislose information under the fraud act 2006 would only become an alleged offence if parts a and b are commited

so putting a salary of 20k instead of 22k would not be fraud saying your employed and you were not employed would not constitute fraud until a such offence has been commited

thats why i put maybe

Fraud by failing to disclose information

I would have thought it would come under Fraud by False Representation - but I am no lawyer and I certainly haven't studied the act or any cases of this nature so I'll bow out now.