Capital one

Bryando

Been accepted for a secure capital one credit card. The aim is to improve my credit score due to previous defaults.

Can a credit score be improved with outstanding defaults? I intend to use the card only for the weekly shop. That way will be sure to pay in full come the end of the month.

jonesMUFCforever

Yes but nobody will lend to you unsecured until they drop off your credit files (assuming no new defaults in the meantime).

UsetheFORCE

jonesMUFCforever wrote: »

Yes but nobody will lend to you unsecured until they drop off your credit files (assuming no new defaults in the meantime).

That definitely isn't true!!!

My other half had a current account and 2 defaults on her credit file last year, nothing else and since then she has had a La Redoute, Jacamo, Crazy Clearance, Capital One, Rise Visa and Vanquis - limits total around 5k....

Bryando

Does Capital one report to all 3 credit reference bodies each month?

sfax

Bryando wrote: »

Does Capital one report to all 3 credit reference bodies each month?

I would think the all major credit cards report to all 3. All 5 of mine show up on all 3 CRAs

UsetheFORCE

Bryando wrote: »

Does Capital one report to all 3 credit reference bodies each month?

Yes, Capital One do!

MrSilk

UsetheFORCE wrote: »

That definitely isn't true!!!

My other half had a current account and 2 defaults on her credit file last year, nothing else and since then she has had a La Redoute, Jacamo, Crazy Clearance, Capital One, Rise Visa and Vanquis - limits total around 5k....

They are all sub-prime lenders, no mainstream lender would give credit while any defaults/CCJ's are showing on your file. However, as they get older they do have less impact.

MrSilk

Both Jacamo and Crazy Clearance are 39.9% APR, and owned by the same company. Rise is hideously expensive - wouldn't touch them with a barge pole!!!

chanz4

creation used to lend to defaults on file, not sure if still do

Curr946

Jacamo is not sub prime. They are part of jd william group and run premier man etc. Though that rate look mega high, argos, next etc also have high rates

UsetheFORCE

MrSilk wrote: »

They are all sub-prime lenders, no mainstream lender would give credit while any defaults/CCJ's are showing on your file. However, as they get older they do have less impact.

That wasn't what was stated, companies will give you unsecured credit facilities, although any mainstream lender would likely avoid you at least in the few years after the defaults.

Your credit rating will improve as more recent positive data will improve it AND once the defaults have fallen off your file, you should be viewed in a positive light with many years of positive data behind you.