declined for aqua card, what to do next?

Callam_nffc

Hi all,

I got a copy of my experian report and it came back as fair, somewhere around 800 points.

I'm 23, full time employed and I had a handfull of things a few years ago I didn't repay, so I thought the best step towards repairing my damaged record would be one of these bottom end of the market aqua cards and spend little and repay each month, however I have been declined, any advice what to do next?

Thanks in advance

stephane_2

If one of those bottom end cards has declined your application then not much you can do about it....wait another 6 months & try again. Do you have any defaults or CCJ on your credit file? What exactly does it say?

bengalknights

The points actually mean nothing to anyone the adverse effect from the history will be the biggest impact

argomatt

If you want to rebuild your credit rating you could try one of the "credit builder" credit cards, although there are substantial charges for some of these.

:beer:

Willing2Learn

argomatt wrote: »

...you could try one of the "credit builder" credit cards...

argomatt, you mean a prepaid card with a creditbuilder such as the CashPlus Mastercard. They report a loan to the CRAs and you repay £4.95/month for 12 months to repay the loan. The loan is actually the annual card fee of £59.40 off the top of my head and there are no other fees.

Another product that Callam_nffc might want to consider is the Capital One Secured Card. This is a proper sub-prime credit card with a £200 limit that requires a security deposit which is refundable upon account closure (subject to not having any outstanding balance, interest or fees).

Having one or both of the products above would help to slowly build evidence that you are able to manage credit and may allow you to be eligible for a better product such as an Aqua Reward card at a later date (8-12 months)

Callam_nffc

There are a handful of defaults from some time ago, the only one I've noticed recently is from mkdp but I've no idea what for.

Willing2Learn

Just to add that both the Capital One Secured and CashPlus Card in my last post would probably necessitate you being on the electoral roll, just in case you are not.

Callam_nffc

Willing2learn am I correct in believing the capital one secured card is one you cannot be declined for?
Its payday tomorrow so even if they required the maximum 200 pounds deposit its a step I would be prepared to take, I just don't want another declined Mark on my report

Thanks

MrSilk

Hey

You can only be declined if you fail their identification checks so make sure you are on the electoral register before you apply

Also, have you started paying back any of your bad debt?

MrSilk

FYI takes about a week from first applying to being able to pay them your deposit.

Willing2Learn

Callam_nffc wrote: »

Willing2learn am I correct in believing the capital one secured card is one you cannot be declined for?

Applicants for a Cap1 secured card are only accepted subject to status and credit checks, same as all the other credit cards. However, the criteria they set for applicants (ie proven evidence of ability to manage credit) is lower than other credit cards. They accept higher risk applications, hence the reason for the security deposit.

CashPlus Mastercard prepaid (with creditbuilder 'loan') guarantee 100% acceptance (subject to terms and conditions including applicant providing acceptable ID, being resident in the UK & aged 18 years+)

Callam_nffc wrote: »

...I just don't want another declined Mark on my report

How many applications for credit have you made in the couple of months or so?