Building my credit further as I have hit a wall.

aleph_0

I'm not sure what you're looking for, or what advice you want. As has already been mentioned, the Aqua card offers 3% cashback up to £100/year, and is relatively easy to get.

You appear to be paying an annual fee for an AmEx card that doesn't offer a huge amount in terms of benefits (feel free to correct me with what % back the reward is worth). Are amex reporting your spending correctly on your credit report?

If/when you are getting rejected in future, it might be worth writing to appeal. You're quite young, with a good income, but it should be clear why companies might look at a young self-employed applicant with a high income sceptically.

Tixy

rbjh wrote: »

I always thought getting the biggest limit you can was beneficial to your credit history?

Absolutely not at all.

izools

I don't know, some scoring models don't like having small credit card limits. Ideally they should be over £1,000.

dalesrider

rbjh wrote: »

Hi, I am looking for some advice on credit building

Myself:
I am 19 almost 20 been building my history for 2 years and have a perfect credit history, no defaults or missed payments, etc. I also have a T-mobile contract for £36 per month.

But I seem to have hit a wall.
Thanks in advance

This may not be good advice but makes sense to me given you keep getting rejected. To me looking at your accounts. You already have a lot of exposure to debt. So any banks will see this and shy away.

Halifax current account with £4000 available overdraft. - Reduce to something like 1K if you are not using it.
Vanquis card with £500 limit - DUMP
Capital one classic with £500 limit - DUMP
Capital one progress with £500 limit - DUMP

Wait say 6 months and then apply to Halifax for their CC. Or another if you see any better deals.

You are focusing far too much on your credit status.....:D

Tixy

izools wrote: »

I don't know, some scoring models don't like having small credit card limits. Ideally they should be over £1,000.

I meant in relation to the overdraft limit, but didn't realised I'd missed out that part of the OPs quote.

izools

Tixy wrote: »

I meant in relation to the overdraft limit, but didn't realised I'd missed out that part of the OPs quote.

Ahh yes of course OD limit doesn't matter. If anything should be smaller as you say

My Nationwide OD Limit is £5K at the mo. Should probably reduce that too

rbjh

Ok some interesting stuff. So the plan now. Drop the capital one classic, drop the vanquis.
Looking at the aqua it does indeed offer me what I want so will get one of them. That should set me for the next year or so
Thanks people you have been very helpful.

rbjh

ok, dropped the capital one classic, got accepted for the aqua 3% cashback. Have told vanquis I will be cancling my card after this months statement.

So I know earn rewards on everything I spend. Hurray