Bad Credit - Credit Builder?

kerry87_2

Hi,

I have bad credit but would like some help to re-build this.

I am not on the electoral roll and have been refused by vanquis and aqua, are there any others I can try?

I am currently paying back my debt as much as I can.

Thanks in advance.

john1002

I would not bother applying to anymore(not that there is anymore really) until you get on the ER.

Most people on here say if you cant get vanquis then you wont get anything else, as it stands the only real other option is cap one secured card were you pay a deposit or rise, a payday type loan credit card.

HTH

john

UsetheFORCE

How bad is bad???

As last poster stated:

Capital One Classic/Secured
Luma (Capital One)
Barclaycard Intial
Aqua
Vanquis
RISE/Shout

or your own bank...

kerry87_2

john1002 wrote: »

I would not bother applying to anymore(not that there is anymore really) until you get on the ER.

Most people on here say if you cant get vanquis then you wont get anything else, as it stands the only real other option is cap one secured card were you pay a deposit or rise, a payday type loan credit card.

HTH

john

I have been offered the secured capital one card with a deposit of £200.

I am probably not going to get one until my debts are paid off and my credit file reflects that.

Thanks for the advice.

kerry87_2

UsetheFORCE wrote: »

How bad is bad???

As last poster stated:

Capital One Classic/Secured
Luma (Capital One)
Barclaycard Intial
Aqua
Vanquis
RISE/Shout

or your own bank...

It is quite bad but I have never had a credit card before, my debt comes from the pdl companies which I am sorting out at the moment.

I have also never had a bank loan but due to me using the pdl companies, no one is interested which I can understand.

UsetheFORCE

kerry87 wrote: »

I have been offered the secured capital one card with a deposit of £200.

I am probably not going to get one until my debts are paid off and my credit file reflects that.

Thanks for the advice.

If you have been offered it and have the £200 for the deposit (your limit is £200) assuming you still are not paying interest on your current debts then I would get it now. The more GOOD recent history you can get on your file the better!

Also, after 6 months or more of good history on your secured card. You might be able to get Capital One to give you an unsecured card.

MrSilk

UsetheFORCE wrote: »

If you have been offered it and have the £200 for the deposit (your limit is £200) assuming you still are not paying interest on your current debts then I would get it now. The more GOOD recent history you can get on your file the better!

Also, after 6 months or more of good history on your secured card. You might be able to get Capital One to give you an unsecured card.

Agree 100%, better to start the positive way before the file is cleaned up.

You'd have to cancel the secured card after 6 - 8 months and then re-apply for one of their unsecured cards.

jonesMUFCforever

Kerry why are you not on electoral roll?

UsetheFORCE

MrSilk wrote: »

Agree 100%, better to start the positive way before the file is cleaned up.

You'd have to cancel the secured card after 6 - 8 months and then re-apply for one of their unsecured cards.

I applied for a unsecured card with them and got while I still had an secured card.

I definitely WOULD NOT shut the secured card, just keep it for a few years if your credit is that bad...that long run of positive data will do you wonders, if not now, in a few years. The interest you lose by not having the £200 is probably £5 a year, a small price to pay and considerably cheaper than other credit building methods. Apparently they will return your deposit after say 18+ months anyway!

kerry87_2

jonesMUFCforever wrote: »

Kerry why are you not on electoral roll?

I currently live with my parents but spend quite a bit of my time with my partner at his parents house so my parents will not add me to the electoral role as they don't think I actually spend enough time there if that makes sense!