About to apply for a credit card.

1940sGal

I'm on Credit Expert at the moment and it says my credit rating is 725 and 'fair'.

Yesterday I applied for an Argos card because mum's washer packed in and none of us have the money to buy one out right at the moment. Today I got an email saying I had been turned down.

I am considering applying for a credit card, and Credit Expert has matched me to several. The top three are the Barclay Card Gold, Aqua Classic Card and a Vanquis Visa.

If I get turned down for the one I choose (unsure which yet), will my credit score go down? I'm applying for one also to try to improve my score. Does anyone have any recommendations over which would be best? Even if it's not one of the above.

Thanks.

dresdendave

If you have never had a CC before you may find that you can only get one with a high APR. Unless you can repay it quickly it will cost you a fortune in interest.

Have you explored other avenues such as freecycle. Get a secondhand washing machine for next to nothing and start saving up towards the new machine.

When you have enough money buy the new machine outright.

The_Boss

Your Experian credit score is worthless so no need to worry anyway.

If you are not accepted then I'd wait a bit before applying for another card as too many credit searches can affect how lenders score you in the application process.

The_Boss

dresdendave wrote: »

If you have never had a CC before you may find that you can only get one with a high APR.

.

That seems to be the case judging from the original post.

1940sGal

What would be considered a high APR? Out of the ones it showed me, the lowest APR was 29%.

I searched for cards that were specifically for helping to improve my credit score. As for paying it back, my intention was to use the card for things like food. Little things that I know I can repay straight away. The washing machine is an exception obviously.

As for paying for a second hand machine and then buying a new one, that doesn't make much sense to me. Surely it would work out more expensive in the long run? Mum's doing the washing at my Aunts for now so it's not completely urgent.

The_Boss

1940sGal wrote: »

What would be considered a high APR? Out of the ones it showed me, the lowest APR was 29%.

I searched for cards that were specifically for helping to improve my credit score. As for paying it back, my intention was to use the card for things like food. Little things that I know I can repay straight away. The washing machine is an exception obviously.

As for paying for a second hand machine and then buying a new one, that doesn't make much sense to me. Surely it would work out more expensive in the long run? Mum's doing the washing at my Aunts for now so it's not completely urgent.

Interest rates can vary but generally speaking 29% is roughly 10% above the norm. Will not impact you if paid off in full normally, but if you can't pay off the washing machine then it will attract interest.

dresdendave

1940sGal wrote: »

As for paying for a second hand machine and then buying a new one, that doesn't make much sense to me. Surely it would work out more expensive in the long run? Mum's doing the washing at my Aunts for now so it's not completely urgent.

With the likes of Freecycle you should be able to get a machine for nothing. A standard sized machine could be collected in an estate or hatchback type car and as you are replacing an existing machine the pipework should aready be in situ, meaning anyone with basic DIY skills could plumb it in blindfolded.

Even if it only lasted a few months all it would have cost you is a couple of quid in fuel to collect it. In that time you should have saved up the money to buy a new one. If you can't save enough to pay for it in a few months then the last thing you should be doing is buying a new one on a high APR CC.

Another approch rather than borrowing, has your mum got things around the house she no longer needs or uses? Ebay them for her and raise the washing machine money that way.

1940sGal

dresdendave wrote: »

With the likes of Freecycle you should be able to get a machine for nothing. A standard sized machine could be collected in an estate or hatchback type car and as you are replacing an existing machine the pipework should aready be in situ, meaning anyone with basic DIY skills could plumb it in blindfolded.

Even if it only lasted a few months all it would have cost you is a couple of quid in fuel to collect it. In that time you should have saved up the money to buy a new one. If you can't save enough to pay for it in a few months then the last thing you should be doing is buying a new one on a high APR CC.

Another approch rather than borrowing, has your mum got things around the house she no longer needs or uses? Ebay them for her and raise the washing machine money that way.

Thanks I've just sent a request to join local freecycle groups so I'll have a look. I know the clue should have been in the name haha! Saving up for a new one was what mum planned to do if I got the Argos card as with that you didn't have to pay for 6 months. But like i say, I'll have a look on freecycle.

thanks!