best credit card to go for

blackmetal

Hi, I am fair new at rebuilding my credit just like a few of the users here.

I have not had a terrible history with credit only unfortunate thing is a default which i have on my record. At the time this came on i did not know its implications and thought it was wise to just ignore them. I have now paid the defaulted amount in full since i am now in a very good job.

The reality is i do not really need a credit card as i am satisfied and can live off my wages however i see it is important to have one in restoring or establishing good credit.

I mainly have 3 accounts with orange and have never missed a payment over the last 3 years.

My question here is which card is best for me in getting and establishing good credit. I realize it is good if i get one off the high street banks but i currently do not bank with any of these high street banks. Would aqua or vanquish be the best option.

Would also like to understand the rates these cards come with. i intend to pay off in full when i obtain a card. What is the meaning of balance transfer as opposed to purchase credit cards.

any information is welcome. thanks

nb;looking to open a nationwide basic account then gradually progress that into a full current account

Tixy

How old is your default?

Some cards will not accept you if your newest default is newer than 5years old for example.

A balance transfer is for people who already have an existing debt on another credit card, so not relevant to you.

Subprime cards have high interest rates, but in order to rebuild your credit history you do not need to pay any interest. If you always pay your monthly statement in full you will not pay interest (assuming you don't use the card for cash withdrawals/foreign currency/gambling etc). Ideally you need to make 1 or 2 purchases a month and repay in full when the statement arrives.

Have a read of this article - http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

you may want to try the pre-eligibility checker on something like the aqua advance for example.

blackmetal

thanks so much for the response..the default is over 3 years.

Jcts

From the information you've given, I would say you've got a decent enough chance of getting one of the sub prime cards. Look at Capital One, Aqua and maybe the Barclaycard initial. Failing that, check out Vanquis. You can do a soft search on the Barclaycard website to see how likely you'd be accepted for these cards. This will not harm your credit rating.

Wire

Hi
If you fill in your details with credit reference agencies such as Equifax and Experain then they do have tool that allows you to choose for the credit card that is suitable for you.
You can often join these credit ref agencies for 30 days for free so try the trial version and make sure to call them up at the end of the month to cancel