Advice: if i should wait to get a credit rebuilder credit card

Owainb

Hi All,

firstly i'd like to say thank you in advance to any general advice people can give.

I've seen recently a few of these credit re-builder cards, and it got me wondering if it's worth me getting one to re-build my credit rating as in the future i'd like to buy a house and stuff like that.

what i can't decide on is if its worth waiting until my final default notice gets lifted in November-14 and try my luck with main stream lenders and maybe get a better APR, or try for a Aquas card or Barclay initial card now and start re-building my credit asap.

my intention is whatever i spend on the credit card i put to one side in my 2nd current account and pay off in full every month. but my only worry is if something happens during that month that makes me spend the money I've put aside i may end up paying a huge amounts of interest.

I've done lots of research but get very polar views and can't seem to make my mind up so thought i'd try here and see if anyone has a similar experience to me

Background:
after about 7 years of paying off all of my debts via a debt management company (fee paying but it worked for me at the time) (totaled about 10K), 2 out of 3 of my default notices have been lifted and the 3rd one is due to be lifted in November this year. during this time I've managed to keep a total of 6 accounts clean and in good standing and only have one late payment (forgot about a phone bill i had but duly paid it when they reminded me via letter). i also have a job that pays me above the national average and regularly check my credit report the only things standing against me as far as i can tell is my age (28), the one late payment marked on my account (which is 8 months old) and the last remaining default notice.

Kind Regards

Owain

Top-ranking_Bug

Bump! Anyone who can make suggestions? I've got a similar scenario, so would be interested in the answers.

bigadaj

In your situation I'd try for a sub prime card now, and start using it and paying off in full, you don't want to be paying their rates of interest.

If rejected then maybe try once more, and then leave it for six months.

If accepted then tp try for a mainstream card after six months, if accepted then keep both cards for a while, if rejected then just keep the sub prime card and apply for another mainstream card in six months.

Top-ranking_Bug

Cheers for that, Bigadaj. Sorry for the delay - I have only just spotted your reply (my bad).

SeduLOUs

If you're going for one of the 'bad' cards, go with the Barclaycard Intitial or Capital One as they also offer decent rewards cards - in the longer run building up a history with them may improve your chances of getting a 'good' card from them.

Aqua and Vanquis are a bit of a waste of time in that respect.