How long to wait after CC Rejecting

wfsbrown

I got rejected from getting a credit card about six weeks ago... My credit rating was in the poor zone (according to experian), but now has been bumped up to fair. How long should I wait before reapplying? I am only applying to card for bad credit...

Please advise...?

TheEffect

Ignore the 'poor' and 'fair' from Credit Reference Agencies, they are only a representation of how that actual agency views your credit report. Other companies may see a 'poor' from Experian as a 'good'.

Do you have any defaults, ccjs, missed payments, are you on the electoral roll, how many 'credit accounts' are on your credit report and how old are they?

There is no set time as to how long you should wait before reapplying for another credit card. A large amount of credit searches in a short amount of space can temporarily damage your credit report, as lenders may see this as desperation, and it leads to uncertainty about whether new accounts are going to show on your credit report or not.

If you have a poor credit history, or are relatively new to credit, it's always recommended trying your own bank first. Other companies offer cards for such people, including CapitalOne, Barclaycard, Aqua, and Vanquis. A few of these have a 'pre-checker' which gives an indication on whether they'd accept you or not before applying.

a4a

Its always worth a shot at writing to the company that has rejected you, if you believe your credit is not too bad and people you will be able to repay.

Set out your personal circumstances and an individual (normally a manager) rather than a machine will look at it and may just approve it. I've known this to happen and it doesn't leave another nasty credit search on your file.

ricky_v

wfsbrown wrote: »

I got rejected from getting a credit card about six weeks ago... My credit rating was in the poor zone (according to experian), but now has been bumped up to fair. How long should I wait before reapplying? I am only applying to card for bad credit...

Please advise...?

I've got a rejection letter from Santander today from an application last week, soon afterwards I applied for a Halifax CC and got accepted with an *estimated* £2,800 limit. I've also applied for 2 other CC in the past 6 months.

Make what you will of that.

wfsbrown

Thanks for the help, only one missed payment. I tried with my bank about a year ago, but no luck.

I think I might go for one of the cards for those with really bad credit, just to start building it up again.