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obtaining a credit card
brovahelpa
Posts: 168 Forumite
in Credit cards
Hi.
Can anyone tell me which credit card provider would give a credit card to someone who was bankrupt 5 yrs ago, discharged 4 yrs ago. He doesn't want a lot of credit, about £500 just for emergencies. He has an Aqua card, which has recently had its credit increased, but the interest on it is nigh on 50%. He only went BR coz of business collapse.
Can anyone tell me which credit card provider would give a credit card to someone who was bankrupt 5 yrs ago, discharged 4 yrs ago. He doesn't want a lot of credit, about £500 just for emergencies. He has an Aqua card, which has recently had its credit increased, but the interest on it is nigh on 50%. He only went BR coz of business collapse.
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Comments
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brovahelpa wrote: »Hi.
Can anyone tell me which credit card provider would give a credit card to someone who was bankrupt 5 yrs ago, discharged 4 yrs ago. He doesn't want a lot of credit, about £500 just for emergencies. He has an Aqua card, which has recently had its credit increased, but the interest on it is nigh on 50%. He only went BR coz of business collapse.
If it's just For emergencies then the interest rate shouldn't matter significantly, is the aqua card not sufficient?
He should be using the aqua card and paying off in full to avoid interest and keep a separate cash savings pot. In time the credit file will improve and cards with better rates or perks will become available.0 -
In terms of APR the Aqua card is only relevant if you go for the Aqua Advance and are looking ahead 4 years. There are better deals in the sub-prime market than the Aqua Classic such as Aquis for example.
I think if Aqua has increased its APR from its representative APR then you can expect similar from other sub-prime cards.0 -
Sorry I meant hie credit limit has recently been increased. He started with £300 which has now gone to £500. I think its the classic not the Advance.
Thank you for the replies0 -
brovahelpa wrote: »Sorry I meant hie credit limit has recently been increased. He started with £300 which has now gone to £500. I think its the classic not the Advance.
Thank you for the replies
So long as you're paying it off in full every month, the APR really doesn't matter as you won't pay any interest.
I'd just keep using the card and paying it off regularly, then in a few years when the bankruptcy drops off, you can have a go at some better cards
Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Until the BR drops off you won't get much more than Aqua, Vanquis etc.Never argue with an idiot. Especially not this idiot because I'm always right anyway.0
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