What are my chances??

garethw08

I have had two credit cards before. A capital one with £200 limit and a aqua with £250 limit. When I was an apprentice I defaulted on both of these. Capital one has now been settled and aqua will be settled next week. Both default dates were 2012.

I have now qualified from my apprentiship and am finally financially stable. Obviously my credit report isn't the best. However I keep getting emails and letters from 'luma' saying that they could help me rebuild my credit.

I am no in a position to be responsible with a credit card. What is my chance of getting one now? Not great I'm guessing?

g6jns_2

garethw08 wrote: »

I have had two credit cards before. A capital one with £200 limit and a aqua with £250 limit. When I was an apprentice I defaulted on both of these. Capital one has now been settled and aqua will be settled next week. Both default dates were 2012.

I have now qualified from my apprentiship and am finally financially stable. Obviously my credit report isn't the best. However I keep getting emails and letters from 'luma' saying that they could help me rebuild my credit.

I am no in a position to be responsible with a credit card. What is my chance of getting one now? Not great I'm guessing?

The only way to find out is to apply. What you need to do is build credibility. The best tactic is to try and get a low credit limit, say £250 and pay the balance off every, and I mean every, month. It is not easy but it can be done. I have always treated my card a convenient way to avoid having to carry large amounts of cash. Good luck.

garethw08

Thank you for the reply. I do want to apply but I don't want to get a decline search go down on my report. Would rather not have a cc at all than to make my report worse. Maybe if I wait until next month when I will be completely debt free with the default satisfied?

YorkshireBoy

garethw08 wrote: »

Thank you for the reply. I do want to apply but I don't want to get a decline search go down on my report. Would rather not have a cc at all than to make my report worse.

No such thing!


All that's shown is the search, not the outcome.

garethw08

Thanks for that. Learnt something new today

Just applied for one anyway, the said they will be in touch in the next 7 days. So it wasn't a outright 'No'.

Will have to wait and see

Kimberley

Was it a credit builder one with a high interest rate? If it was one of the top cards you have no chance. I had to get a high interest credit builder one four years ago, now I'm always accepted for the top cards, just took a 32 month 0% APR balance transfer one out :-)

garethw08

Kimberley wrote: »

Was it a credit builder one with a high interest rate? If it was one of the top cards you have no chance. I had to get a high interest credit builder one four years ago, now I'm always accepted for the top cards, just took a 32 month 0% APR balance transfer one out :-)

No i wouldn't waste my time applying for one of the top cards.

It was the Luma credit builder card. 35.9% APR which means nothing to me because I will not be paying any interest (if i am accepted) as I will be using it to fill the car up and that's it.

Fingers crossed

a3hyo

garethw08 wrote: »

No i wouldn't waste my time applying for one of the top cards.

It was the Luma credit builder card. 35.9% APR which means nothing to me because I will not be paying any interest (if i am accepted) as I will be using it to fill the car up and that's it.

Fingers crossed

You won't get the luma card, its run by capital one and as you said you have a very recent default with them.

garethw08

a3hyo wrote: »

You won't get the luma card, its run by capital one and as you said you have a very recent default with them.

That did run through my mind. Ahh well never mind I'm not applying because I need credit. Just read that using a credit card helps build your credit. I have also heard that it's a myth too so not going to lose too much sleep over it. I'm debt free now which is the main thing so will just stay spotless from now on and see where I get further down the line.

20aday

garethw08 wrote: »

That did run through my mind. Ahh well never mind I'm not applying because I need credit. Just read that using a credit card helps build your credit. I have also heard that it's a myth too so not going to lose too much sleep over it. I'm debt free now which is the main thing so will just stay spotless from now on and see where I get further down the line.

You could also consider the Cashplus pre-paid MasterCard?

They have the Creditbuilder option on there; you get loaned the monthly fees (interest free) and so long as you make the monthly repayment (in my case £4.95) on time they'll report to two of the credit agencies, hopefully making you stand a better chance of getting a decent card.

Whiner

20aday wrote: »

You could also consider the Cashplus pre-paid MasterCard?

They have the Creditbuilder option on there; you get loaned the monthly fees (interest free) and so long as you make the monthly repayment (in my case £4.95) on time they'll report to two of the credit agencies, hopefully making you stand a better chance of getting a decent card.

No companies issuing credit will pay any attention to the "Credit builder" cards reporting, they all know its a load of old bull.