bad credit

funmichic

hi all, i need a fast and reliable answer because i am doing this on behalf of my uncle. an unfortunate situation led to his having a very bad credit rating and thus i advised him on attempting to apply to a credit loan company. but before he does that, i want to ensure that it is the best company he applies to. from several reviews, i selected capital one, aqua and vanquis. i need your intelligence and experience in guiding me through. thus, out of these three, which one is the best or the lesser devil. thank you

hi all, am kinda new to this site and i need a fast and reliable answer because i am doing this on behalf of my uncle. an unfortunate situation led to his having a very bad credit rating and thus i advised him on attempting to apply to a credit loan company. but before he does that, i want to ensure that it is the best company he applies to. from several reviews, i selected capital one, aqua and vanquis. i need your intelligence and experience in guiding me through. thus, out of these three, which one is the best or the lesser devil. thank you all. really do appreciate.

[Deleted User]

They're all similar. Vanquis will probably accept more of the very bad cases than the others though.

Presumably he's not planning to pay any interest though, but pay off in full each month?

poppasmurf_bewdley

Unfortunately, if he has a "very bad credit rating", it's highly unlikely he will get a loan of any sort.

Some Credit Card companies advertise that they accept people with 'poor' (as opposed to very bad) credit, but usually set a credit limit of only £200 or so.

What does he need the credit for?

funmichic

He wants to build up his credit rating. That's the main reason why he needs this card.

sourcrates

Basically if he has more than one default on his file, he can forget it.
Most credit building cards will accept one default, over a year old, any more than that he will be declined.

moneysaving_warrior

sourcrates wrote: »

Basically if he has more than one default on his file, he can forget it.
Most credit building cards will accept one default, over a year old, any more than that he will be declined.

Speaking from experience this isn't true. I have 4 default's currently showing on my credit report, ranging from £900 down to £200 and all defaulted in 2011/12.

I was approved for an Aqua card in Nov last year, it had an initial limit of £250 and they upped it last month to £650.

solentsusie

sourcrates wrote: »

Basically if he has more than one default on his file, he can forget it.
Most credit building cards will accept one default, over a year old, any more than that he will be declined.

This is not correct. I got a card with Capital One with 5 defaults. I also got a full bank account with Nationwide FlexDirect with 5 defaults. I was then accepted by Barclaycard with 3 defaults on file.

It will depend on his personal situation, so ignore the advice by sourcrates.

I suggest you use the MSE credit card eligibility checker, that might give you a better idea of what he may be accepted for.

Good luck.

jimmy*c

I don't think the eligibility checker is any good as a pointer. My history with repayments is perfect, never missed a payment or been in arrears, no defaults etc. There is evidence of a period of around 5 months of high PDL usage on there as well. A few weeks ago I used the eligibility checker on my old salary - Most chances were dismal. With the same information and a pay-rise later, everything shot up to 80-90% (Even mainstream cards). I applied for one or two that gave me 90% but got declined. Applied for Santander 123 and was accepted.

It's entirely his own circumstances and the lenders' own rules that will dictate if he gets a card or not. At least he's trying to do something about his poor history.

12user

Hi, I am a kind of new to this discussion.This question is also helpful for me. I also want to increase my credit rating but don't how.If anyone have more idea,share more ideas regarding bad credit.