I used the MSE soft search and got accepted!

RoverT

Anthorn wrote: »

There are a lot of fish in the sea. There are a lot of 0% offers for purchase, balance transfers and transfers if you can get it. Personally, I like the MBNA low rate Mastercard which is a good all-rounder at 6.5% APR variable for purchases, transfers and balance transfers, no fee and it's not time limited like the 0% offers. I got one at 11.9%. MBNA also has their soft search which is in fact compulsory.

Excellent, thanks, will look into that when the time comes.

jamesd

RoverT wrote: »

I wasn't aware you could lower your credit scoring taking out a new card; is it the same with building and debt and transferring balances to new cards?

There are three ways a new card can hurt:

1. All applications have a temporary negative effect for a few months.
2. Some providers will want to see how a new account is used for a while. M&S gave this as their main reason for declining an application from me the first time, based on an account opened about four months earlier.
3. Age of accounts, the time since the account was first opened. The longer the better. Keep the oldest one you have until the others are at least a few years old.

Transferring balances probably has no effect. Percentage of used credit and amount of credit used and available compared to income do have effects.

RoverT wrote: »

Plan is not to be on a low income for much longer, i was in fact waiting till i was in a better position financially to get a CC but i can start building my credit history now which is great especially if it could take a few years to build it up.[

Yes, just letting time pas with even a starter card is good for credit building. Anything to start getting a nice set of "on time" marks on your credit record.

RoverT wrote: »

Wasn't aware of stoozing though but i have been wondering what ways you can make a CC work for you, aside from building your credit.

I made around £12,000 in the 2009/10 tax year alone, a few tens of thousands total. Investing and offset mortgage rather than savings accounts. Not really something for you to do yet, it takes a good or at least decently average credit record to do it decently and you're just getting started. In a year or three, though...

RoverT

Thanks jamesd!

On the credit used i read you should only use 25% but how important is that if you make your repayments every month? I'm not talking about using the limit but if you never exceed it and always make your repayments how much does that reflect on future applications? If it's really important i'll have to be strict but what's the issue if you're always on time with your repayments?

Anyway anyone reading this who doesn't know, i thought i'd been accepted but the application is provisional, didn't notice that during the application and it was another week before the application was accepted but it's not guaranteed.

grumbler

RoverT wrote: »

On the credit used i read you should only use 25%

Where did you read this?
For one card 50-75% is fine.

but how important is that if you make your repayments every month?

Miss a payment - and you'll be hit by the charge and the late/missed payment mark in your credit history.

Not pay the balance in full - and you'll be hit by the interest.

I'm not talking about using the limit but if you never exceed it and always make your repayments how much does that reflect on future applications?

This reflects positively. Don't know 'how much'.

... what's the issue if you're always on time with your repayments?

I don't see any 'issue'.

RoverT

I'll see if i find it but i think it was on site like moneysavingexpert which is why i wanted to ask. Seemed odd to have that limit but it's all good!