Bad credit history but dad willing to be guarantor?

mattk1

Hi everyone,


I have a pretty bad credit history which was the result of a messy break up a few years ago (about 4 years ago) and as a result I have not even tried to apply for any credit since.


However just recently my dad said if he could help by offering to be a guarantor to help me get my credit history back in order, then he would do it :-)


Does anyone know or can recommend a credit card provider best suited for this kind of arrangement?


Thank you for any tips or leads :-)


Merry Christmas

HappyMJ

mattk1 wrote: »

Hi everyone,


I have a pretty bad credit history which was the result of a messy break up a few years ago (about 4 years ago) and as a result I have not even tried to apply for any credit since.


However just recently my dad said if he could help by offering to be a guarantor to help me get my credit history back in order, then he would do it :-)


Does anyone know or can recommend a credit card provider best suited for this kind of arrangement?


Thank you for any tips or leads :-)


Merry Christmas

I wouldn't recommend a guarantor on a credit card.

Just apply in your own right for a credit builder card such as Capital One. You'll get a £200 credit limit. Manage that well and your "score" will increase. Although saying that my partner's "score" has dropped from 244 to 125 over the last 6 months and that's all she's done. Scores mean nothing though so ignore the score.

SeduLOUs

You shouldn't need a guarantor to help you rebuild, and as far as I am aware you can only use them for loans and not for credit cards anyway.

Try the MSE eligibility checker to see which 'poor credit' cards you are most likely to be accepted for, here: https://creditcards.moneysavingexpert.com/?bad-credit

The likely candidates are Capital One, Aqua, Vanquis, Luma, Barclaycard Initial.

All have horrendous APR rates so it's really important to use the card for a few purchases each month and ALWAYS pay the statement off in full so that you don't end up paying any interest.

Gradually with sensible use of the card your history will start to rebuild, the card will hopefully increase your limit, and then you can go back to the eligibility checker again in 6 months to see whether to get another 'builder' card or whether you've done enough good work to potentially apply for something a bit better.

In a couple of years time, all of the 'bad' history you had should start falling off your file, and combined with using some builder cards you should be on your way to getting access to better lines of credit.

mattk1

Wow thanks so much for the super fast replies! :-D


I will take a look at that eligibility checker link and see how I look afterwards :-)


Thanks so much again!