First Credit Card

wescottdebt

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wescottdebt

Also if I pay off my default would it help at all? I can afford to pay the £470 if it helps.

Arleen

Paying off your debts will help in many ways. And if you even have to ask whether you should repay it then rejecting you further credit seems like a smart choice on side of lenders.

wescottdebt

Arleen wrote: »

Paying off your debts will help in many ways. And if you even have to ask whether you should repay it then rejecting you further credit seems like a smart choice on side of lenders.

I'm asking in a way of will it help if I pay it off sooner or pay it off in full, I do plan to pay it off though.

mwarby

It would be better than not paying it, but the fact you defaulted in the first place will remain an issue for lenders until it drops off.

Paying the £470 will improve the fictional score shown, but not by a huge amount. Santander may refuse to do business with you after repaying and the entry drops off

bigadaj

Even with a default or missed payment then you should, be able to get a poor credit starter card.

If Aqua reward is available, then I believe you still get 0.5% cashback and no loading on purchases abroad.

Alternatively there are various initial cards or vanquis, if you do get one of these make sure you pay it off every month as the interest rate are very high, managing one of these cards sensibly will help your credit file.

wescottdebt

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[Deleted User]

If there is something about the card you prefer, then go for it.

Given that you're going for a sub prime card and will be paying in full each month, it's personal preference.

wescottdebt

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[Deleted User]

The minimum payment will (probably) be 1% of your balance plus fees and interest. If you have no balance, you don't need to make a payment.

wescottdebt

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