Tesco foundation card

ForeverAwake

Anyone know what the criteria for the Tesco Foundation card is? It says it's a card for people new to credit or rebuilding credit but I'd imagine it requires a good history?

Anyone been accepted and what was your credit situation at the time?

I'm new to credit cards and hesitating to apply or not

Thanks!

[Deleted User]

If you're new to credit you won't have a good history. Or a bad one.

It's suited to you.

whatarethescores

I have no experience of the card, but the website itself does say "you need to earn over £5,000 per year and can afford to repay at least £25 a month, this could be the card for you.

"You're more likely to be accepted if you haven't received any County Court Judgments (CCJs) in the past 18 months and haven't had an account closed in the past year due to missed repayments."

Its interest rates aren't great (representative 27.5%) and that can be a lot over even a fairly short term. I would be very very cautious before taking this credit card.

[Deleted User]

whatarethescores wrote: »

Its interest rates aren't great (representative 27.5%) and that can be a lot over even a fairly short term. I would be very very cautious before taking this credit card.

For credit building, APRs are irrelevant.

Dandytf

ForeverAwake wrote: »

Anyone know what the criteria for the Tesco Foundation card is? It says it's a card for people new to credit or rebuilding credit but I'd imagine it requires a good history?

Anyone been accepted and what was your credit situation at the time?

I'm new to credit cards and hesitating to apply or not

Thanks!

No ccjs.

Some history of credit use I suspect.

I got accepted@27.5 apr with multiple defaults since 2012 in middle of dmp until 2019.

ForeverAwake

Dandytf wrote: »

No ccjs.

Some history of credit use I suspect.

I got accepted@27.5 apr with multiple defaults since 2012 in middle of dmp until 2019.

Thanks for the insight. What positive credit did you have before you got accepted? Repaid credit cards loans etc? Many searches on your file? Where you on electoral roll aswell?

Thanks

Dobbibill

whatarethescores wrote: »

Its interest rates aren't great (representative 27.5%) and that can be a lot over even a fairly short term. I would be very very cautious before taking this credit card.

This will be 0% if paid in full each and every month for day to day purchases.

Use for small regular amounts such as fuel or groceries and then pay off in full on the due date.

Dandytf

ForeverAwake wrote: »

Thanks for the insight. What positive credit did you have before you got accepted? Repaid credit cards loans etc? Many searches on your file? Where you on electoral roll aswell?

Thanks

Repaying previous cards until 2019 durin DMP.

Positive factors I have is homeowner NO missed credit or billls payments since 2012.

Election role since 18 yrs old i'm 43 currently on edited version, I vote when election time.

Slowly re building credit rating since short term unemployment 2011.

Tesco foundation card this year 250@27.5 its my lowest apr card for a few years.

It's contactless excellent strawberry logo via iPhone 6 wallet.

Recently got increase to £600 limit.

This card is minimum £25 dd payment which I enjoy rather than trying to clear with £5 payments which most other providers accept as minimum payment.

Maybe 2019 or a year or two later I could make a return to 0% balance transfer cards.

Chleo_

Hi

When do they increase your balance?
How long do you have to be with them? Mine is arriving in the post today.

Thank you
Chleo White.

20aday

Assuming you manage your account well (and elsewhere) it's around six months' from opening.