Credit Card Confusion

counterfeit

I've posted a few messages about the forum regarding my financial situation and one thing I keep reiterating is that I no longer wish to have credit. However, I realised a few months ago that I would benefit from having a credit card. I was constantly receiving offers through the post so applied for an Aqua card. I got accepted, received the card with a £300 limit. I use the card to buy petrol and pay it off in full every month. This looks quite good on my credit file I think.

I saw some suggestions about getting another card to help speed up the "repair" process. So, i was thinking of getting one to pay for the food shopping and pay off in full as with Aqua.

When I use the eligibility checkers in both MSE Club and Noddle they both state I am not eligible for many cards, as I would expect. However, they both state I'm not eligible for Aqua cards, which is odd as I obviously am.

I get the following message "NOT ELIGIBLE
0% of people with a credit profile like yours are approved for this card".

Obviously, I have no desire to create unnecessary searches on my file so I'm reluctant to apply for anything now, as all but 1 card have the same message. The one that doesn't says 20% chance of being accepted.

Does anybody know anything about these checkers and how accurate they are as clearly there's something wrong.

HeCh

I don't know the answer but could it be that you are not eligible for another Aqua credit card because you already have an Aqua credit card? I have always assumed that eligibility relates to future applications . . but that is just an assumption.

Anthorn

As I've posted in several other threads, you don't need even a single credit card to build or repair a credit history. Credit accounts which are reported to the CRAs are what counts and they could include a mobile phone contract, landline phone and broadband, mortgage, even sometimes an energy account and your rent.

But if it must be another credit card, if you already have an Aqua card you will probably qualify for a Vanquis card which is easier to get than an Aqua. But high APR so clear the balance every month to avoid high interest.

Eligibility checkers work on the principle of grouping people with similar credit and employment profiles together and if the majority don't get it no-one gets it. But credit lenders have dismissed that algorithm some time ago. Like the credit score they are a guide and nothing more. A good way to sell you accounts and make pots of cash through commission though.

Chappaz

I'm pretty sure the eligibility calculators on MSE have some bugs, actually.

Sometimes my eligibility for cards is 80%-90%, other times they drop to 0%. I had the same issue with Aqua. I had a 90% chance for a while (even though I already had an Aqua card) and then it dropped to nothing.

Having looked at the eligibility for "Bad-credit credit cards" in MSE Club just now (with 6 months of building my history under my belt), I have a:

70% chance of Barclaycard Initial
20% chance of an Aquis
No score for 4 of the cards
0% chance for Aqua and Marbles

And the Barclaycard Initial has the strictest requirements out of all the bad-credit cards by a country mile.

Work that one out.

Chappaz

Anthorn wrote: »

As I've posted in several other threads, you don't need even a single credit card to build or repair a credit history. Credit accounts which are reported to the CRAs are what counts and they could include a mobile phone contract, landline phone and broadband, mortgage, even sometimes an energy account and your rent.

True, but I think credit cards are very important and by far the easiest and fastest way to build credit history.

The reason being is that it's the only type of credit where you decide how much to spend month-to-month without any fixed amounts like contracts. It's probably the biggest indicator of how responsible you can be as a borrower.

Before I started using one, I had 3 solid years of car finance payments, paying hundreds of pounds per month without skipping a beat, yet I got rejected for store cards and got additional vetting for a phone contract.

Maybe I'd find it easier to get car finance these days, but not a lot else.