Accepted for Barclaycard Platinum, advice on next steps?

kerrypn

Hi I just want a bit of advice on maximising my credit history please. Bit of background made BR in 2009 (Northern Rock mortgage shortfall was most of debt). I cleaned up my file post BR and have had a small capital one card for 6 months which I've cleared in full each month. I also have a small amount of car finance for 2 years which I have never missed a payment on, a phone contract and my usual bank account all in green dots. I earn circa 35k. I bank with Barclays and have savings with them that would cover outstanding balance on car finance if needed.

I decided to try to get a barclaycard as a step towards a prime lender. I applied for Barclaycard initial but was accepted for the platinum. I'm going to do full balance clearance each month. My question is where I should look to apply next time (in6-8months) Please? My aim is to make my history as good as it can be for a mortgage application, (with Barclays most likely) but would love to be able to get a card with some benefits as well. I don't need the credit so if the advice is to not apply for another that's fine but would love to get to a point I can be accepted for a card with extra benefits

Thanks in advance!

boo_star

kerrypn wrote: »

Hi I just want a bit of advice on maximising my credit history please. Bit of background made BR in 2009 (Northern Rock mortgage shortfall was most of debt). I cleaned up my file post BR and have had a small capital one card for 6 months which I've cleared in full each month. I also have a small amount of car finance for 2 years which I have never missed a payment on, a phone contract and my usual bank account all in green dots. I earn circa 35k. I bank with Barclays and have savings with them that would cover outstanding balance on car finance if needed.

I decided to try to get a barclaycard as a step towards a prime lender. I applied for Barclaycard initial but was accepted for the platinum. I'm going to do full balance clearance each month. My question is where I should look to apply next time (in6-8months) Please? My aim is to make my history as good as it can be for a mortgage application, (with Barclays most likely) but would love to be able to get a card with some benefits as well. I don't need the credit so if the advice is to not apply for another that's fine but would love to get to a point I can be accepted for a card with extra benefits

Thanks in advance!

I wouldn't apply anywhere else if I were you. Despite the name, the "Platinum" Barclaycard isn't as high status as they lead you to believe. I was "preapproved" for one at 26 with no credit history and a virtually dormant Barclays account and the limit was £4K.

Just use the card to build up your credit history, you don't need to do anything else.

kerrypn

I'm sure it's not high status but it's a huge step up for me (capital one my first ever credit card!) Thanks for this, I was under the (misguided?) impression that having 3 or 4 cards would look better (managed properly). Should have I gone for a rewards card instead then? Thanks so much for the reply!

Ben8282

Don't make any further applications at the present time. Use the Barclaycard for a reasonable amount every month and repay in full. Continue to use the Capital one card in the same manner.
Wait several months, perhaps as much as a year, without taking out further credit cards.
Then, if you want to apply for a specific credit product, such as a rewards card, you will have a good chance of getting it.
There is no point in taking out further credit cards just for the sake of it.
Just maintain a perfect repayment history on all of your existing accounts.

kerrypn

That makes sense Ben, thank you! I will definitely leave it for now but it's always good to have a plan! I'm quite naive as to what cards are available there seems to be tons! Would you try for an Amex after a year then? Or something else? Thank you!

Candyapple

As you don't have any credit card debt, a 0% purchase card may be of use:
http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

If you want 'benefits' then have a look at cashback cards:
http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards