credit cards for poor credit rating customers

tomjeffery

i want a credit card for business expenses as i only have a solo card from hsbc. i know that my credit rating is poor as i have had mortgage arrears before, a ccj and been chased from debt agencies to pay off various bills.

i have a loan with hsbc £3500 which i always pay on time but is at 13.9%!! (any advice on swapping that would be good too)

i don't want to go round loads of places being rejected as this will hurt my score further but don't want to rely on my solo card for taking out customers and buying petrol for business

any advice / experience would be greatly appreciated

thanks

tom

brownbabygirl

Capital One offers such a card but the APR is an amazing 34% or so. If you pay it back on time (pay full balance each month) you should be fine. This card is specifically for those in your situation and it will build up your credit score over time.

gt94sss2

If you have a good banking relationship with HSBC try applying for a HSBC credit card - as they are your main bank you would hope they would give you one - as they can see your entire banking relationship with them.

Otherwise, you could try Capital One or Vanquis who both offer cards designed to help you improve your credit rating but charge a lot of interest if you don't pay the bills off in full each month.

You could also consider the Barclaycard Initial card which I believe is similar but you may not qualify for that if you have a CCJ

Regards
Sunil

tomjeffery

thanks for the advice. hsbc have been totally unhelpful since i started with them, they never seem to be prepared to help.

they demoted me to a solo card and no overdraft after i had a big student overdraft that i couldn't pay back when i started work (this was converted to a loan)

i would appreciate it if they even gave me switch facilities back without an overdraft, but have gone overdrawn quite a few times (not by much and have been charged everytime!) so they are not prepared to do this.

i just want to slowly rebuild my credit rating and get out of trouble, i only want a £100 limit or so and it isn't like i can't afford it

i'll look into the suggestions posted, thanks

GhostHunter_3

Aqua card is another one but its got a high APR as many of them do.

Also Vanquis and again has a fairly high APR, but if you can manage to get either try and make sure you can repay in full each month as you will soon spiral. Also request a small credit limit to that which matches your estimated monthly spend.

Also there is a prepay credit card called Tuxedo where you put money into the account before you can use it, thus you cant go into debt.

Hope this helps.

gt94sss2

GhostHunter wrote: »

Also there is a prepay credit card called Tuxedo where you put money into the account before you can use it, thus you cant go into debt.

I would not advise a prepay credit card as they are not reported to credit agencies and thus do not help you build/repair your credit record.

Regards
Sunil