Discharged can't get credit card.

Potbellypig

Ersknck2017 wrote: »

@melabzana its too help boost my current credit score on my way to a mortgage.

Unless you have a massive deposit, I wouldn't worry about a mortgage just yet. It's not going to happen in the next 5 years.

london1973

My clearscore page now says 100% chance of approval with capital 1 - is this right?! how can they state this without all the facts?
i'm tempted to get a card to start repairing my rating, I've spent the last 4 years learning great financial discipline after years of profligacy so I am now very confident I would manage it sensibly

MABLE

london1973 wrote: »

My clearscore page now says 100% chance of approval with capital 1 - is this right?! how can they state this without all the facts?
i'm tempted to get a card to start repairing my rating, I've spent the last 4 years learning great financial discipline after years of profligacy so I am now very confident I would manage it sensibly

May I suggest you go onto Capital Ones site and they have an eligibility checker. According to this company they will let you know definitely if you would be accepted for one of their cards before the hard search.

[Deleted User]

Yes the clearscore one is right, unless they pick something up out of the ordinary.

All my pre-approved Capital One's have resulted in a fully approved application.

Although Mable's idea of going direct to the lender is good in principle - Clearscore and Totally Money (both use the same type of comparison/pre-check software) have offers which you probably won't be able to find direct.

Whether they're much use is questionable (e.g. first 4 months 0% on purchases is regularly on there), but with Christmas coming up it could be useful to tide you over.

I'm sure you won't, but whatever you do don't get sucked into the interest trap (only paying minimum for the 0% period, and then just continuing to carry a balance once it becomes chargable). That's ultimately what they're hoping for.

If you trust yourself with a card again, I'd definitely go for it - and if you could make use of the offers, I'd check out both Clearscore and TotallyMoney's pre-app check.

amstel2

Going back a few years now. When i was intially discharged i managed to get a Vanquis card & a few months later an Aqua card with tiny limits. Made a small purchase on each once a month & paid off bal when bills came in.

TBH honest though you wont get a main stream cc until the BR drops off your CRA files after 6 years. That's what happened to me.

london1973

thanks all, so assuming one trusts oneself is it advisable to get more than 1 card, for credit repair, i.e is it a more the merrier thing or do too many begin to have a negative effect, even if you manage correctly

also the cap 1 card I have now been approved for is 29% APR vs 19% Barclaycard so not that bad, I thought the credit builder cards would have ludicrously high pay day loan level rates?

mb78

Ersknck2017 wrote: »

@melabzana its too help boost my current credit score on my way to a mortgage.

As mentioned - Mortgage with anyone decent is going to be 4 years wait after Discharge... Yes you can get mortgage sooner, but would be a huge interest rate plus need a good deposit too.

Maybe just need to wait a few more months for the CCJs to appear 'Satisfied'.

I would highly recommend not getting loans from Amigo etc, or not making multiple CC applications... You want to clear your Credit Report up... not start adding to it already.

Getting a Vanquis/Cap One card is good for future, but only if you pay off the balance each month - don't pay the minium... A) you'll pay a huge interest rate and you want to show (and keep showing) that you can use credit and pay it off.

I've had a Vanquis card for 4 years and done this.

Time & Patience is the answer here...

mb78

Beware payday loans - they kill mortgage applications. Some mortgage underwriters simply won't lend to anyone who's had one.

Just spotted this on the MSE Credit Club site about rebuilding credit... Def avoid any loans like this if you want Mortgage... they will stay on Credit File so want it clean as possible.

Ersknck2017

@mb78 its a guarantor loan i have.