HELP! Credit card score

MGS_Rex

Hi im new to this website and forum, Im really glad I found it it’s a great reource that everyone should use. In fact they should teach this in schools lol

Well my problem is that I cant get a card with Hsbc anymore due to a low credit score of 65. I use to have one before 6 months ago along with a student account I still have. I always paid it off in full on time and have never been in debt which I guess is rare for a student lol. I have a part time job and monthly phone contract, I guess the bank sees me as a safe customer but not a profitable one.

It was the only card id ever had and I use to only use it for online shopping. This caused problems as someone got hold of my card details over the net and bought a domain name in my name through subscription fee. I found out and obviously cancelled my credit card vowing to never shop online again lol. This was mistake as apparently I couldn’t reapply for a card for 6 months. I found this out after applying few months later after cancelling and getting rejected due to this reason.

HSBC didn’t use credit card agency and rejected me purely on low score. Apparently its because I have too much available credit with a student account overdraft. I don’t know what to do from here scared to apply from another bank in case I get rejected and messes up record even more. The bank adviser had no ideas so hoping you guys can help me get a credit card. I m annoyed because I don’t see myself as a risk at all but guess martins right they don’t care they just want to make profit.

Anyway thank you in advance

taless

Hi MGS_Rex,

Here are my opinions, which I hope are accurate and will be helpful for you:

1. With regards to getting a credit card, I feel that you really want to get a credit card. Since you always pay in full by the end of the month, and you want a high success rate, I suggest products like the Capital One or Vanquis. Or if you are still a student, you may try Barclaycard's Student Credit Card - my understanding is that they always approve subject to meeting security checks, and I never seen any search records on my credit profile.

2. You may also want to consider having more than just 1 bank account (but only do this after you have got your credit card, as getting a new bank account often results in another search in your credit profile). As an international student myself, I have met banks which just treat me terribly, as if all international students are thieves and will flee the country without settling their debt (I'm talking about Natwest here), but another bank (LTSB) that treats me like an angel, seeing I have been using their account really well. My point is, loyalty doesn't help - and if you only have one bank account, if one thing goes wrong, when you go to another bank, they won't have any records (other than your credit profile) to evaluate how reliable you are.

Hope this helps!

MGS_Rex

Thanks for advice.

To apply for capital one card will i need another bank account or can i still do it with my hsbc account.

Also for the barclaycard do i need a barclays account sounds like dumb question but im guessing i do.

I have a loyds tsb account with like £2 in it lol since i moved the money into a ISA. After reading this sites advice like crazy i think i should cancel the account since it reflects badly on your score as potential credit.

Im thinking of applying for card from loyds tsb since thats the only other bank i have an account with.

anyway thanks again much appreciated

taless

If you have a LTSB account, do talk with them. They (the customer service agents) are able to look at your profile with them and tell you directly if you can apply for their credit card (the system will show up if you have been pre-approved for their credit card). Surprisingly when I applied to them no searches were done at Experian & Equifax (I assume they used their internal score).

For Capital One and Barclaycard, you can use your current HSBC account. You do not need to be a Barclays account holder to open their Student Credit Card, to my knowledge.

So yes, I think you should have a word with LTSB - only if they say no you can't have their credit card, should you apply for Capital One or Barclaycard.

Good luck!

MGS_Rex

I think banks have their own internal score before it goes to agency. Ill try that but i was thinking if i apply for capital one card and it goes through My HSBC account wont they reject it since hsbc wont give me a card or do they have their own scoring system and my account with hsbc has no relevence?

elise33

Hi MGS_Rex

My sister was in a very similar situation to you and she has just recieved a Capital One credit card.

After a mix up with her boyfriend she ended up with a bad credit history. Through advice on this forum I helped her get a credit report and it showed two debts which she is working on repaying.

After a failed attempt for a HSBC credit card she applied for the Capital One card as mentioned on the debt help section of this site.

She was accepted and Capital One issued a credit statement to sign. This statement showed a credit amount of £2500 available.

When her card came the credit limit was only £200. She phoned Capital One to activate the card and enquired about the limit. The operator explained due to her poor credit history they set a low limited but if she could manage the card for 6 months they would increase the limit up to a maximum of £2500.

I'm sure MGS_rex Capital One would accept you. Just make sure you pay off the balance each month in full and this will help you future credit.

regards.

Elise