Will the current economic situation make it more difficult to get a credit card?
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flyawaywithme
Posts: 6 Forumite
I’ve never had a credit card before and about time I get one to build my credit score which is ‘fair’. Is now a bad time to be looking for one and will it be harder to qualify for the best deals? Thanks
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If you've never had a credit card you're very likely going to be looking at subprime cards anyway, so I wouldn't worry about qualifying for the best deals.
I wouldn't say now is a worse time than any other. It's not like things are going to be back to normal in the next few months, possibly years so you've really nothing to lose applying right now.0 -
I would try capital one, vanquis etc. You are most likely to only be able to get a sub-prime credit card anyway. It's always a 50/50 chance with any product. It's best to just take the chance or you won't know.0
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flyawaywithme said:I’ve never had a credit card before and about time I get one to build my credit score which is ‘fair’. Is now a bad time to be looking for one and will it be harder to qualify for the best deals? Thanks1
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I wouldn't say it's any harder than at any other time, I've just been accepted for one. As regards with the above poster saying it is the wrong reason to get one, it can be if you cannot be controlled and reponsible, however, if you borrow and repay in full each month it will help to improve your record, as it will show in the data that you are capable of good managemen of funds.
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If you want to improve your credit history - and without a previous card - you'll likely be limited to sub-prime cards such as Vanquis, Aqua and Capital One - try their eligibility checker to see if you get a positive response. If you do, the trick is to spend your usual daily purchases such as food shopping or petrol on the card, and then pay off in full every month without fail, preferably by direct debit. If you did this for a few years, this would help future lenders in their assessment of your ability to manage credit. What you don't want to do is apply for a card - go on a spending spree, and then pay the minimum payment forever.An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects Happy to help others going through what I've been through!1
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