Credit Card Applications?

NotARealAvery

I wanted to build my credit history up a bit, I’ve never had any credit before apart from mobile contracts. I applied for my first credit card around 6 months ago. I could only get one with 45% interest rate. 

I have been using the credit card for normal everyday spends. I have been transferring what I’ve spent from my current account into an easy access saving account so I’ve always had the money to pay off the credit card bill in full each month from the savings account.

I’d like to now apply for a better rate credit card. Would I be
likely to be accepted after 6 months history, or am I best waiting a bit longer and applying in the summer?

thanks for any advice.

Fighter1986

Six months is very little, you'd be in a better position after 12 months, however you can use the money supermarket credit card search tool to see a representation of which cards you're most likely to be approved for - they do a soft search of your credit file to give you more accurate approval chances for each card.

Good luck!

[Deleted User]

If you're paying off the card in full every month, the interest rate is meaningless. If you want to apply for a card with a lower rate in anticipation of not clearing it every month - don't do it! Your payment plan seems a bit risky, what if you forget to make a payment? Pay by direct debit monthly.
Keep paying off this card for a while then apply for a card that will give you something extra e.g. Sainsbury's nectar or a card that gives cashback for example. Don't get a different card just because the rate is lower

dr_adidas01

HardikaJain83 said:

Waiting about six months between applications is a good rule of thumb and can increase your chances of approval. Even if you think you could get approved, wait at least six months between applications to make sure you won’t get into trouble again. Having 5 points knocked off your score because of a credit card application isn’t a huge deal if your score is 800. It’s a much bigger problem if your score is 500 or 600. If you have poor credit or no credit, you should apply for new cards less frequently than someone with excellent credit. If you're not in a hurry I would suggest you wait for another 6 or 9 months. You can improve your Credit Score by maintaining a good credit history. Follow these steps which will help you better your score:

• Always pay your dues on time: Late payments are viewed negatively by lenders

Keep your balances low: Always be prudent to not use too much credit, control your utilization.
Apply for new credit in moderation: You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
Review your credit history frequently throughout the year: Monitor your Credit Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application.
You can refer to this article on how to improve your credit score fast so you may not have to wait for another 6 months.

That number you keep referring to is made up by the CRA's and is about as much use as a chocolate tea pot, you might want to check out the thread in the Credit File and Ratings board and click on the thread that say's "What your credit score really means" No lender ever uses it nor sees it.

Also the Link to HDFC bank is an indian bank and isn't relevant to UK the way it works in the UK!!

[Deleted User]

dr_adidas01 said:

HardikaJain83 said:

Waiting about six months between applications is a good rule of thumb and can increase your chances of approval. Even if you think you could get approved, wait at least six months between applications to make sure you won’t get into trouble again. Having 5 points knocked off your score because of a credit card application isn’t a huge deal if your score is 800. It’s a much bigger problem if your score is 500 or 600. If you have poor credit or no credit, you should apply for new cards less frequently than someone with excellent credit. If you're not in a hurry I would suggest you wait for another 6 or 9 months. You can improve your Credit Score by maintaining a good credit history. Follow these steps which will help you better your score:

• Always pay your dues on time: Late payments are viewed negatively by lenders

Keep your balances low: Always be prudent to not use too much credit, control your utilization.
Apply for new credit in moderation: You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
Review your credit history frequently throughout the year: Monitor your Credit Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application.
You can refer to this article on how to improve your credit score fast so you may not have to wait for another 6 months.

That number you keep referring to is made up by the CRA's and is about as much use as a chocolate tea pot, you might want to check out the thread in the Credit File and Ratings board and click on the thread that say's "What your credit score really means" No lender ever uses it nor sees it.

Also the Link to HDFC bank is an indian bank and isn't relevant to UK the way it works in the UK!!

I can't work out if they are the world's worst / slowest spammer or they are genuinely lost - the poster is in India as confirmed on another post and keeps giving advice based on what works in India and has twice mentioned this bank