No credit bad credit?

bella86

Its that time of year again and iv found my pockets are not as deep as it thought :[

I applied for a credit card today as advised by my bank Ulster Bank. But it was declined i was wondering what effect this will have on my credit rating and if it is possible to apply for a credit card without having credit?

i dnt have any CCJ's/no missed payments etc just havent had an oppertunity to prove myself.

Now i face not being able to pay the rent, my partner lost him job, im still batteling to gt my tax code changed and refunded - and now i have christmas to look forward to :[

any advice?

replinco

bella86 wrote: »

Its that time of year again and iv found my pockets are not as deep as it thought :[

I applied for a credit card today as advised by my bank Ulster Bank. But it was declined i was wondering what effect this will have on my credit rating and if it is possible to apply for a credit card without having credit?

i dnt have any CCJ's/no missed payments etc just havent had an oppertunity to prove myself.

Now i face not being able to pay the rent, my partner lost him job, im still batteling to gt my tax code changed and refunded - and now i have christmas to look forward to :[

any advice?

One failed application isn't going to do much, the only real way it will effect your rating dramatically is if you were to apply for a few cards at the same time, as this gives lenders an indication that you have overstretched yourself and need money.

You may also find that credit is a little harder to come by at the moment as the banks say they are tightening their belts as far as giving out credit, whether I believe this or not is another matter.

You may want to try Capital One if you think your credit rating isn't up to much. They have a starter card which they say is for people building their credit rating. But be careful because the rate is almost 30%. Mind you, if you were used to doorstop credit before (like I was) and paying 187% p.a. you will find this rate most reasonable.

My honest advice is to forget credit cards if you can, and follow the old fashioned advice of 'If you don't have the money, you can't afford it'. With the help of MSE I have burned my way through my £2000 of debt (no mean feat living on benefits) and now save up for things, which is novel!