How many months till I can get a decent CC

JakeSteveson71

Hello, I’ve recently applied for the capital one credit card and they gave me a interest of 26.66 and it’s been near a month and have direct debit to pay the amount I. Full with a credit limit of £750 I’ve spent £200 and waiting for the direct debit to pay the bill. So I’m wondering how many months will it take till I can get a decent credit card such as Lloyds Bank because I bank with them and I’m hoping I can get a credit card with them soon because I heard that you get lots of promotional rates. my current credit score is 921 and I have a arranged overdraft limit of £2500 and had used £500 last month  to pay a bill but paid bill but paid the very next day.

JakeSteveson71

Sorry if this didn’t make sense
I have a 921 credit score from Experian which is a Good credit score and I also have a Arranged Overdraft (£2500) with Lloyds Bank and I used £500 last month to pay a certain bill but I paid the very next day.

[Deleted User]

Impossible to say.

Lenders don't use your credit score but assess you for risk against their own criteria. Your credit files presumably aren't the best given he current low limit card you have. Check them all to make sure any accounts that are on there are accurate.

Use an eligibility checker to see what you may get.  Given a choice, you'll find many better options than Lloyds, but you'll need to take what you can get.

northwalesd

If you are paying off your credit card in full each month, as you should, then the interest rate doesn't matter.

cymruchris

Anywhere between 6 months and 2 years - it all depends on your circumstances - how they change over time - how you manage your credit facilities. Use of overdraft should be for dire emergencies only - regular use will potentially extend the time you need to 'wait' for your Lloyds card. (or any other card) - All applications are scored internally by the banks - if you pass their criteria you get the card - if you don't - you don't. Nobody knows the exact criteria. The best advice is to use the card - pay in full every month - don't use the overdraft - but keep it. Then keep a check on the banks own eligibility checkers - not the quote comparison sites - and then see when one says 100 percent yes. 

teachfast

northwalesd said:

If you are paying off your credit card in full each month, as you should, then the interest rate doesn't matter.

Exactly this. There really is no 'decent' card any more. Minor perks are the best you can hope for. 

maxximus75

26.6% is a pretty good rate for a Capital One card!  If you are paying in full then the APR doesn't matter, one bit!

Lloyds have an eligibility checker that wont affect your credit record... so you could always check that from time to time?  Just make sure you don't proceed to a full application!

Alex9384

maxximus75 said:

26.6% is a pretty good rate for a Capital One card!  If you are paying in full then the APR doesn't matter, one bit!

Lloyds have an eligibility checker that wont affect your credit record... so you could always check that from time to time?  Just make sure you don't proceed to a full application!

You can even proceed to a full application with Lloyds / Halifax and they will not do a hard search if you already hold at least one current account with them (opened earlier). The only hard search I had from Halifax was when I opened the first current account in 2018. Since then I opened another 2 current accounts and 2 credit cards with them without a single hard for any of those products.