JD Williams Credit limit

almanak

Ebe_Scrooge said:

ve it I would get it!

Try having a look at the eligibility checker on this site https://www.moneysavingexpert.com/eligibility/credit-cards/search/   , select the card type as Credit Builder.  This tool is by no means foolproof, but it will give you a reasonable idea of which card you may be accepted for.  And if you've not made any other applications for credit in recent weeks, then 1 application will not adversely affect your credit history.

however it looks exactly the same as when you check it with experian yourself

almanak

Deleted_User said:

Have you actually applied for a sub prime credit card?  They're designed for people with a lack of history.

You say you don't want a 'failed try' on your files, but there's no such thing.  It's just a search.

I haven't , once you apply you have a check, not a search.

Ebe_Scrooge

almanak said:

Deleted_User said:

Have you actually applied for a sub prime credit card?  They're designed for people with a lack of history.

You say you don't want a 'failed try' on your files, but there's no such thing.  It's just a search.

I haven't , once you apply you have a check, not a search.

I think you misunderstand the terminology.  Eligibility tools will do a "soft search", which is not seen by lenders.  A full application - whether successful or not - will perform a "hard search".  Lenders will see that a hard search was performed, but they won't see the result (accepted or declined).  One or two hard searches in close succession is usually OK - if you start making lots of applications (and hence lots of hard searches), this can give the impression that you're desperate for credit, and it could be inferred that you've been rejected for all previous applications (otherwise why would you make lots of other applications?).  This is what can cause issues.  But a single application will have close to zero impact on your history.

[Deleted User]

almanak said:

Deleted_User said:

Have you actually applied for a sub prime credit card?  They're designed for people with a lack of history.

You say you don't want a 'failed try' on your files, but there's no such thing.  It's just a search.

I haven't , once you apply you have a check, not a search.

A check is a search.

almanak

Ebe_Scrooge said:

u have a check, not a search.

I think you misunderstand the terminology.  Eligibility tools will do a "soft search", which is not seen by lenders.  A full application - whether successful or not - will perform a "hard search".  Lenders will see that a hard search was performed, but they won't see the result (accepted or declined).  One or two hard searches in close succession is usually OK - if you start making lots of applications (and hence lots of hard searches), this can give the impression that you're desperate for credit, and it could be inferred that you've been rejected for all previous applications (otherwise why would you make lots of other applications?).  This is what can cause issues.  But a single application will have close to zero impact on your history.

no I didn't misunderstand. If I/they do one hard search now and I will be rejected (got a little more confident after getting two catalogues options) is 3 months enough to wait before second hard check/ application?

Also, did anyone manage to get a mortgage after a year, not 3 years of having decent well managed credit payments history?

[Deleted User]

almanak said:

Ebe_Scrooge said:

u have a check, not a search.

I think you misunderstand the terminology.  Eligibility tools will do a "soft search", which is not seen by lenders.  A full application - whether successful or not - will perform a "hard search".  Lenders will see that a hard search was performed, but they won't see the result (accepted or declined).  One or two hard searches in close succession is usually OK - if you start making lots of applications (and hence lots of hard searches), this can give the impression that you're desperate for credit, and it could be inferred that you've been rejected for all previous applications (otherwise why would you make lots of other applications?).  This is what can cause issues.  But a single application will have close to zero impact on your history.

no I didn't misunderstand. If I/they do one hard search now and I will be rejected (got a little more confident after getting two catalogues options) is 3 months enough to wait before second hard check/ application?

Also, did anyone manage to get a mortgage after a year, not 3 years of having decent well managed credit payments history?

3-6 months is ok if you have been managing the credit account fine

1 year or 3 years or 6 years all depends on your income, deposit and credit history. If you wanted to buy a £200k house and had £100k deposit and earned £50k a year then even with a poor history you'd likely get a mortgage. If you had a perfect credit history but wanted a £350k house and had £10k deposit, you'd likely not. Too many factors at play to say one way or another.

almanak

Deleted_User said:

3-6 months is ok if you have been managing the credit account fine

1 year or 3 years or 6 years all depends on your income, deposit and credit history. If you wanted to buy a £200k house and had £100k deposit and earned £50k a year then even with a poor history you'd likely get a mortgage. If you had a perfect credit history but wanted a £350k house and had £10k deposit, you'd likely not. Too many factors at play to say one way or another.

if I close one of catalogue credit limits (it is 2 weeks withdrawal period and I didnt purchase anything and unlikely will after getting better offer ) will it be on my file and hurt my credit history?

[Deleted User]

almanak said:

Deleted_User said:

3-6 months is ok if you have been managing the credit account fine

1 year or 3 years or 6 years all depends on your income, deposit and credit history. If you wanted to buy a £200k house and had £100k deposit and earned £50k a year then even with a poor history you'd likely get a mortgage. If you had a perfect credit history but wanted a £350k house and had £10k deposit, you'd likely not. Too many factors at play to say one way or another.

if I close one of catalogue credit limits (it is 2 weeks withdrawal period and I didnt purchase anything and unlikely will after getting better offer ) will it be on my file and hurt my credit history?

The hard search of a new credit account will already be there and it will be on your record as closed. I'd just use it responsibly then apply for a credit card in about 6 months

almanak

Ebe_Scrooge said:

Yes you will build a positive credit history by borrowing and paying off in full every month. I'd also suggest getting a credit builder card, something like cap one, vanquis etc are designed for those with poor/no credit history though may be worth asking your bank too as they at least see your earnings

ok. and how about if I don't buy each month but for example 3-4 times a year?

Yes, this still works.  The key thing is to ALWAYS pay each statement IN FULL every time it arrives.  This means no interest and a positive mark on your credit history.  Set up a Direct Debit for the full amount, then you won't forget.  Obviously, you need to be a little bit disciplined, and only buy things on the card that you know you are going to be able to pay off when the statement arrives.

Credit cards are a very useful tool - they only become a problem when people think "Oh, I've got a £5000 limit, I'm going on a shopping spree" ... then when they receive the bill that month, they have no way of paying it.

so I finally made a first purchase today. My question now about the payment as I obviously didn't get a  statement yet and it might be generated in 3-4 weeks: will Direct Debit work here? I have an option to set it up and there is a payment  option :full amount. Should I set it up now (I would like to to not forget) and it will be ok so it will charge after statement full amount? or only after receiving statement?

[Deleted User]

You'll need to set it up now if you want your next payment to be taken by it, as you need to allow enough time for it to be stated in the statement that it'll be taken by DD.

If your statement doesn't say it, then make a manual payment.