2nd Credit Builder Card / Mainstream

Kdray

Hi Guys. 

I have had various accounts. Banks, car insurance, Vodafone open for over 2 years now on my file and a credit card with Aqua for 8 months. (One increase from 600 to 1350). 

I am on the mission to get a mainstream card however they all give me zero percent other than sainsburys 10 percent and amex 50 percent eligibility. 

I have tried amex on their own site, but it just does not work for me, just says error. 

(All cap one cards,
/po/level etc are all pre approved).

My question is do I wait another 3/6 months doing what I'm doing, or would it be better to take another card out and show responsible borrowing with that? 

Ps, I have not been on ER roll for 3 years, 3 years will be in 7 weeks! Wondering if that is limiting my better cards maybe. 

Any advice would be appreciated. 

Thank you 😃 

[Deleted User]

It's always wise to have at least two or three cards, for multiple reasons.

Once your files show you're on the ER, apply for something, though Amex will be a bit of a stretch.

adamp87

I think OP is showing the ER on the file, they just meant in 7 weeks time they’ll have been on it for 3 years?

Are there any negative data on your report? Defaults? Missed Payments?

Kdray

Yeah apologies, 

I have been on the electorol role for just shy of 3 years. 

Never missed a payment nor been late. Nothing adverse. 1 search last 8 months for car insurance. Credit card balance never over 30 percent. Sometimes in credit.

(I actually spend about 2k per month on the credit card, and keep making smaller payments throughout the month, so always have just under 2k worth of payments showing).

Barclays offered me their card on their own site but said they would only give me 12 months of 0 percent and interest free. 
This offer then went when I looked next month, as my credit card balance was not at 0 (only things that's changed).

The fact everything with rewards or mainstream is giving me 0% chance, but amex 50%, kind of says to me the 50% is a bit of a fluke. (Bar the barclays). 

Kind of wondering if I would be best off adding another builder card to show responsible borrowing, or hold out 3 months and try mainstream properly then. 

Thanks for the responses guys. Much appreciated you taking the time to do so!!

[Deleted User]

Is there a reason you need a long 0% offer? It's often a slippery slope when you can no longer pay in full each month.

Any card, including the Barclaycard, will help to build your history.

Kdray

No not at all, I didnt go with the Barclays at the time as I felt it was an indicator of my worthiness improving and saw all the news about them cutting limits etc.

Felt I would and see what happens in the coming months and could come back to them if nothing improved. 

As of a month ago only a foundation card is offered, as is one from Tesco (foundation) and and all the Cap one cards.
(Though they accepted me in February and then cancelled a day later - maybe due to the Aqua hard search the same day).

I'm just unsure if I should go with one of the builder cards so to say, and go through the long'ish process to get a limit to where a more mainstream card could start / hinder getting a mainstream card from having another new account within say 3 months prior. 

Essentially, I am not reliant on the credit, I am just wanting to take the fastest route to a better viewing should I ever need it. 
 

Kdray

Only thing that is different on my profile as of late, I have early upgraded my phone, dates have changed, and although I have a green tick and payment on time, my monthly bill now shows on my vodafone account on CRA's. 

All paid but not a zero balance for the last few months.

(Lost 18 points - know this doesn't really matter, but not sure how lenders view this despite constant payments).

Assume this shouldn't matter as all paid on time etc. 

[Deleted User]

In that case, just get another card. Any card. Use both and clear in full each month.

In a year or so, you'll be in a better place to get something more rewarding. Don't close down old cards as you get new ones.

Kdray

So, I done this last night when half asleep. 

Turns out as I have been accepted on 2. Both with paltry amounts (200/250).

Odd as I was offered close on 1k from cap 1 I left.

Now I'm wondering if this 200 offer from them is because it's the interest free for 6 months. To limit their exposure? 

Tbh I don't need both, do not even need one, other than to thicken file. Felt tesco would be sensible to build towards their mainstream card. 

I do not want to be stuck with cap 1 showing such a low limit when I see they do not up very well. 

If I cancel this card within the 14 days would that avoid a new account being on my file. Or would it show opened and closed? 

Would you know the ramifications of this?

Sorry to ramble, wound up with myself as I was offered cards above at better rates and offers, and feel in a tired mess I have made a mess! Lol

[Deleted User]

You can withdraw from the agreement and the account wont show on your files.

But you only have three cards with low limits. I'd keep them all, use them regularly and accept any increases that are offered. You've only had your first card for 8 months and credit building is a long term game.

Kdray

Thanks ZX81. I wish I had done this sooner tbh. 

I have always lived off cash for so to say for years, and never had the need or desire for credit. 

3 cards, even if one still sitting on a low 200 limit in a year would not be detrimental to getting mainstream? 

The extra ontime payments showing will outweigh the low limit if cap 1 do not increase would you say?  

Thanks for all the replies, It means a lot!!

👍