Getting a 'prime' cc?

podrammu

Hey I've had a vanquis chrome card for a year now, I got it to build by credit history and its the old cc I have.  It started as 1k and has risen over the months to 3200k.  Use it every month (under 10%) and pay off in full via DD.  

I want a barclaycard (since I bank with them) and since they'd be deemed a prime card after the subprime vanquis card.  Should I apply for one now that I have a better credit history?  I've heard barclays are difficult to get a cc with for some reason.  Just wanted some advice.  (Or do I not bother rocking the boat and just stick with 1 card haha)

cymruchris

Barclaycard have a card called 'Forward' for those that are establishing a positive credit history. You can try their eligibility checker directly on their website to see your likelihood of success. If you're banking with them, and you've managing the Vanquis well - it should go in your favour (depending on how serious any previous issues were). 

On one hand it doesn't matter what card you have as long as you pay off the balance in full - as no interest will ever be paid. It only becomes an issue when you carry a balance.

If you only have one card - no harm to try for another. You could run a series of eligibility checks across a few providers to see what kind of response you get. Remember to keep your information accurate between eligibility checks - and ONLY fully apply for ONE card. (Don't apply for four because four say you're highly likely to get a card). 

You might also find that you get 'highly likely' from several cards - but if you apply for any ONE of those - you might find the APR or deal they offer you is different to the headline rate. Again - not an issue if you're paying your balance on time.

Vanquis is my oldest credit card now, and it started with a £400 credit limit - but I've also been slowly moving over from sub-prime to mainstream or better interest cards. I don't pay interest as I never carry a balance - but it's good to know that if ever there was an emergency - I'll be paying reasonable interest rates rather than the 40-50 percenters on the sub-prime cards. 

Don't rush it though - it's a long journey to building a positive credit history.

My latest card this week was a Zopa surprisingly with a standard APR rate of 14.9 percent. Still not worried as I won't be carrying balances - but that's definitely better. I've also got a range of 0 percent money transfer and balance transfer offers now that at the start of my journey the big banks would just have laughed at me.

So yes - give the eligibility checkers a try (directly on provider websites - not comparison sites) and then if any/all say 'yes' or 'very likely yes' - give ONE a try. If they say no - wait 6 months and try again.

podrammu

Ahh thanks for the info, really helpful.  I've have a limited credit history and only had my first cc with vanquis about 15 months now.  I tried to get a barclay forward before the vanquis but was rejected (maybe because I didn't have much of a history).  I only wanted to get a barclaycard because I bank with them and in the future i'd like to move over to one of their better cc cards which would be easier if I started with a forward card I guess.  

I guess I'm just worried because when I applied for the forward card I pasted the eligibility checker but then got rejected so don't really want to have that on my account for 6 months if its rejected again for some odd reason

cymruchris

podrammu said:

 when I applied for the forward card I pasted the eligibility checker but then got rejected so don't really want to have that on my account for 6 months if its rejected again for some odd reason

If that was prior to getting the Vanquis - and you've now had the Vanquis several months and have managed it well - all other things being equal - you'll have a better chance this time around. The Forward would be the one to try eligibility on again - and have another shot. (One hard search every few months isn't an issue - Five hard searches in one go, every fortnight - that's an issue!)

Alternatively go for an Aqua card - they are sub-prime - the same as Vanquis - but are very likely to say yes (if all your history is being well-managed now) - and they increase their initial limit in a few months if you do as you've been doing. Spend a bit and pay off in full.

I'd be tempted to try the Forward one more time though (ensuring your information is accurate - and the same as when you applied for the Vanquis - assuming nothing has changed). 

podrammu

just tried the forward card and was accepted!  

cymruchris

podrammu said:

just tried the forward card and was accepted!  

That's good - once you've got it, set up a direct debit to pay in full each month, spend a little on it, and then let it clear - rinse and repeat. 

The Forward has a better APR than the Vanquis card - and every 12 months if you've paid on time and not gone over your limit, the interest rate will drop marginally. (Not that it'll matter as you will be paying it off in full - won't you?) 

Once you've got the card reported on your files for at least 6 months - then start looking at the eligibility checkers again for the next card... 

podrammu

yeah i plan to just do the same with the forward and pay it off by dd every month.  long term (4-5 years) i'd like to have a better reward cc card from barclays so having the forward one first is a step in the right direction that I can eventually ask for a better card.  Realistically I'd only want 1 good cc (probably the barclaycard) and cancel the vanquis one.

dr_adidas01

podrammu said:

yeah i plan to just do the same with the forward and pay it off by dd every month.  long term (4-5 years) i'd like to have a better reward cc card from barclays so having the forward one first is a step in the right direction that I can eventually ask for a better card.  Realistically I'd only want 1 good cc (probably the barclaycard) and cancel the vanquis one.

You should keep the Vanquis one as it will be your longest credit card account and will show other lenders you are able to manage multiple credit credit accounts well. 

cymruchris

Yes - don't cancel the Vanquis one - I still have mine. It's my oldest card - and I'll be keeping it as long as they don't lower my limit through lack of use. I put an item on there once every two months to keep it alive (although it did fall into 'inactive' status on my credit reports this month - so have just spent on it again). As you (over a LONG period of time) build up your credit card collection - you don't need to start closing any until you have reasonable limits on the cards you want to keep.

My original Vanquis (as mentioned) is still open.

I also had a Capital One and Capital One Luma - both of those are closed as the limits were low, and even with proper use of utilisation being kept reasonable and always paying in full - they didn't up the limits so they went. 

I did recently close my Aqua card as I now have a number of mainstream bank cards. I've gone from a single card with a credit limit of several hundred to several cards with a credit limit of over £30k. Originally all of my cards were 40% APR plus - now only the Vanquis remains as a true high interest card. 

Sainsburys will be my next closure - as they gave a very low limit and a higher than representative APR when I opened it over a year ago - and hasn't improved. 

[Deleted User]

Sainsbury's nectar one is worth having if you shop there if only for all the extra points you get. I don't use it for anything else as I have the Lloyds cashback one which is now 0.5% as I've spent over £4k on it 

MrFrugalFever

podrammu, it seems like you’re very focused on barclaycard purely because you have an account with Barclays, rather than understand a) why you want another CC and b) what you require the CC for and to do.

Each CC will have slightly different features, do your research and don’t be solely focused on the Barclaycard.