CC for newbie with no credit record?

bwgames

Hiya,

I'm after a credit card, simply because I do most of my shopping on the net, and visa/mastercard is much more widely accepted, plus there's greater protection.
I'd plan to pay it off in full every month, so high interest rates aren't a major problem....

Don't have a credit record at all really, unless you count La Redoute from 2003, had a account with them which never got used, as it got paid off straight away.

Originally applied for Egg, (yeah, that was kind of a stupid first choice, but still), and got declined. Also applied for NatWest student, but got declined.
At the time, I was putting a very low income in, as I didn't realise that my income that I should put down included benefits and the like, rather than just actual earned income, so thats why I think I got declined.

Then tried Scottish Widows, as I liked their cashback card, and got 'will refer, and write with decision', so probably a decline. Now gone for an application for Capital One, and they said they'd write, which, from what I've read will probably mean a £200 deposit? Not something I can really afford... but if it gets me started...

Problem is, the amount of applications might look suspicious if I do any more

What should I do? Try and get the Capital One, even with a deposit, or risk another credit search for something like the Barclaycard Initial? (I know this is a awful reason, but I really don't like the look of the barclaycard, it looks like something out of a kids toybox!)...

Thanks

dudlydum

its a BAD credit card, but one which is most likely you'll get- Vanquis
http://www.providentfinancial.com/plc/About_Us/Our_products/Vanquis_Bank.aspx

Its BAD because it has 50% apr, its good for someone with very bad or no credit history at all. You are saying that you'll pay full balance every month - so high apr shouldn't worry you, but be aware - even with the honest plan to pay every month keep in mind that in life the only certain things are death and taxes
:rolleyes:

grumbler

You can try Barclaycard Initial

boogiemaster

You don’t have any bad debt? But you also don’t have any payment history on credit ref agencies!
I would advise you to apply for a Capital one visa and make payments to build up your credit history.
Once credit companies see your payments are made on time? You will find you get offers of better cards.

Barclaycard is still a visa and is better than no credit card? Vanquis credit card is owned by Provident financial ltd and charge 59% interest.
If you don’t pay off your balance on Vanquis in full every month? You could end up paying some heavy interest!

Apply for Barclay and Capital one and see how you go, list all money you get as income.

bwgames

Thanks...

I'm not too keen on Provident (Vanquis), as they're a bit of a shark apparently.

Gonna apply for Barclaycard, and see what happens with Capital One as well.

Edit:

Just noticed Barclaycard do a Student barclaycard as well. I'm going to uni this year, so I would qualify for a Student card... I notice the APR is lower, and there are some small other benefits.
If I applied for the student card, and failed that, I could ask them to consider me for the initial card?

boogiemaster

Phone them up and enquire about a card for university? Ask them what cards they recommend for students?
Banks just love students, my mate is an accountant and he went to university and they gave him a decent credit limit because he put down accountancy on his application.

I think Capital one will give you a credit card because you don’t have any debts! You’re not so much of a bad risk at the moment.
I also think you will get a decent limit as well? But pay on time and don’t mess them around and your limit will go up nicely.

At university you will find credit card offers dropping through the mail and will be stopped in town as well.
Get one card first and get a good history behind you, once that history is built up? You will get decent offers from credit card companies.

bwgames

I got declined for a Natwest student card, but as I say, think that was cause I put the wrong income down. I'm planning on phoning them up and see what they say.
I already have a natwest student account, but I haven't been brilliant with it, couple of bounced checks, and a couple of bouncing direct debits/standing orders over the last year (the only misdeamours I've had with it for 4 years of being with NatWest though...).

I think I'll ring Barclaycard up when I've heard back from Capital One

Thanks everyone!