Ability to obtain a credit card

Grodney49

I was looking into some of the details about certain credit cards.

Being new to these forums I ended up on the Experian site, which told me I had to make a positive of a few hundred points to be eligible for a 0% retail card.

Oddly, the notification mentioned a pre-approved card with a 49.9% APR, while Ocean Card offered 0% spending as long as I paid off the debt monthly.

But they greyed out the Ocean application, saying I had a zero chance of getting one.

They did go on to mention that although that was a good thing, it was for those who spent 60% of their total a month. Any higher interest may accrue. Because I couldn't apply, the system disabled the Ocean card application.

That other card's pre-approval had a truly awful APR (a serious 49.9%).

However, there is a twist.

I didn't apply for the other card, Zable, as it was terrible when looked at properly. It had a near 50% APR, which is likely to change depending on what seemed nothing more than a whim.

Where's Ocean was stable at 39.9.

A "NOT APPLICABLE" message replaced the button.  The explanation I read indicated that of hundreds of applicants with my circumstances, 0% applied and 0% received a card.

You can Imagine my surprise as I was looking for information on how best to use a 0% card.

I received an Ocean card a few days earlier just by trying their site. They were professional and helpful and I had my card and number before the end of the week.   (direct debits that fell below the 60% that I could certainly pay off in full before the date it was due etc) I could even pay my O2 bill and Virgin Media bill with 0% APR and not go over the 60% making it a well-used and used properly card that would hopefully build my credit score back up.

Is this an oversight on Experian or do they get a commission for telling people they stand no chance of better rate cards while promoting extremely dodgy ones?

I only ask because I dare not imagine hundreds of people being turned down with 0% being awarded a card, yet in my circumstances get a card no questions asked while cards with HUGE APR are almost advertised as literal saviours for those with bad credit.

This post contains only opinions; it does not make any serious claims or accusations.

Writing something that popped into my head.

Thank you for your time.

I’d love to hear your feedback,

Grodney39

elsien

I’m not entirely sure what your question it is, but I’m fairly sure there’s a credit card thing on the MSE main site that gives you an idea of what you might be eligible for on the credit card front. 

It’s not about any score, it’s about your credit history and if you don’t really have one, it’s harder for them to judge how well you will manage. Hence potentially higher rates.
The other reason is an existing poor credit history.

https://www.moneysavingexpert.com/eligibility/credit-cards/search/

lr1277

I am going to get down to basics.

Do you have a job with a steady income?

Are you on the electoral roll?

Do you have any credit products already? These include things like a pay monthly SIM. For example my water company from a previous address was listed on my credit report. I assume that counts.

If you do have a steady income, is it high enough for the card in question. For example the Zable card has a minimum income of £9600.

Before an application if you want to find the income requirement for a card, into Google type:

[card name] credit card minimum income

This should give you a starting point as to whether you should apply for a card.

Also the card's interest rate should only matter if you intend to carry a balance. Do you intend to pay the card off in full by the required date?

MEM62

Grodney49 said:

Being new to these forums I ended up on the Experian site, which told me I had to make a positive of a few hundred points to be eligible for a 0% retail card.

Meaningless until the day that Experian start issuing credit cards.  

Any CRA site is there to sell you financial products, such as loans and credit cards. Any 'score' that they assign to you is only seen by you - not by any lender - and therefore carries as much weight as any other randomly generated number. 

Lenders that their own criterion which the CRA's will not know.  It will be based on things like your borrowing history, outstanding debt and income.    

VAP_Driver

All credit cards offer 0% spending, as long as you pay off the debt monthly (apart from certain cash/gambling transactions, where interest is applied immediately).

Olenna

Grodney49 said:

I was looking into some of the details about certain credit cards.

Being new to these forums I ended up on the Experian site, which told me I had to make a positive of a few hundred points to be eligible for a 0% retail card.

Oddly, the notification mentioned a pre-approved card with a 49.9% APR, while Ocean Card offered 0% spending as long as I paid off the debt monthly.

But they greyed out the Ocean application, saying I had a zero chance of getting one.

They did go on to mention that although that was a good thing, it was for those who spent 60% of their total a month. Any higher interest may accrue. Because I couldn't apply, the system disabled the Ocean card application.

That other card's pre-approval had a truly awful APR (a serious 49.9%).

However, there is a twist.

I didn't apply for the other card, Zable, as it was terrible when looked at properly. It had a near 50% APR, which is likely to change depending on what seemed nothing more than a whim.

Where's Ocean was stable at 39.9.

A "NOT APPLICABLE" message replaced the button.  The explanation I read indicated that of hundreds of applicants with my circumstances, 0% applied and 0% received a card.

You can Imagine my surprise as I was looking for information on how best to use a 0% card.

I received an Ocean card a few days earlier just by trying their site. They were professional and helpful and I had my card and number before the end of the week.   (direct debits that fell below the 60% that I could certainly pay off in full before the date it was due etc) I could even pay my O2 bill and Virgin Media bill with 0% APR and not go over the 60% making it a well-used and used properly card that would hopefully build my credit score back up.

Is this an oversight on Experian or do they get a commission for telling people they stand no chance of better rate cards while promoting extremely dodgy ones?

I only ask because I dare not imagine hundreds of people being turned down with 0% being awarded a card, yet in my circumstances get a card no questions asked while cards with HUGE APR are almost advertised as literal saviours for those with bad credit.

This post contains only opinions; it does not make any serious claims or accusations.

Writing something that popped into my head.

Thank you for your time.

I’d love to hear your feedback,

Grodney39

Both VM and O2 usually charge for any regular payment method other than Direct Debit so be careful using a credit card doesn't cost you more.