cant get a credit card....

nmjams

I need help. I've applied for about 4 different credit cards and have been declined for all of them.

I've had my credit report from experian and it shows my applications for the cards

I've never been in any debt or had a loan.

I'm thinking about applying for a high interest card from capital one or barclaycard. what are the chances of me being declined?

are top up credit cards any better? and would they improve my credit rating?

how else can i improve my credit rating?

CLAPTON

with four applications, stop applying for 2/3 months.
Then apply either to your own bank or one of the absurdly high APR cards like vanquis or barclaycard initial.
Although they have high aprs if you pay them off in full each month it won't matter. Use them every month for normal shopping and pay them in full.
after six months or so you can then apply for a better card.

BMWobbleU

nmjams wrote: »

I need help. I've applied for about 4 different credit cards and have been declined for all of them.


I've never been in any debt or had a loan.

Answer to your question is high lighted in red above.

Zebedee69

BMW Wobble is bang on.....

Because you have never had any debt or loans you have no history of being able to manage credit, make repayments in a timely fashion or anything realy.

You'll be starting from nothing as far as credit is concern so you need to get the basics sorted.

- Make sure your on electoral role at current address.
- Make sure your current/basic bank account has been reported with lots of little green P's for paid up.
- Check the report for any little errors and get them sorted.

Easiest way to obtain new credit is to go to your everyday bank. I would leave it a few months though first as 4 searches in the space of a week or two will knock your rating for a while.

Just to give you an idea it will take 2 years for your rating to start to rise. I started with nothing about 2 and a half years ago. Iv now got an overdraft and 3 cards one of which is a lovely amex....... It can be done.

nmjams

cheers
the last time i applied for a card was in early - mid november
i think i might try for the capital one clasic card tomorrow
try my luck

Reformed

I paid off all my credit cards and have been paying off my balance every month for the last year (thanks for MSE teaching me good money management) I'm lucky I got the cashback card when I did, I have subsequently applied for 2 credit cards in the last 6 months to try to stooze and get more cashback and I've had no luck. My credit rating is only 'fair' - going to take more time to be able to get more credit.

The more times you apply for credit and don't get it it affects your score.

nmjams

thought I'd apply for the capital one classic card tonight instead
it says that i would get an instant decision but i had this reply:

We are currently reviewing your application and need to do some final checks before we can confirm our decision to you.

We will write to you next in the next 7 days to let you know our final decision. We may ask you to send in further information in order to approve your application.

While you are waiting for our decision, please don't re-apply for a Capital One card. We will get back to you as soon as possible.

is this normal? does it mean that i will probably be refused?
fingers crossed.

cifpower

nmjams wrote: »

thought I'd apply for the capital one classic card tonight instead
it says that i would get an instant decision but i had this reply:

is this normal? does it mean that i will probably be refused?
fingers crossed.

Same happened to me but I got an acceptance letter just over a week later.

Zebedee69

It means your rating was not high enough to grant you a decission using a computer program. What will happen is an actually person will process your details and decide if you are a good risk or a bad one.

In a way its good news for you as this decision can go both ways. If you get the card I would still carry out the plan that I laid out for you. Its what I had to do and im much better off for it.

If you get the card, keep it for 12 months and make sure you keep up the payments, double check your file has no other issues and you will find in due course you can obtain better deals like 0%, lob and cashback deals.

nmjams

had a reply yesterday, I have been provisionally accepted.

hopefully now i can use it to buy some small items over the next few months and boost my credit raring before i apply for a better card