Are you more likely to get a Credit Card...

Justy

...if you open a Savings Account with same company first?

I've got a little bit of savings, but a dire credit rating, which is wasting away at LTSB (my own bank) who refused me a high street credit card.

I've got a Vanquis card which is slowly helping me to rebuild my rating.

I just wondered if it would be useful to open a Savings Account with Egg or Virgin or whoever and then apply for a card after (or expect them to offer me a card if I had a Savings Account with them)?

Anyone have any experience of this?

skyrider007

I don't think opening a savings account would really help you get a credit card unless you've been with that bank for a while (2-3yrs+) and have a high balance.

Check your credit report and if you've got your Vanquis card for awhile now then go on and apply for a lower interest card.

Good luck

tom7777

I think you should build a good credit first...

Leigh73

Hiya Justy,

Some good advice by the others.

I'd definetely look at keeping your repayments up to date, with the Vanquis card for 6-12 months, so you're left with a nice healthy row of 'zeros' on your credit reports!

Then, you're more likely to be accepted for better deals with the cards etc

Re - moving your savings to Egg, Virgin et al, I don't think it would 'do any harm', and may even help your case, but I think building up a positive history with Vanquis first wouold do you more good in the eyes of prospective lenders with lower APRS :beer:

Good Luck

Leigh.

davidlee

skyrider007 wrote: »

I don't think opening a savings account would really help you get a credit card unless you've been with that bank for a while (2-3yrs+) and have a high balance.

Check your credit report and if you've got your Vanquis card for awhile now then go on and apply for a lower interest card.

Good luck

But Now-a-days many banks offer credit card facility if you are opening a savings account there.

dexters_mum_2

I opened a mini ISA with Natwest and was offered a credit card at the same time, I don't have an account with them anymore but my credit rating is fair, but is there any credit check carried out when you open a savings acc or ISA?

I just wondered if there was an hence if you pass the check, they offer you the card?

jimbo26

I recently opened an Egg saving account. There was a check with Experian for 'Money Laundering' purposes, but no credit check.

Justy

Thanks all for the responses.

Just in case anyone was in any doubt, straight from the horses mouth:

EGG:

Dear Sir

Any Egg savings products you have with us will not be considered when you apply for the Egg Credit Card.

VIRGIN:

Dear Sir,

Thank you for your email.

The Virgin Credit Card is provided and administered by MBNA Europe Bank
Limited.

We have no access to the credit card details, and at present the dedicated
credit card team doesn't discuss any information by email, as it isn't a
secure form of communication.

However, I have been in contact with MBNA regarding your query and they
have confirmed holding a savings account with Virgin Money will make no
difference to your credit card application.

SMILE:

Hello

I am sorry but opening a savings account would not make any difference to
your credit rating.

Thanks

Andy

Moggles_2

This only confirms what we had long suspected.
Thanks for posting :beer:

Toastie

It's a bit of a shame because the Capital One account looked like a good choice to open, it was equal to the Icesave account (except it had an 0.8% bonus)

Looks like i will continue with Capital one!

cashing_in

Nowadays you can get a credit card even if you do not have a savings account.