Savings Account + Credit Card

Toastie

If you have a savings account with a company do your chances of getting a credit card off them also increase?

Capital One offer an account with 6.05% interest rate (equivilant of an Icesave current account) although it pays a 0.8% bonus.

But would it be worth opening if it boosts your chances of credit card acceptance?

adaze

There are other threads that cover this. IMO, no it wouldn't help, well not unless you had a sizeable amount in there, I doubt a couple of hundred pounds would help an application....

Toastie

adaze wrote: »

There are other threads that cover this. IMO, no it wouldn't help, well not unless you had a sizeable amount in there, I doubt a couple of hundred pounds would help an application....

Thank you for your reply.

It was just a thought after looking on the Cap1 site. I would only want there basic credit card to build up my history.

darkblue_2

Capitalone's 34.9% interest is awful.

For starting off in credit, barclaycard initial offer a better 24% deal and that too is intended for people to build credit - even if you have a CCJ.

And no - I don't think that opening a savings account would help you get the card. Plus, make sure you read the fine print on their deal - I think I remember seeing that to withdraw money from that account you needed to give them notice.

Moggles_2

If you want a starter card to build up a good credit history, I would spend only what you can afford to pay off in full each month.

If you always settle your statement balance by the payment due date, your shopping will be interest-free and the rate charged on purchases is then irrelevant.

Unfortunately, holding a savings account with the same provider has no effect whatever on your credit card application.

There are ways to improve your chances of acceptance though. For tips, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, before you submit your credit card application

Toastie

Moggles wrote: »

If you want a starter card to build up a good credit history, I would spend only what you can afford to pay off in full each month.

If you always settle your statement balance by the payment due date, your shopping will be interest-free and the rate charged on purchases is then irrelevant.

Unfortunately, holding a savings account with the same provider has no effect whatever on your credit card application.

There are ways to improve your chances of acceptance though. For tips, have a look at the *Credit Rating* articles on the main site, in particular, Martin's *Manage and Improve your Credit Score* article, before you submit your credit card application

I have all of those, although my experian free trial is used up (i'm only 18) because next directory credit searched me with the wrong date of birth, although everything else was fine, which could of been seen as fraud (answered on here and by experian on the phone).

I guess i'll just apply for a 3million% card

PROLIANT

darkblue wrote: »

Capitalone's 34.9% interest is awful.

For starting off in credit, barclaycard initial offer a better 24% deal and that too is intended for people to build credit - even if you have a CCJ.

And no - I don't think that opening a savings account would help you get the card. Plus, make sure you read the fine print on their deal - I think I remember seeing that to withdraw money from that account you needed to give them notice.

In defence of Capital one i must say that they are the best out there for people who cant get credit cards, Barclaycard DO NOT give out cards to people with adverse credit I can assure you of that. Others like Aqua and Vanquis help people with bad credit aswell but if you are new to credit then yes the Barclaycard Inital Visa option is good.

darkblue_2

PROLIANT wrote: »

In defence of Capital one i must say that they are the best out there for people who cant get credit cards, Barclaycard DO NOT give out cards to people with adverse credit I can assure you of that. Others like Aqua and Vanquis help people with bad credit aswell but if you are new to credit then yes the Barclaycard Inital Visa option is good.

Sorry I must have misread their site.

There are cards for people who have CCJs etc, however those people should pay in full every month to avoid heafty interest charges.

If you are just looking to rebuild your credit rating - barclaycard's 27% is the best I can find. I'm sure there are more out there, but I have applied for this card when I had no credit and was accepted. If you make repeat applications for credit from other lenders, it looks bad on your credit history.