Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
Page 1
  • bingy_burge
    • #2
    • 20th Oct 09, 6:50 PM
    • #2
    • 20th Oct 09, 6:50 PM
    The recent rake hikes from cap 1 has brought out alot of people who are borrowing money on sub prime cards which is alarming as Martin states just use the to rebuild your credit.

    If people are borrowing on them they can fall in debt and with the high rates risk damaging their credit further rather than getting back into the mainstream.
    • incesticde
    • By incesticde 21st Oct 09, 8:45 AM
    • 452 Posts
    • 251 Thanks
    incesticde
    • #3
    • 21st Oct 09, 8:45 AM
    • #3
    • 21st Oct 09, 8:45 AM
    Hi,

    I am an ex DFW and now have no debt, I have a (settled) CCJ on my file from 5 years ago and am looking at re-building my credit rating.

    To this end I have applied for the Barclaycard initial offer, I have been accepted and will be using this card as suggested by Martin (i.e. put petrol on it (about 200 quid per month) and pay it off in full every month).

    Would it be better to get one (or two) more cards and do the same thing? Or will one card be sufficient?
  • PoppyCash
    • #4
    • 24th Oct 09, 1:24 PM
    Scotland Vs England
    • #4
    • 24th Oct 09, 1:24 PM
    Hi, the forum and website is very helpful.... However, having limited knowledge of credit rating and living in scotland - I wondered if CCJ's are the same as a trust deed? My partner and I have a joint TD and having been paying this back for 18 months now. It is getting to the point that we want to improve our credit rating and these cards seem a useful option. Is there any point applying for these cards with a TD on our credit history?

    Thanks PC
  • clavius
    • #5
    • 3rd Jan 10, 12:22 PM
    New credit after IVA
    • #5
    • 3rd Jan 10, 12:22 PM
    I had to result in an IVA some six years ago which I completed successfully and later this months all trace of any defaults and the IVA itself will be wiped from my credit report leaving about eight entries on my report for current accounts and credit that have been either settled properly or managed correctly. This includes a cashplus credit builder that had also been completed and settled. I want to apply for a "proper" credit card (i.e. not prepaid). As there will be nothing adverse on my credit report and a history of properly run and/or settled accounts going back to 2005 should I stll go for one of the "bad credit" cards or try a more mainstream one? Also should I avoid companies where I have had problems before even though years ago?
  • REDRUM
    • #6
    • 19th Jan 10, 11:55 AM
    HI Clavius
    • #6
    • 19th Jan 10, 11:55 AM
    hi Clavius

    Im sorry i dont have an answer to your question, but i was wondering if i could get your advice, im currently 3 years into a 5 year IVA and was wondering whether you took out the Cashplus Credit builder during your IVA or was it after you had completed it. Any help would be very apprepicated
  • izools
    • #7
    • 19th Jan 10, 12:27 PM
    • #7
    • 19th Jan 10, 12:27 PM
    Hi,

    I am an ex DFW and now have no debt, I have a (settled) CCJ on my file from 5 years ago and am looking at re-building my credit rating.

    To this end I have applied for the Barclaycard initial offer, I have been accepted and will be using this card as suggested by Martin (i.e. put petrol on it (about 200 quid per month) and pay it off in full every month).

    Would it be better to get one (or two) more cards and do the same thing? Or will one card be sufficient?
    Originally posted by incesticde
    Now that you have a barclaycard initial (the hardest to get of all the sub prime cards) I would say you have a long term partner.

    As long as you continue to run the account well, they should give you regular decreases in interest and limit increases. It may help their scoring system to leave a miniscule balance on the card now and again so they make a little interest, but that is up to you.

    Once you have paid your sixth statement it would be worth calling them and say you are considering closing the account and would like to speak to their retentions team. The retentions team should then decrease your APR and increase your limit, so in effect, your Barclaycard Initial can slowly but surely become your long term mainstream card.

    You can also apply for a Barclaycard Breathe once you've held the Initial for over six months, and the scoring is heavily weighted on the Initial card account conduct.

    I've already had my barclaycard initial APR decreased once and I've only held it since November
    Cashback Earned Nectar Points 68 Natoinwide Select 62 Aqua Reward 100 Amex Platinum 48
    • incesticde
    • By incesticde 22nd Jan 10, 8:19 AM
    • 452 Posts
    • 251 Thanks
    incesticde
    • #8
    • 22nd Jan 10, 8:19 AM
    • #8
    • 22nd Jan 10, 8:19 AM
    Now that you have a barclaycard initial (the hardest to get of all the sub prime cards) I would say you have a long term partner.

    As long as you continue to run the account well, they should give you regular decreases in interest and limit increases. It may help their scoring system to leave a miniscule balance on the card now and again so they make a little interest, but that is up to you.

    Once you have paid your sixth statement it would be worth calling them and say you are considering closing the account and would like to speak to their retentions team. The retentions team should then decrease your APR and increase your limit, so in effect, your Barclaycard Initial can slowly but surely become your long term mainstream card.

    You can also apply for a Barclaycard Breathe once you've held the Initial for over six months, and the scoring is heavily weighted on the Initial card account conduct.

    I've already had my barclaycard initial APR decreased once and I've only held it since November
    Originally posted by izools
    Thanks.. bloody useful answer that mate
  • clavius
    • #9
    • 22nd Jan 10, 10:54 PM
    • #9
    • 22nd Jan 10, 10:54 PM
    Hi Redrum.
    I took out a Cashplus Creditbuilder during year six of my journey back to solvency. That was after I had completed all the payments of the IVA but whilst all details of defaults and the IVA were still on my credit report. There is nothing stopping you applying now, they seem very easy to get but you must keep up the monthly payment to avoid getting into more trouble.
    Well done for sticking with the IVA, I know from experience that it's sometimes seems a never ending slog but it's worth it, believe me. There is a real satisifaction and good feeling about watching all those defaults and other details dissapear from your credit report on the day after the sixth anniversary of your IVA start. Good luck.
  • kc22
    Credit Card but doesnt show in Credit Report
    Hi

    I have had to get one of those 'bad' credit card to build up my credit rating as I have never used a credit card. However when I checked my credit report with Experian there is no sign that I have a credit card registered to me!

    I have a Capital One card and have had it for over a year. Why does this not show on my report and does anyone know what I can do to remedy this?

    thanks, all responses very welcome!
  • gpressler
    Hi

    I have had to get one of those 'bad' credit card to build up my credit rating as I have never used a credit card. However when I checked my credit report with Experian there is no sign that I have a credit card registered to me!

    I have a Capital One card and have had it for over a year. Why does this not show on my report and does anyone know what I can do to remedy this?

    thanks, all responses very welcome!
    Originally posted by kc22

    Most likely a discrepancy over the address registered with Experian and the one on your card - best to speak with them over the phone - they can be quite helpful. I have today been advised that they may have account information that does not show where the address is slightly out of sorts.
  • clipit101
    ok, i have reccently been trying to address my credit score in an attempt to gradually improve it.

    I am a 22yr old man i have never had an overdraft, loan, credit card or similar as i haven't ever had the need.

    In those 22yrs i belive i have only ever had one line of credit in the form of a mobile phone contract. Unfortunately though i held this a good 2-3yrs ago which i decided to default on after the provider refused to pay out on the insurance i had been paying for (no reason given and even refused to provide me with a new sim card). This of course was a fabulous example of cutting my nose off despite my face.

    I have checked up on my credit report with experian and everything seems to be in order and above board. I currently have a new phone contract, a well paid job ive had for 13 months and i never go overdrawn on my current account.

    In an attempt to improve my credit rating i applied to my current account holder (A&L) for a 100 overdraft facility. I was flat out refused.

    Have i missed something???? Is this just a prime example of the banks not wanting to risk a single pennny of....... ahh yes the tax payers money???

    As a young adult trying desperately to achieve things in life (savings, mortgage etc) i feel like i have been absoluptly bent over, pummelled rather vigerously, had something anti-semitic whispered in my ear and then charged for the privillage of the experiance.

    Anyway appoloise for the rant but needed it off my chest. My real point being should i risk applying for a credit improving card given my banks spectacular reaction to a basic 100 overdraft???

    Advice and apathy very welcome.

    • ElkyElky
    • By ElkyElky 8th Apr 10, 9:11 PM
    • 2,422 Posts
    • 2,739 Thanks
    ElkyElky
    ok, i have reccently been trying to address my credit score in an attempt to gradually improve it.

    I am a 22yr old man i have never had an overdraft, loan, credit card or similar as i haven't ever had the need.

    In those 22yrs i belive i have only ever had one line of credit in the form of a mobile phone contract. Unfortunately though i held this a good 2-3yrs ago which i decided to default on after the provider refused to pay out on the insurance i had been paying for (no reason given and even refused to provide me with a new sim card). This of course was a fabulous example of cutting my nose off despite my face.

    I have checked up on my credit report with experian and everything seems to be in order and above board. I currently have a new phone contract, a well paid job ive had for 13 months and i never go overdrawn on my current account.

    In an attempt to improve my credit rating i applied to my current account holder (A&L) for a 100 overdraft facility. I was flat out refused.

    Have i missed something???? Is this just a prime example of the banks not wanting to risk a single pennny of....... ahh yes the tax payers money???

    As a young adult trying desperately to achieve things in life (savings, mortgage etc) i feel like i have been absoluptly bent over, pummelled rather vigerously, had something anti-semitic whispered in my ear and then charged for the privillage of the experiance.

    Anyway appoloise for the rant but needed it off my chest. My real point being should i risk applying for a credit improving card given my banks spectacular reaction to a basic 100 overdraft???

    Advice and apathy very welcome.

    Originally posted by clipit101
    Hi!

    It's quite common to be declined for various credit facilities without having any previous credit history. Banks generally decline those without history simply because the banks consider those people risky. Without any sort of payment history, banks won't know how you'll behave with the credit given.

    Normally we would suggest you try applying for a credit card with your own bank but given the circumstances with the overdraft, that may not be a good idea. Consider applying for a sub-prime credit card such as Vanquis or the Capital One classic. These cards are specifically aimed towards people with no or adverse credit history.

    You'll have a better chance of being accepted for a sub-prime card. However, bear in mind, if you've applied for multiple credit facilities within a short space of time, that itself could have a damaging affect to your credit file.
    Last edited by ElkyElky; 08-04-2010 at 9:13 PM.
    Weve had to remove your signature. Please check the Forum Rules if youre unsure why its been removed and, if still unsure, email forumteam@moneysavingexpert.com
  • clipit101
    Thanks for that Elky.

    After all that i decided to apply for a capital one classic and try to get that credit rating built. Sure enough i have heard back and have been declined. Where the hell do i go from that?
    • pjread
    • By pjread 24th Apr 10, 7:36 AM
    • 890 Posts
    • 372 Thanks
    pjread
    Thanks for that Elky.

    After all that i decided to apply for a capital one classic and try to get that credit rating built. Sure enough i have heard back and have been declined. Where the hell do i go from that?
    Originally posted by clipit101
    Vanquis is about the only card you might get if cap1 declined you, IMO.

    are you on the electoral register?
  • Purplefairy
    Keep getting rejected and no idea why
    Hi

    I've recently been applying for credit cards and I've applied for four over the space of 6 weeks and have been rejected by them all.

    I have checked my credit score and everything seems to be in order, I have a high credit score. I have had a credit card and two store cards in the past, all were paid on time and have been cancelled. I been with my current employers for nearly 3 years.

    So far the only reasons I can think of that I've been rejected is that I'm a private tenant and have moved 3 times in the space of 3 years and the fact that I never spent much on cards I've had in the past. Do these seem like feesible reasons?
  • safc118
    Hi

    I've recently been applying for credit cards and I've applied for four over the space of 6 weeks and have been rejected by them all.

    I have checked my credit score and everything seems to be in order, I have a high credit score. I have had a credit card and two store cards in the past, all were paid on time and have been cancelled. I been with my current employers for nearly 3 years.

    So far the only reasons I can think of that I've been rejected is that I'm a private tenant and have moved 3 times in the space of 3 years and the fact that I never spent much on cards I've had in the past. Do these seem like feesible reasons?
    Originally posted by Purplefairy
    I think you may have hit the nail on the head there

    were you registered on the electoral roll at all of these adresses? lenders like stability and if they see you picking up sticks and moving every year they may think "will he tell me if he moves" if they have any doubt in there mind they will reject being registered on the electoral roll removes this doubt as if you forget they can track you down easier lol
    OP pot 141.92
  • CannyJock
    Hi

    I've recently been applying for credit cards and I've applied for four over the space of 6 weeks and have been rejected by them all.

    I have checked my credit score and everything seems to be in order, I have a high credit score. I have had a credit card and two store cards in the past, all were paid on time and have been cancelled. I been with my current employers for nearly 3 years.

    So far the only reasons I can think of that I've been rejected is that I'm a private tenant and have moved 3 times in the space of 3 years and the fact that I never spent much on cards I've had in the past. Do these seem like feesible reasons?
    Originally posted by Purplefairy
    That and 4 applications in the space of 6 weeks.

    Wait 6 months before applying for anything else.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • Purplefairy
    Keep getting rejected and no idea why
    Thanks guys.

    I'm pretty sure I was on the electoral register for all the properties I have been in. I'll probably wait for a while before making any other applications, the guide does say space out the applications but doesn't actually say how long for, so I thought waiting a week/2 weeks after would be fine but obviously not!
    • GingerFurball
    • By GingerFurball 12th Aug 10, 5:27 PM
    • 950 Posts
    • 894 Thanks
    GingerFurball
    If I apply for and get accepted for one of the bad debt credit cards, does how much I spend on the card each month before repaying in full affect how much my credit rating is improved or repaired?

    The only time I'd be using it would be as a replacement for those occasions where I buy about 5-10 worth of groceries from my local Co-op and pay by debit card.

    Is it worth the hassle of applying and potentially being rejected for a credit card to improve and repair my credit history when I'd be spending about 10-20 a month on it, and repaying it in full?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,122Posts Today

7,944Users online

Martin's Twitter