How to get back on the credit ladder

Cash_Flow · 16 April 2009 at 10:01AM

Good work;)

never-in-doubt · 16 April 2009 at 9:40PM

Innocent_Guy wrote: »

Think this is a really good thread and will be requesting this as sticky as well as the other one :')

Thanks

Cash_Flow wrote: »

Good work;)

Thanks

Innocent_Guy · 16 April 2009 at 9:43PM

never-in-doubt wrote: »

Thanks

Thanks

No problems mate praise will be given when justified

never-in-doubt · 18 April 2009 at 10:09PM

Anyone want to add to this thread.... any experiences or pitfalls you wish to share...?

bad_spender · 22 April 2009 at 10:09PM

As my nic suggests I do have a previous bad spending habit....my total disrespect for all things credit.....anyway thats behind me. I followed the tips on here and they are to a tee! the only caveat i would add is just dont get in the 'apply' habit I know its tough and you just get eager to apply even after a few declines .....sometimes its building those green zero's which make all the difference. I have a string of defaults but i have recently opened a hsbc current account (last month) .....looks like they dont give solo cards out any more and have moved to visa.
I ensured i was on electoral role .....bear in mind phone your council because they only update that periodically throughout the year not from the day you ask to be added! I now have a vanq card (for last 6 months) not the greatest apr but hey i have an emergency card. Cap one accepted me online instantly (no one was no more shocked than me!) ok the balance began at £100 but is now up to £500.....and i have the simply be account which has gone upto £200 in a month! My relationship with credit is now a respectful one, i hope my war and peace response helps someone

never-in-doubt · 25 April 2009 at 9:53AM

bad_spender wrote: »

As my nic suggests I do have a previous bad spending habit....my total disrespect for all things credit.....anyway thats behind me. I followed the tips on here and they are to a tee! the only caveat i would add is just dont get in the 'apply' habit I know its tough and you just get eager to apply even after a few declines .....sometimes its building those green zero's which make all the difference. I have a string of defaults but i have recently opened a hsbc current account (last month) .....looks like they dont give solo cards out any more and have moved to visa.
I ensured i was on electoral role .....bear in mind phone your council because they only update that periodically throughout the year not from the day you ask to be added! I now have a vanq card (for last 6 months) not the greatest apr but hey i have an emergency card. Cap one accepted me online instantly (no one was no more shocked than me!) ok the balance began at £100 but is now up to £500.....and i have the simply be account which has gone upto £200 in a month! My relationship with credit is now a respectful one, i hope my war and peace response helps someone

Hi and welcome to the thread!

Well done on getting on the credit ladder - its great knowing you can even get a visa card, let alone the limit! We all start on low limits but after a few months you'll soon start to notice more and more people will accept you - try JD Williams catalogue, even if you dont use it they update CRA's and more green zero's only go to help (you can have several JD accounts - as Brian 1966 proved)!

Regards to HSBC, keep it for 6mth and do not miss or bounce any payments and then go in branch (do not do online) and ask them what your bevaioural score is because you're thinking of applying for a full bank account - they primarily base the existing accounts under scrutiny and if this is ok (make sure you have a couple of DD's set up and also set up a DD for your Cap 1 card - shows you actually have a CC to the bank) they will then upgrade you. Your score has to be over 50 - if it isn't then do not apply, just say i'm a bit busy today i'll pop back later or something but do not apply as you will get declined.

Best of Luck (6mth will pass in no time)

Kavanne · 25 April 2009 at 10:15AM

Why have you only suggested some basic accounts? Shouldn't you provide links to all so people on here can decide which one they think is best? Sorry but I'm all about information, not advice.

never-in-doubt · 25 April 2009 at 10:20AM

Kavanne wrote: »

Why have you only suggested some basic accounts? Shouldn't you provide links to all so people on here can decide which one they think is best? Sorry but I'm all about information, not advice.

Using info from people on here with their opinions using several factors such as ease to get/card issued/facilities/options to upgrade etc and unfortunately banks like Abbey/RBS fall way short in every dept. Just read the forum posts to see for yourself. That is why the banks mentioned were mentioned because they are known to accept certain levels linked to my OP, i.e. how to get back on the credit ladder.

Lets be honest, who wants a solo when they can have a visa debit card?

Post edited.

Kavanne · 25 April 2009 at 10:25AM

What about Coop? They were the bank I was thinking of, I don't give 2 hoots about RBS/Natwest. I'm not natweststaffmember or shelfstacker or any of the others.

You may want a visa debit but others may be happy with electron/solo. If you don't tell people, they don't know!! Also weren't there some threads a while back about Yorkshire Bank, don't they give out a Maestro with their readycash account?

Innocent_Guy · 25 April 2009 at 10:40AM

I think that yorkshire do offer a maestro however the lack of branches was a big no no for most

How to get back on the credit ladder

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