'Bad Credit' Credit Cards Article Discussion

A question about : 'Bad Credit' Credit Cards Article Discussion

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.

Best answers:

• 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.
• 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?
• 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
• 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?
• 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
• 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.
• 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!
• 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 Ј100 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 Ј100 overdraft???
  Advice and apathy very welcome.
• 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?
• 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?
• 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!
• 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 Ј5-Ј10 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 Ј10-Ј20 a month on it, and repaying it in full?