Hi guys
After reading about NOT having a credit card ever (and I'm 35) can affect your credit score I decided to get one as I will be going for a mortgage at the end of next year. (spend a little pay it off in full each month just to get my rating up)
I've gone for one with FD (who i bank with) via thier online applying through my account page (I'm sure people with FD accounts will know what I'm on about).
Anyway
I recieved an email from them within a few hours saying "thank you for taking a CC with FD and the credit agreement will be sent shortly etc etc offer available for the next 28 etc"
Have recieved the Agreement today.....read through it twice just to make sure
Does this mean I have been accepted??? or when I send it back they will then decide? as I don't want loads of searchs on my credit file...had 2 new bank accounts recently (savings) plus new car insurance and mobile contract
Thanks Cat
Normally you would have been approved in order to receive credit agreement to sign but this is not always the case. The best thing you can do is give them a call and they will tell you the status of the application. FD people are friendly anyway.
Thats what I thought as normally you have to fill out a mile of paper work , but having a FD account already (well 3) obviously does away with this.....thanks
id say you have been approved and they just want you to confirm...
I have I rang them earlier
...I don't want loads of searchs on my credit file...had 2 new bank accounts recently (savings) plus new car insurance These searches are of the 'unrecorded enquiry' type, and are not seen by other lenders searching your file.
I've also just been approved for my first credit card :j
The rate is awful (34.08%) and the credit limit pitiful (250), but I too am planning to spend a little and pay off each month in full to build my rating up.
How long should I do this for, before I can think about applying for a better card (eg cashback card or whatever?). A year? Longer?
I applied for my 1st credit card a few years ago now, I was the same the interest rate was terrible and the credit limit was 200. Within 4 months I applied for another card and was accepted on a similar interest rate (maybe slightly lower but not much) but with a credit limit of 1100. It can be done in a matter of months but once you end up with more than one you are paying out that whacking great interest rate on two balances and it becomes difficult.
If you are going to clear your full balance each month on both cards then you will be fine, But don't end up like I did, I maxerd out both cards and after months of struggling to pay them off ended up owing hundreds of pounds extra in charges plus the origional full balances.
I have now cleared the 200 one and have 60 remaining on the 1100 one but it's taken nearly 4 years!
Be careful with credit cards, don't follow in my footsteps :j
I've also just been approved for my first credit card :j
The rate is awful (34.08%) and the credit limit pitiful (250), but I too am planning to spend a little and pay off each month in full to build my rating up.
How long should I do this for, before I can think about applying for a better card (eg cashback card or whatever?). A year? Longer?
I'm glad to say mine is 17.9% and I only applied for 500 quid so will be interesting to see what they actually give me.
And I believe it takes about 6 months
If you bank with first direct already, I imagine that you are approved to receive the card, your current account with them builds up an internal and external credit score anyway, so unless you have got negative information on your file elsewhere you just have to sign the agreement and post it back to them.
If you bank with first direct already, I imagine that you are approved to receive the card, your current account with them builds up an internal and external credit score anyway, so unless you have got negative information on your file elsewhere you just have to sign the agreement and post it back to them.I'd be interested to learn if the FD (Gold) card is definitely 'pre-approved' for current account customers.
I have an offer of a card with a very good limit in my secure area, but if they externally search me they'll change their minds (due to my stoozing debt)!
I'd like to bag this card for a slow-stooz starting, ideally, in March 2009 but have decided to go for it now so that, if refused, I can close my FD current account and take the 100 leaving present.
Can anyone confirm, from a recent take-up, if they carry out an external search with a CRA?
No searches on my credit files on both occasions.Thanks sofa_surfer, I remember the thread (referenced from the thread you linked to).
However, I've made two separate calls recently to check on this and both times I was told an external search would be made (second time I asked the CSA to confirm it with someone else...same outcome!).
I've been funding the account with my salary for 11 months now, although apart from this monthly credit and 3 or 4 monthly BACS transfers/cash withdrawals there's very little activity on the account...which may be my downfall?
Still, the offer does say "based on the information we already hold on you...", so it looks like I'm going to have to apply and see what happens. If I'm declined I'll add this to my list of reasons for leaving them when I make the (100 leaving present) phone call.
EDIT: Is it best to apply from my secure area online or by telephone?
