Guaranteed approval credit cards for bad credit UK strategies:
If you don’t have a good credit score, you might be eligible for a credit card from one of our recommended partners and help you improve your score using their credit. Credit limits are available starting at £200. Check if you’re eligible to get any of our partners bad credit credit cards today. If you use the Classic card with care, it can assist in building up the credit rating.
What is a poor credit score?
The credit score of yours is used by credit reference companies to evaluate your performance of managing credit cards and debts. When you’ve got a low credit score, you might have experienced difficulties paying your bills in the past, and resulted in late payments on your account or a delinquent account.
Another reason you might have a lower score is because you’ve never ever had the experience of borrowing. This is referred to as having a weak credit history.
The best credit cards for those with bad credit
So, what are the top credit cards for those with poor credit histories? Based on our investigation this is what we came across.
Keep in mind that you may not always be offered the APR you are promised. Based on the degree of your credit issues the rate you’re offered might be higher or you might even be rejected completely.
Compare credit cards
- Post Office Money Classic Credit Card
- Vanquis Bank Chrome Credit Card
- Tesco Foundation Credit Card
- Barclaycard Forward Card
- Capital One Classic
- What is the order we have ranked these cards?
We’ve looked at cards that are made for those with bad credit scores
Our view is that the primary aspect for these credit cards lies in the interest rate that they charge when you cannot clear your balance especially those with bad credit score. Therefore, we’ve placed them in a particular order, placing the one with the lowest rate of representative APR in the top position.
We’ve also considered other elements like the eligibility criteria and agreed credit limit based on your credit history and how your credit limit increases.
Be aware that some credit-builder cards on the lower part of this spectrum offer first 0% spending terms that we haven’t included. As you know, another way to buy on finance is by using catalogues for bad credit.
What has been our method of grading the cards?
We’ve looked at cards that are designed specifically for people with weak credit scores.
We believe that the primary aspect that these cards have is their interest rate that they charge when you cannot pay off your balance. Therefore, we’ve classified them in this order, placing the one that has the lowest APR representative in the top position.
We’ve also looked at other aspects like the eligibility criteria and credit limit.
Keep in mind that certain credit-building cards that are on the lighter part of this spectrum offer first 0% spending terms which we’ve not listed.
What is pre-approved?
Certain credit card companies target customers by offering”pre-approved” applications. Although this doesn’t mean that you’ll be automatically approved, it’s the most likely indicator of whether you’ll get accepted to apply for a credit card. If you opt to take advantage of the deal and decide to apply to this deal, the company will conduct a thorough credit test to gain all the information about the credit report.
How do credit cards that are designed for low credit perform in the UK?
In this scenario the credit card may function in the same manner as a credit builder card, which is to say that it can help you to build credit. If you start with a modest credit limit and make the payments on time each and every month, you’ll gradually increase your credit limit.
What do I do if I’m not accepted?
Although the card may be advertised as having a guarantee of acceptance it is possible that your application may be rejected particularly in the event that you have a poor credit rating. If you are rejected, don’t make an application for a new card, as this could harm your credit score further. Spend time building your credit standing, keep track of your credit score, and then make a second application after a few months.
How do I apply for a low credit card?
If you’re looking to apply for a credit card for bad credit first, it’s important to determine whether you’re qualified. Our tool can assist you. It’s only a minute to complete and will give you an absolute affirmative or negative answer prior to submitting your application. This way, you’ll be certain that you’ll be considered prior to submitting your application.
We’ll ask you for some details in order to learn details about you living in, your location and your current employment situation and will be able to find out if you’re qualified to be a candidate for a credit line for low credit scores.
What exactly does a guarantee APR mean?
If you decide to make an application for a credit card you’ll receive An APR (Annual Percentage Rate). This is the sum of how much the credit card you choose to use will cost to use during the course of one year.
A majority of credit cards are sold with an “representative” APR which is the highest rate providers have to offer 51 percent of their customers. generally, those with the highest credit scores.
If you see a credit card advertised as having a guaranteed APR, that’s the interest rate you’ll pay if the application is accepted.
Do I qualify for a credit line with bad credit?
If you’re older than 18 and reside in the UK If you’re over 18, then you may be qualified to get a Credit Card even if you have a poor credit history. The answer can be obtained within 60 seconds, without affecting the credit rating.
What is the time frame to apply for a credit card?
After you’ve been approved after approval, it could take between 10 and 10 working days for you to receive your credit card through the mail. This is contingent on the loan provider, however you should be able to locate the timelines in the FAQs section of the website of the lender.
If you submit your application online and make a credit card application, the majority require only just a few minutes. A few may take longer, but they’re rarely longer than 15 mins. Many websites (like us) offer eligibility checkers which allow you to get an immediate answer on whether you’ll be approved before you even submit your application. It could take just 60 seconds to provide an answer. They don’t alter the credit rating. If you are accepted, you can complete your application online in confidence.
The average APR for a typical credit card is 20 percent (variable) the median of our credit builder ranking is greater than 30% (variable).
Remember that you could receive a better APR than that you are offered.
The interest you earn is added to the balance. Then, you’ll pay interest on the original loan in addition to the interest added. Therefore, payments can swiftly become out of hand.
How can you increase your credit score
Joining the roll of electoral voters Registration to vote is among the most effective ways to improve your credit score. It gives evidence of the address of your residence to agencies that review credit reports, which makes your appearance a more credible candidate.
Beware of your applications Every time you make a credit application, it leaves a mark on your credit report. If you apply excessively over the span of a few days it could affect your score and appear like a risk to lenders. This means they’re less likely to apply.
Make sure you don’t make any missed payments This tells the credit reference agencies and lenders as well that you have a proven track record of being a trustworthy borrower. It is possible to establish Direct Debits to be a convenient method of ensuring that you are on top of your repayments.
Verify for errors Incorrect information in your credit file may affect the credit rating. It is possible to stay on top of any discrepancies by reviewing your credit report on a regular basis.
The credit limit is assumed to be £1200. Representative 96.2 percent APR (variable). The annual interest rate is 69.4 percent (variable).
There isn’t any set term for repayment since it is dependent on the amount you are able to draw. We evaluate your financial situation and develop a repayment strategy that works for your needs. The minimum term for repayment is 61 days , and there is no maximum period for repayment in the event that the minimum monthly repayment amount is reached, but you can repay in advance without fees and avoid interest.
What are some ethical methods to use credit cards to create credit?
The majority of credit cards with bad credit are typically accompanied by an unacceptably low credit limit as well as more expensive interest rates than average. The main purpose for the credit card is to assist you in to build a solid and healthy credit rating, which is why it’s essential to handle your credit responsibly.
You can improve your score by using credit cards that are not suitable for those with low credit scores by:
- Always paying higher than the minimal sum
- Paying on the same date, each time Set up Direct Debits to make it easier
- Keep your credit limit below 25% of the accepted credit limit
By following these steps, you’ll avoid charges for late or missed payments, which may show the credit score for up to six years. To make your credit card as cost-effective as it can be you should also eliminate the balance each month, if you are able to in order to not have to pay any interest.
If you’re having trouble paying back your loan, you should contact your lender as quickly as you can. If you’re having trouble temporarily because such as when you’ve switched jobs, speaking with your bank is one of the most important things you must do. It is not advisable to avoid the issue and begin paying late. This could cause your credit score to decline which could make borrowing much more difficult.
Do I qualify for a credit card?
The decision to accept or not is contingent on the criteria of the lender and your specific situation (including any credit histories). You can verify your eligibility before applying and without affecting your score on credit.
Many lenders such as Ocean Finance, offer a free credit check on your background prior to submitting your application to determine the likelihood you’ll succeed which means you don’t need to involve a credit reference agency. This means that it’s free to verify your eligibility, and you can submit your application without hesitation.
If you make an application for a credit card but you are not accepted, this could affect your credit score. Main credit reference agencies keep track of your applications. Therefore, it’s best to investigate the options thoroughly to make sure you’re getting the right kind of credit card that is suitable to suit your financial needs.
When your application for credit is denied Do not apply for additional credit. Instead, work to improve your credit score. Also, give your credit report time to be restored. This is also why a credit card eligibility checker tool is a good idea.