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Have you recently discovered that a low credit rating or lack of credit history is preventing you from getting a loan? Many people have found themselves in the same situation, where they have had limited credit previously and been unable to get a loan or other forms of credit because the bank doesn’t have enough history to judge whether they are reliable or not. Others with poor credit histories are also struggling to get the credit they need, and would welcome a way to improve their credit score.
If you have tried all the standard measures, such as being registered on the electoral roll, getting a fixed telephone number and so on, then you may find that you will benefit from a credit card which allows you to rebuild, or create from scratch, your credit history. Finding these types of credit card has become easier in recent years, and if you think this is a viable alternative to your current credit status, then understanding basics of these credit cards can help you to make a firm decision.
Many people think that they credit rating is a single, concrete thing which all banks and building societies see in the same way. However, this is not true. There is, in fact, no universal scale when it comes to credit, so what one lender sees will not necessarily be what the next lender sees. In fact, they could be looking at two completely different methods of scoring your history: one will see a number of loans taken out, and note those which have not been repaid, while others will place more emphasis upon credit cards, repayments and defaults. A credit check simply involves the lender putting all the data from your application, plus any other details that they have, into an algorithm, and then examining your ratings to see whether it is likely that you’ll repay the loan.
In addition to having a poor credit score because you don’t repay loans, or have defaulted on credit cards, some credit card companies will refuse people who pay their credit cards in full. This is because the companies make money from interest, and prefer those who stay in debt without defaulting. Few people manage to walk this narrow tightrope. In addition, lenders may also rate you on what they predict you will want next. If you don’t appear to be a likely borrower in the future, you might be rejected anyway. All of this means that you can struggle to get a credit card from banks, or any of the other traditional credit card lenders.
If you have found yourself in a position where you aren’t able to get a standard credit card, then you may decide that a credit rebuilding card is the best one for you. What happens when you use the credit card is that you make a purchase, receive your credit card bill, and repay the debt. The lender sees that you have repaid the debt, and reports this to the credit check companies, giving you positive feedback and improving your score.
There are now a few of these to choose from, including the Granite credit card. This is a favourite of those trying to build credit from a low credit history, since it offers a no annual fee, 34% APR, 56 days interest-free for purchases, and rewards from connected retaillers including Sainsbury’s, B&Q, and The Body Shop. These rewards allow you to get a discount at these stores, so you benefit from improving your credit and from getting discounts at popular high-street shops.
There are several reasons why you should consider credit cards as the best alternative to improving your credit rating. Firstly, these cards report regular borrowing, rather than a single transaction. You may have one for several months, and get several positive reports over this time frame. It is really a fast way of getting several points on your credit score. Secondly, with these cards it is easy to increase and decrease your limits, so that you stay within budget and ensure that your debt is never too big for you to pay off at once. Thirdly, trying to improve your credit rating with any other kind of loan is much harder.
Credit cards can offer free purchase rates for a few months, giving you a bit of breathing space, and there are now cards specifically designed to target those with poor credit, and help you to improve it. These cards therefore offer more flexibility than a standard bank loan.
Compare credit cards from across the market. Suitable cards for applications with all credit types. Check your eligibility and apply online with Lending Expert.
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Compare our longest duration 0% interest cards on purchases. Check your eligibility and apply online with Lending Expert.
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These credit cards are designed to help build your credit rating. We can check if you're eligible for these cards in just a few minutes.