There are now more Credit Card providers than ever, but which cards should you choose? If you have a good credit rating. This generally comes down to who's brand takes your fancy.

 

Ultimately there are two real brands in the UK behind these cards, Mastercard and Visa. They allow other finance providers to brand the cards with their name on them. 

 

These cards are universally accepted aound the world, eliminating the need for travellers cheques, and still largely remain the currency of the Internet. Whether you use these cards regularly or just for emergency purchases, there is no question that to have one is extremely useful.   

 

The most important consideration with credit cards is the rate of interest they will charge you. With so many competing providers rates offered for the mainstream cards are all low anyway. The next consideration is Credit Limit. Just how much you are permitted will largely depend on your credit rating. Expect on a new card approximately £1000, rising from there to around £10,000. 

 

Store cards branded to specific retailers are becoming cheaper than before but still have higher APRs than credit cards you can use everywhere.

 

So if you have a good credit rating and need a credit card there's a huge choice avavilable for you to choose from, increasing your buying power if you need it. You can visit the websites of the UKs best known names for low rate cards in our Credit Cards category. 

 

 

The first thing to do is to STOP making further applications. Firstly because having multiple Credit Searches  over a short period are seen as detirmental by lenders. Secondly if being declined for a low rate mainstream card has surprised you, you could obtain a copy of your Credit File which will provide Full details of all information held about you. This is the information credit card companies and other lenders use when assesing your applications. This information can be obtained from Experian, Equifax and using the link to checkmyfile.com
"....checkmyfile.com offers the most exhaustive credit check and presents it in a very comprehensive way..." The Times - May 2004.

 

 

Firstly if there are any errors on your credit report, these can be corrected by writing to the credit reference agencies. You may also need to contact the individual credit providers too. Mistakes do happen!

A friend of ours received a County Court Judgment, CCJ, for an unpaid gas account at his previous address. He still owned the property but his tenants failed to inform the gas company that they were responsible for the account. And of course they never paid. Our friend appealed the decision and the CCJ had to be removed.

 

And if the Credit Report is accurate?  

 

Well all is still NOT necessarily lost. Because mainstream credit card companies are lending at ever lower rates to gain the edge on their many many competitors, more customers are failing to reach their strict underwriting criteria.

 

This has opened the way for some companies to offer credit cards to customers who have experienced previous credit problems. Sure these companies charge a higher rate of interest and provide you with a lower credit limit, but it's a second chanvce for your credit rating. The same compnies also offer lower rate cards for customers without any adverse credit, so there's a chance you'll get offered an improved card providing you make your payments on time. Just like the specialist car finance companies they cannot guarantee to accept you, but if your credit problems are in the past, it's certainly worth trying them. Click Here to take a look at what's on offer from Money Matters. You'll be able to apply direct online 

 

 

Then you'll need to apply for a pre-paid credit card if you still need to get your hands on a Mastercard. As the name suggests, you can add money to your card via a high street bank using an International money transfer. International because the issuing bank is not in the UK. The Company providing the cards, Money Matters say money can be added Online and that you can arrange to have your salary paid on to the card. Most importantly the cards are available Non Status regardless of credit history.