Getting a credit card for no credit history in the UK can be challenging, but it is possible. You’ll need to provide some personal information, which the credit cards i can get with bad credit provider will use to assess your application. It will also ask you about your income and outgoings, which will help them determine whether your repayments are affordable.
How long will it take to get my credit score from 500 to 700?
A credit history records how you’ve used credit in the past, how you’ve paid it back, and how much credit you’ve had available to you. If you’re under the age of 18, you’re likely to have little or no history. Lenders use this information to decide whether to lend you money. They also look for proof that you’re reliable and can make regular payments.
The credit referencing agencies – Experian, Equifax, and TransUnion – collect information about your credit history. They typically offer you a copy of your credit report to view. Different lenders use different credit agencies for different purposes. The agency that you choose is important in determining whether or not you qualify for a particular product.
Building a credit history takes time. You should start with small purchases, and gradually build your history by making regular repayments. If you have no credit history, you should apply for specialist credit cards, which are often known as ‘credit builder’ cards. However, these cards usually come with a higher interest rate, so it is important to stay within your budget and make your repayments in full every month.