If you are planning to apply for a credit card, but are unsure as to what documents you'll need to hand, read part 2 of our guide to get you up to speed.
If you missed part 1 of our guide, you can check it out here.
39.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender
Applying is one thing – but getting accepted for a credit card is another! Each credit card provider has its own eligibility criteria which you need to meet to stand any chance of getting the card. These rules can be things like a minimum annual salary, having no previous problems with credit, or having a history of responsible borrowing.
When you apply for a card, the provider often won’t tell you what its eligibility rules are, meaning you’ll just have to apply and wait to see if you’re accepted or not. To get an idea of whether you’re the right customer for that particular credit card offer, you can run a search with an eligibility calculator, like the Ocean QuickCheck which won't affect your credit rating.
“don’t be tempted to rush straight into applying for another card right away...”
Don’t panic if you get rejected – it’s not the end of the world! As all lenders have different rules about who they’ll accept, just because you’re rejected for one card it doesn’t mean you won’t be eligible for any credit cards.
Having said that, don’t be tempted to rush straight into applying for another card right away. Every application you make shows up on your credit history and lenders can see this when they’re deciding whether to let you borrow or not. Too many applications in a short space of time and you could come across as desperate for credit – meaning lenders might be even more likely to reject you.
Take some time to figure out why you were rejected for the card. Have you had problems with borrowing in the past, like late credit card payments or defaults on a loan? If so, this could be one reason why you might struggle to get accepted for credit. These issues will show up on your credit history and lenders will look at this when deciding whether or not to let you have a credit card.
If you’ve had problems with credit in the past, you might want to look at trying to rebuild your credit history to show lenders that you’re a responsible borrower.
One way that you could start to rebuild your credit history is with the Ocean Credit Card. It’s designed for people who’ve had difficulties managing their credit in the past so they can improve their borrowing history. With a fairly low initial credit limit, it makes it easy to keep track of your borrowing.
By only putting a small balance on the card and repaying it on time every month, you can demonstrate to lenders that you’re able to manage credit responsibly. This could help to give you a better chance of being accepted for other types of credit in the future, such as a loan or a mortgage.
It's important to remember that missing or making late payments could harm your credit rating.
The Ocean Credit Card’s interest rate is 39.9% APR representative variable and it has an initial credit limit of £200 to £1,500. The limit that you get accepted for will depend on your credit history so if you’ve had problems with credit before, you might be offered a lower limit than you were hoping for. Don’t worry if this is the case – you’ll be offered up to two credit limit increases a year if you use the card responsibly.
If you’re looking to sign up for the Ocean Credit Card or just to find out some more information, you can apply online.
39.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender