Not applied for a credit card before and unsure what information you'll need handy? We've explored the process further in part 2 of our handy guide.
Don’t miss out on part 1 of our guide, you can read it here.
39.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender
“there are a few simple things you could do to improve things...”
Don’t panic if you don’t think you’ll be accepted for the credit card you really want – if you’ve had difficulties with managing your borrowing in the past, you can work on rebuilding your credit history. This will take time, especially if you’ve had more serious problems like bankruptcy or an IVA, but there are a few simple things you could do to improve things.
Make sure that there aren’t any mistakes on your credit report by checking it through one of the main credit reference agencies: Experian, Equifax or CallCredit. If there are any false missed payments or other incorrect details, you can get this changed. Get in touch with the credit reference agency holding your file and ask them to correct the error – they have to get back to you within a month to let you know what they’re going to do.
You should also check that you’re not financially linked to anyone who you’re no longer in a relationship with. You’ll be financially linked to a person if you’ve ever opened a joint account or taken out a mortgage or loan with them. Their credit history can affect you, so if you’re not together anymore, apply for a notice of disassociation to get their details removed from your report.
The Ocean Credit Card may be useful if you’re trying to improve your borrowing history. It’s designed to help people rebuild their credit score, whether you’ve had problems with borrowing in the past or you’ve simply not used credit before. As long as you make your minimum repayments on time and stay within your credit limit you should find your score improves. Not doing so could hard your credit rating.
The card has a relatively low initial credit limit, so you can stay in control of your finances by just borrowing a small amount of money and repaying it in full each month. This will help to show any future lenders that you’re able to manage credit responsibly, which may open you up to more deals.
“if a family member misuses your credit card, it could affect your credit history...”
You’ll be able to manage your account for the Ocean Credit Card online. This makes it easier to keep on top of your spending, see when a payment is due and pay off your balance directly through the app.
There’s also the option of adding up to three additional cardholders to your account, meaning you’ll be able to keep track of your family’s spending all in one place. Bear in mind, though, that you’ll still be responsible for any repayments on your account and if a family member misuses your credit card, it could affect your credit history.
The Ocean Credit Card has a rate of 39.9% APR representative variable and comes with an initial credit limit of £200 to £1,500 – how much you get will be determined by your history of managing credit. Don’t worry if you don’t get offered as much as you were hoping for – you’ll be offered up to two credit limit increases a year if you’re managing your account responsibly, so make sure you make all of your repayments on time if you’re ultimately hoping to borrow more.
If you want to read more about the Ocean Credit Card or you’re looking to sign up, you can apply for the card online.
39.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender