Can I get a credit card if I’m self-employed? (Part 2)

Find out everything you need to know about getting a credit card when you’re self-employed, from whether you’ll be able to get a card to how your credit history could affect your chances of being accepted.

If you missed part 1 of our guide, click here to read it now.

Know if you're accepted before you apply with QuickCheck

  • Get credit - up to £1,500
  • QuickCheck won’t affect your credit rating
  • Get a fast response in 60 seconds

34.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

Check Now

top

Bad credit?

If you’ve got a history of managing credit poorly, this could be a further obstacle if you’re looking for a suitable credit card while you’re self-employed.

Defaults, CCJs or bankruptcy will all show in your credit history for six years and put up red flags that some lenders and credit card providers will just want to avoid. This, along with the fact that you’re self-employed, can narrow the field of credit cards that you’re likely to be accepted for.

Luckily, you can take some steps to improve your credit score, although this won’t happen overnight. Start by making sure you’re on the Electoral Roll by registering to vote and check your credit reports with Experian, Equifax and CallCredit in order to get any mistakes corrected if they’re acting against you. For more tips on improving your credit history, check out our guide.

top

Building your score

There is no single reason why lenders might turn you down when you apply for a credit card. All card providers have their own criteria and they usually don’t tell you what exactly this is. They’ll look at your history of managing credit and give you a credit score based on this and other factors like your income, and then use this to decide whether to accept your application.

To give yourself the best chance of securing a credit card if you’ve had problems managing credit in the past, you’ll need to be a model customer. Use the credit you have available to you responsibly by making your payments on time. Even if you’ve had problems in the past, some credit card providers may be willing to give you a chance if they can see that you’re managing to use credit responsibly now.

top

Ocean Credit Card

Another way you could start to improve your credit history is with a credit builder credit card like the Ocean Credit Card. It’s designed to help people with bad credit rebuild their borrowing history by demonstrating that they can borrow money and pay it back on time.

With a relatively small initial credit limit, it’s easy to stay in control of your borrowing and not take on more debt than you can afford to pay back. If you use it to manage your borrowing responsibly and you pay at least the minimum payment back on time every month, it could help to improve your credit history – and make it easier for you to get accepted for a loan or mortgage in the future.

top

Fees and rates

The Ocean Credit Card has a rate of 34.9% APR representative variable, with an initial credit limit of £200 to £1,500. How much you’ll get depends on your credit history. If you get accepted for a lower limit than you were hoping for, don’t worry. As long as you can manage the current level responsibly – by paying it back on time every month – you’ll be offered up to two credit increases a year.

If you want to sign up for the Ocean Credit Card, you can apply online – and you’ll receive a response in 60 seconds.

Ocean and Ocean Finance are trading names of Intelligent Lending Limited. We are the credit broker for the Ocean Card. Capital One is the lender, and they pay us for our services.

Know if you're accepted before you apply with QuickCheck

  • Get credit - up to £1,500
  • QuickCheck won’t affect your credit rating
  • Get a fast response in 60 seconds

34.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

Check Now