How to choose your first credit card

First you need to know your credit score so that you apply for the right card without the risk of rejection. There are many different score ratings, but in general, for a Callcredit credit score, the ranges go as follows:

1 – Very Poor

2 – Poor

3 – Fair

4 – Good

5 – Excellent

If you fall below the ‘good’ category then our intelligent personalised product tables will show you what can be classified as the "bad credit" credit cards. If your score falls into the ‘good’ and ‘excellent’ score then your application for a credit card is more likely to be accepted, but always look at the criteria for a card before applying.

Once you know your credit score you will be able to access our personalised product comparison tables and you can begin to compare the credit cards that are out there. Do not jump at the first deal you see!

With so many credit cards and deals, choosing a credit card is not as easy as it seems. Comparing the options around you will pay off in the long term, helping you manage your money in a way which puts you in the best financial situation possible.  At SearchMyCredit you can find all sorts of resources to help you decide which credit card is best for you, whether you are looking to earn rewards, or to move your credit score from bad to good.

Using our personalised product comparison pages you can view the credit card offers specific for you and your credit score to maximise the chances of approval.

Once you have found the deal you want, you can apply directly through our site. In order to complete your application, you will need the following information to hand:

  • Your UK address history for the past 3 years
  • Contact number
  • Email
  • Gross income per annum

Tips

An easy way to make sure that you keep on top of your credit card payments is to always keep your spending on the credit card at 30% of the credit available to you. Also keep a close eye on the card spending by checking your account once a week.

Most credit cards will charge a fee for withdrawing cash from an ATM, so refrain from making a withdrawal on your credit card.

Why was I rejected for a Credit Card?

Even with a good credit score, you may still be rejected when applying for a credit card. This may come down to the process a bank goes through when processing your application. This is known as underwriting.

Depending on the amount and the nature of the application (whether it is for a credit card or a mortgage) dictates how much of a risk the bank is taking when lending to a customer.

However, a credit card is unsecured (having no asset places as collateral against the borrowed money) therefore the bank is at a larger risk of losing money if you don’t repay the amount borrowed. 

The criteria when underwriting changes depending on which bank the application goes through.  

If you do not satisfy the following criteria then you may be rejected:

  • No late credit repayments
  • No outstanding credit
  • Employed will a decent income
  • A developed and extensive credit history
  • Few applications for credit borrowing – all approved

 

When you are declined from a credit application you will be notified in writing or via email correspondence with a few outlined reasons for the rejection. Always take note of these reasons, however vague, so you can begin to work on improving your score.

With SearchMyCredit, you can avoid rejection through the use of our personalised product comparison tables, where we only show you products we believe are suitable for you when considering your credit score, which we provide for free!