Credit building credit cards
Using one of the many credit building credit cards available on the market, like the Capital One Classic or Platinum card could help to get your credit back on track (or on it in the first place). These types of cards are designed to be easier to manage and can help build up your credit rating.
The Capital One Classic and Platinum cards start with relatively low credit limits – £200 up to £1,500. So whilst you won’t be able to buy that yacht you’ve got your eye on, you will be able to steadily build up your credit rating and credit limit so long as you keep up to date with your repayments. The only difference between the Classic and Platinum cards is the interest you’re charged (34.9% APR for the Classic and 29.8% APR for the Platinum – both are variable rates).
Even if you have a CCJ (county court judgement) against you or have defaulted on repayments in the past, then you could still be eligible for one of these cards. However, if you have been declared bankrupt in the last 12 months or applied for one of their other cards within the last six months then you’re unlikely to be accepted.