Resolved Question

I applied for a barclays initial card?

I recently applied for a barclaycard initial in order to build a better score/report. A few years ago my score was terrible (low 400s) but i paid off 2 defaults and have kept my open accounts ( bank phone and a loan) in perfect order no missed or late payments in 2 years my core rose to 859 as of last week. So i decided to apply for this card to build my credit rating. I thought that if i applied they would give me the base limit(250) but when i got the card its a 1700 limit! does this mean Im in better shape than i thought and my score would suggest? I mean my score only rates me as fair. also when i use this card and pay off the balance every month in full how much difference will it make to my experian score? Thanks for reading sorry about the length.

Best Answer - Chosen by Voters

Rules:
- Never close your oldest credit card - unless it has an annual fee.
(Length of credit history is 15% of that score).
- New credit will ding your score for the first 6 months.
(Never apply for new credit if you are going to make a loan soon).
- Continue paying in full each month - paying interest is horrific for scores
- Try never to exceed 25% of your available balance on your card at any time during the month.

Expect to get top scores by doing what you are doing.
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Other Answers (1)

• I would consider it a compliment to your credit score that £1700 was offered. Be mindful however that large credit limits will show up as higher risk on your credit file. It's good for now, but when you are applying for a main stream card, make sure that this is paid off, and the limit reduced to a few hundred.
  
  Credit Scores will change significantly over a period of six months. Yes paying off the full balance will make a massive difference, as long as your payment are always on time. I recommend a Direct Debit!
  
  Also, in regards to the above, if you are making future applications, note that Credit Providers not only look at your credit file, but they will also be looking to see if they can make any money from you. You will become attractive to the mainstream card market if you do pay a little interest now and again. You can read up on this in abit more detail on MoneySavingExpert.com. Just an idea.

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