Credit Card Eligibility Checkers For First-Timers

Credit cards have become the lifeblood of the financial markets. The statement holds more value when it comes to the UK, for it has over 159 million credit card users. The British people are always on the go and opt for convenient methods of payment like credit cards. Apart from that, the security of transactions and benefits that come with it make credit cards an effective way to avail credit that they can repay the bill along with the predetermined interest charges every month. Taking into account their incomes and expenditure pattern, and the results of the credit card eligibility checker,  anyone can apply for the credit card.

When to get a credit card?

A credit card can be instrumental in shaping the credit history and the credit score of the user. A delay in payments or rejection by the lender can hamper the creditworthiness and hence, it becomes vital to know when to get a credit card. Taking help from a credit card eligibility checker can ensure if you are ready for a credit card. The following points can help decide when a person can apply for the first credit card:

  • The applicant is over 18 years of age when applying for the credit card. They can get a student credit card and establish a strong credit history. In a few cases, the lenders might have 21 years as the minimum age.

  • The applicant is either earning or has other sources of income to repay the monthly bill. Failure to do so can impact the credit score and reduce the chances to avail credit in future.

  • The applicant should have a savings bank account.

  • An applicant has no credit history and needs to improve credit score for any other form of credit, like loans.

  • The applicant has taken a test on the credit card eligibility checker and gotten positive results.

How to apply for a credit card?

 Here are a few steps that can be undertaken to apply for a credit card:

Ensure the Application Fits the Requirements

The first and foremost step of getting a credit card is to ensure that the minimum requirements are fulfilled. Every institution follows different criteria for checking the eligibility of the applicants. If the applicant can meet the minimum age requirement and earns a stipulated amount every year, they can apply for a credit card.

Take an eligibility test

Solely meeting a few criteria is not a guarantee that a lender will issue you a credit card. To improve your chances of getting a credit card, it would be a prudent decision to take a test on a credit card eligibility checker. These tests take into account the soft credit history to determine if the user is eligible for a credit card. The user can enter their personal information, including their credit history, annual income, spending patterns, and their UK address history. The software will calculate the eligibility based on the information entered by the user and show if they are likely to get a credit card when they actually apply for it. Besides that, the credit card eligibility checker also gives a list of potential credit cards that the user can choose from.

Pick the most suitable credit card

From the list of credit cards given by the credit card eligibility checker, the applicant can pick one that suits their needs. Before choosing one, the applicant must keep in mind a few parameters like:

  •  Annual Percentage Rate or APR

  • Additional fees charged by the lender

  • Introductory period

  • Benefits

  • Total amount due every month

Send an application

Once the applicant has zeroed in on the suitable credit card, the next step is to send an application. The applicant either apply online, by post or by visiting the branch office. A basic form needs to be filled by the applicant and sent to the bank. It is mandatory by law for the lender to give the SECCI form to the user and give detailed information on the credit agreement.

If the results of the credit card eligibility checker were positive, the chances are that the lender will also approve it. Once the applicant gets the approval of the bank, the card is delivered within 5-7 working days.

What are the best credit card eligibility checkers for first-timers?

A credit card eligibility checker plays a vital role in helping the applicants determine their creditworthiness. It becomes more significant for the people who are applying for the first time, as they have no credit history to gauge their creditworthiness. Due to the sheer importance of it, there are plenty of websites available on the internet. Few of the credit card eligibility checkers that are suitable for first-timers in the UK are:

Money

The credit card eligibility checker by Money takes basic information about the applicant. The most striking feature of this eligibility software is that it lets you choose the suitable type of card on the basis of your needs.

MBNA

The credit card eligibility checker by MBNA shows an upfront credit limit to the applicant, which is missing in other software. Even the ones applying for the first time can get to know their credit limit before full approval if their application.

Money Saving Expert (MSE)

Irrespective of the current credit history or requirements, MSE offers a separate credit card test for each category. This credit card eligibility checker has an extensive test that ensures the results are more accurate.

Halifax Eligibility Checker

The Halifax Credit Card Eligibility Checker is a simple and straightforward questionnaire that allows applicants to determine their credit card eligibility. You can get the results within 5 minutes and proceed with your application.

Which are the best credit cards for first-timers?

Choosing a suitable credit card can be a daunting task for beginners. Although the credit card eligibility checker streamlines the choices, picking one among them is still confusing as it can directly affect your credit score. Keeping in mind the representative APR, duration of the introductory period, and benefits that come with it, here are the best credit cards for first-timers:

  • M&S Bank Shopping Plus Credit Card

  • Sainsbury’s Bank Credit Card

  • British Airways Credit Card

  • Vanquis Bank Ltd Classic Credit Card

  • American Express Platinum Credit Card

Applying for your first credit card is an important step in your financial journey. These pieces of plastic give you access to the credit market and can be great tools when you need a little extra cash for emergencies or other situations. Before applying for a credit card it is important to use a credit card eligibility checker because if your credit card application gets rejected it can reflect negatively on your credit score.

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