8 things to expect in a credit card eligibility check

When you apply for a credit card there are lots of factors lenders use to decide whether or not to accept you.  Using a lender’s quick (and free) online credit card eligibility check will give you a better idea of your chances of being accepted before you apply. Here, we outline eight factors that most lenders will consider as part of their eligibility check.


1.    Your credit score

This is a key consideration as it gives lenders an idea of your current financial situation. Your credit score is based on your financial history to date - from paying household bills on time to any outstanding debts. Knowing exactly what affects your credit score is a good way of managing and improving yours.

 The number of times you’ve applied for a credit card in the past also affects your credit score. If a lender can see lots of recent failed credit card applications, they’re less likely to accept you. However, using a free credit card eligibility check usually doesn’t affect your credit score – it’s only the full applications that are taken into account.


2.    A permanent UK address

 Demonstrating that you’ve lived at a permanent UK address for a number of years is a good sign of stability, something all lenders look for. You can demonstrate this by making sure your details are registered and up to date on the electoral roll.

 If you’re new to the country, you could still get a credit card. Be sure to submit a statement when applying for a credit card describing your circumstances so the lender can assess your situation.


3.    Your bankruptcy status

 Generally speaking, to apply for a credit card you can’t have bankruptcy proceedings against you or be an undischarged bankrupt. You will normally be discharged from bankruptcy after one year (although this depends on your individual circumstances).

 If you want to find out if you’ve been discharged from bankruptcy, you should contact the Insolvency Service and ask for a confirmation letter, which is available free of charge.

 To apply for an aqua card, you can’t have been registered bankrupt in the past 18 months or have bankruptcy proceedings against you.

4.    County Court Judgements

Unless you pay off a County Court Judgement (CCJ) in full within 30 days of receiving it, it will be marked on your credit record and will remain on it for six years. If this happens your credit score will likely be low and it may take 6 years for it to recover fully. In the case of aqua, you will not be accepted if you’ve received a CCJ in the past 12 months.

 See how you could improve a bad credit history here.


5.    Employment status

 You can apply for a credit card whatever your employment status, whether you’re full-time employed, self-employed, part-time employed, a student, a homemaker, retired or unemployed.

 If you don’t receive a regular income from an employer, when you make a full application try to submit an account of any savings, funding or ad hoc income you can use to pay off your credit card debt.


6.    Annual income

Your annual income is an important consideration for lenders when assessing your credit card eligibility, as it helps them to decide your credit limit (which is the maximum amount of money they are willing to lend you). Lenders will look at your salary and, where relevant, other income including pension and benefits.


7.    Your UK bank or building society account

 You’ll need to have an existing UK bank or building society account to be eligible for a credit card. If you don’t have one, consider opening a current account – it’s a helpful way to manage your money day-to-day and keep track of where your money is going.


8.    Monthly outgoings

Your monthly outgoings include your rent or mortgage, household bills (including council tax, water, electricity and internet), mobile phone bill, transport costs (including public transport, petrol, car tax etc.), as well as insurance premiums (including life, car, home insurance etc.). This helps lenders see how much money you need each month, and how much disposable income you have left after your monthly outgoings.

Check your credit card eligibility now

Don’t worry if you think you don’t satisfy all of the above factors. At aqua, we aim to make credit work for more people and say “yes” responsibly.

Use our credit card eligibility check to see whether you’re eligible for an aqua credit card before you apply.

Representative 35.9% APR variable on the aqua classic card.