aqua card is increasing my APR by 10% !!! Help!
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Agree with peacefulwaters if youve improved your credit history you should have much better options available to you.0
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Yep sorry OP this is what happens when a CC buys up ex payday loan customers no doubt, proof that it is not just payday loans that can put people 'into real pain' :cool:0
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A note on the credit history point.
Your number might have gone up according to the credit experts who gave it to you, but the companies that you ask to lend you money in the future will see that you are £3900 in debt which is 90.7% of your available credit.limit. Well that is of course if this is your only line of credit and/or debt.
The guy that gave you your credit number isn't the guy lending the money - you have probably hurt yourself more than you realise.
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They've done you a favour, OP. Even at the old rate you're paying around £1,500 a year in interest!! That's a crazy amount to be paying if you've got a good credit history. As others have said, you might be able to transfer to a 0% deal.
I know you didn't post to have a debate about your borrowing, but if you are serious about your credit history you need to have a look at your finances. £3,900 on a £4,300 limit without a promotional rate doesn't look good to lenders. That amount of borrowing (and therefore that amount of spending) on a high rate card is a problem.0 -
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Having a credit rating that qualifies you to get that rate is hardly a privilege.
If the balance is perpetually up near the credit limit you aren't paying back more than interest and new spending.
Find an online loan repayment calculator and try some variations of the numbers involved.
If you can slightly reduce your spending and pay £100 a month more back on the card, you'll clear this balance in 2.5 to 3 years. Even then it will have added £2000 to £3000 interest, so try to go even faster than that, and transfer to lower interest when you get a chance, and then still keep paying back.
Think of it another way. Everything you buy on this card could be costing you double or more what it says on the price ticket.0 -
It's legal. Either you can keep using the card and accept the rate rise, or contact them to reject the rise, block further spending on the card, and pay off the balance at the old rate and terms.0
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It's daunting that, according to this calculator, it will take 32 years to clear the debt with interest totalling £10,292 if only minimum payments are made.
OP - close the account and freeze the interest, then throw as much money at card payments as and when you can.0 -
It's daunting that, according to this calculator, it will take 32 years to clear the debt with interest totalling £10,292 if only minimum payments are made.
OP - close the account and freeze the interest, then throw as much money at card payments as and when you can.
I would say it is safe to assume that for every £5 the OP has paid off the balance, £6 has been spend back on it, hence the huge debt on such a high interest card.
In this scenario it may not be affordable to the OP to close the card unless they look at the monthly finances and cut the cloth to fit.
I think Aqua have just created a rock and a hard place for the OP to sit between.0
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