new credit card help

nmjams

hi, I've had a capital one classic card since February payed of the balance in full every month since then and credit limit increased from £500 to £1100. the reason i have this card is because I had no credit history at all

can I now apply for another card with a good 0% on purchases or is there still a good chance of being rejected? and should i cancel this card first or keep it?

I looked at my credit report on equifax.co.uk (30 day free trial and £2.63p cash back from topcashback.com just for signing up!) i cant see anything bad in there, and it shows 6 months of regular payments.

NickX

Generally 6 months with a well run Credit Card account should lead to a positive improvement in your Credit Rating so you may get a 0% card, but no one really knows the criteria these card companies use to determine whether to accept a particular application, so until you actually apply its going to be impossible to say. Good Luck.

Moggles_2

Halifax is offering 0% on purchases for 10 months at the mo

http://www.halifax.co.uk/creditcards...=14BEF48910D80

Richard019

Unless you're wanting to use the credit card for it's Section 75 cover, as a newcomer to the scene you might be better with an MBNA cardas they give pretty big limits early on. I don't know if they've got them with 0% on purchases they've definately got them on 0% balance transfers. As with MBNA they can put the transfer into your current account you could just do that, put the money in savings and use the earnings you would have saved to pay for your purchases.

With a purchases card you'd need to be saving the same amount you were spending each month in order to pay it off at the end, so you would need to be earning the same as you were spending.

With an MBNA card you'd have a lump sum in savings and be spending your earnings (using your debit card) so again you'd need to be earning what you were spending.

In both cases you'd only be repaying the minimum payment each month so there would be little difference in the effect on your credit rating either way. Assuming you stuck the initial BT money into even a half decent bank account then in the time available you'd make more than the 2.98% fee on the Virgin MBNA card quite comfortably. So long as you made sure you'd have the money available at the end of the 15 months you could use that lump sum for larger purchases and then replace the money in the coming months.

nmjams

just found out my union at work are offering this card
http://www.unioncard.co.uk/gmb/default.asp?cmpcode=a

would i be at an advantage being a member of gmb? i know the card is from the bank of scotland as is the halifax card. i'm just looking for some advice, I'm thinking of making an application tomorrow to one of them.

thanks in advance

Moggles_2

nmjams wrote: »

just found out my union at work are offering this card
http://www.unioncard.co.uk/gmb/default.asp?cmpcode=a Would I be at an advantage being a member of gmb?

Sorry, only the Bank of Scotland knows the answer. It's a pretty competitive deal though and worth a shot, IMO.

You should find it easier to get the cards and credit limits you want, once you have operated your C1 card and at least one other credit card for a bit

Very best
M

nmjams

whoooooo hooooooo i just applied with bank of scotland and got accepted instantly, i cant believe it!! I've got a decent card at last

does anyone know what the best thing to do with my capital one classic card now? should i cancel it or keep using it for small purchases for a few more months to help build more credit history?

nzseries1

I would say keep it and make a few small payments on it now and again. I say that personally there's nothing wrong with two credit cards.
Well done by the way. :T The Bank of Scotland were the first people to give me a "decent" credit card as well.