Additional Credit Card

ColdAsIce

Dear all,

Ive had my first credit card from Capital One to build up my credit rating etc.

Ive had the card 2 months or so, my circumstances have changed ive got a new temporary job fulltime for 6 months and my annum salary is £13,000.

I got rejected for a virgin credit card due to my salary do you think i could re-apply or am i advised to wait 6 months.

Do you advise i stick it out with this card (Capital One), and maybe try for another card with a cheaper rate?

Then cancel my capital one card once ive settled in full?

Was looking maybe at Barclaycard Initial perhaps as its rate is slightly cheaper at 27.9%

Reason being is i may be going back to university in October and i dont really want a student credit card, as the limits arent that good?

Obviously im not looking to get in to debt (i dont think any of us are),

However when i do apply for the additional card do i tell them its a temp role for 6 months or is this classed technically as fulltime?

Or shall i leave it and stick it out with Capital One, till i build up a suitable credit rating. E.G, keep the card for 6 or months till im credit worthy and make payments on time etc.

Regards.

ColdAsIce

mitrant

If you've only had the Capital One card for a couple of months, and in that time you have also applied for a Virgin Card then I, personally, would not be looking to get another card right now. A third search of your credit record in a small space of time would not look good to many lenders and really, if you got the Cap One card to improve your credit rating then sticking with it for six months or more would be the ideal strategy here.

The rate may not be very good but as long as you don't miss payments or anything your credit record will have a nice row of green 0s appearing and also, having a high rate card to begin with can help you ensure that you learn how to manage credit effectively because nobody wants to build up big balances on those cards.

BenL

If you are building up your credit rating you will most likely be putting a few transactions through on the credit card then paying in full when the statement arrives.

As you will not pay interest at all during this period the interest rate on the card does not matter.

It only starts to matter when you don't pay the card off each month and have balances revolving from month to month.

I'd stick with Cap1 for at least 6 months.

Katy_M_2

I agree with the advice already given. There is quick credit rating checker on this website and I was playing around with different variations of answers earlier today....and one of the main things I noticed was that it does have a large affect on your credit rating if you have applied for different cards within a 6 month period.

I wasn't aware of this before and have recently applied for quite a few different cards so am definatly going to stay put now for over 6 months