How long before applying for a better card?

Dirty_Dave

I have my first CC with Capital One, only a very small amount which is all I need and even though having a high APR card with them doesn't do much damage in terms of minimum repayments/interest as I only have £100 limit which, as I say, suits me just fine.

Any way, how many month should I wait before trying for their 15% APR card? I have only had my card for 1 month and only use it for small buys so it's easy to pay off, though at some point it would be nice to have smaller a smaller APR.

Moggles_2

Congratulations on getting accepted by Capital One
:beer:
It takes time to build a good credit history.

Once you've operated this card for 12 months and built a nice string of 0s on credit files, you'll find it easier to get the cards and credit limits you want. I would apply to another lender though, not C1. There's plenty to choose from.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

missm29

i would have thought at least 4-6 months before you try to increase the card limit, and 6-12months before applying for another card. I've always been a user on partners cards but wanted to build my own credit history. I applied for barclaycard initial and got a £400 limit, after 4 months of using it lots and always repaying in full they have just written to me doubling my limit. And last week i applied for a halifax credit card and have got it with a £500 limit, 0% on purchases too, shall be buying my children bunk beds with it.

katehesk

Moggles wrote: »

Congratulations on getting accepted by Capital One
:beer:
It takes time to build a good credit history.

Once you've operated this card for 12 months and built a nice string of 0s on credit files, you'll find it easier to get the cards and credit limits you want. I would apply to another lender though, not C1. There's plenty to choose from.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

I've just used the credit checker tool in this link and came out with a 'good' score. Further down the page it mentions Moneysupermarket's Smart Search tool (says they are similar) but with that I got needs improvement

I am looking to get a loan and really want to get a good rate but just not sure what my chances are.

Dirty_Dave

Congratulations on CO acceptance? I thought they take on anyone lol? :beer:

Also, because I'm not really one that needs a bigger credit limit as 100 suits my needs, would a CC company maybe cause some type of problems like card cancellation for small spenders to try and force you to spend more?

Moggles_2

Dirty_Dave wrote: »

Because I'm not really one that needs a bigger credit limit as £100 suits my needs, would a CC company maybe cause some type of problems like card cancellation for small spenders to try and force you to spend more?

You don't have to be a big spender to build a good credit history.
If C1 should offer you a higher credit limit, it's not a problem. You don't have to use it.

The chief thing is to keep within your Ts & Cs. If you always pay up on time, you'll be fine.

In 12 months time, when you've built a nice string of 0s on credit files, I would apply to a different lender for a card with a lower APR