'Bad Credit' Credit Cards Article Discussion

letmefree

Hi, I have had a Capital One card for a number of years, with a limit of £2.6k. I am sorting out my finances after years of overspend and I am just about to repay the final few hundred off this card and want to know if people think it is best to close the card or leave it open?

If I leave it open it will show I have access to available credit, but I am not sure if lenders e.g. Nationwide mortgage lenders, see it as a 'bad' card and so it would be better to close it?

I have around £14k on other cards which I am repaying at a rate of about £1k per month, so I will soon have other available funds should I wish and that should show as available to lenders. (£9k on 0% Barclaycard, £2.5k Natwest and £2.4 with Cahoot)

I have to re-mortgage in 10 months so want to get as good a credit rating, in the eyes of lenders, as possible before then.

Any comments appreciated.
Thanks

davekm

john1002 wrote: »

Not normally with capital one as most companies don't recognize prepaid cards and paypal is not a credit card so you won't be able to do that, hence why the route you suggest is not mentioned in the guides, you would need to choose a card that allows money transfers so MBNA for example.

Best way would be spend on your card that you would normally spend on your debit card to allow you more money in the bank for direct de bits.

John

Sorry, what I mean't was - would I be charged by my credit card provider (capital one in my case), if I put money into the balance of my paypal or entropay account with my credit card, then withdrew my paypal/entropay balance into my bank account. Obviously this is a desperate measure but I wasn't accepted for a balance transfer card. Would this count as a purchase on my 0% purchase card?

Chelseafan237

Former_MSE_Dan wrote: »

This thread is specifically to discuss the content of the article:

'Bad Credit' Credit Cards
Use them to rebuild your credit rating

To discuss or ask a question about this article: click reply

I couldn't get and of the credit cards listed on this article but i was able to geta guarantor loan from UK Credit which seems to be improving my score, I've had it for 6 months and I use clear score to check my credit profile, since having the loan it has improved so hopefully Ill be able to get the credit card i want soon!