Aquacard vs Vanquis

gizmomum

Hi Guys
A new board for me so apologies if this has been covered. I have problems with my credit score which I'm slowly working on and want to apply for a crdit card for two reasons. One to further improve my credit score by paying it off and also to cover christmas.
In January we come off our fixed rate mortgage and so our rate will drop from 7.5% to 2.5% leaving us with a little surplus. So the plan is to get a card just before christmas and have a very strict list/budget for presents etc which will be put on the card to be paid off in full in January after the rate drop.
My question is which of the two cards is best for this (I know they both have frightening rates) and also do you think this plan is sound?
many thanks for your help
x

izools

Gizmomum;

What is your credit history like? Any defaults? Been with Capital One? Have you seen your credit report lately?

Depending on your circumstances, it may be best to look at one of the new Capital One products, or Aqua, or Vanquis, we'd be in a better position to advise if you can field those questions

gizmomum

sorry, didn't think of the obvious bits of info like that!!:o
Yes I have a default from 12 months ago and CCJ from 2 years ago. I haven't been with Capital One and thought that that card may be too hard to get which is why I was asking about the other two. I also have a myriad of missed payments on my credit report but they are slowly filtering off as things have been marginally better the last few months
Hope this makes sense!

izools

I'd apply for Aqua first, if no, then Capital One Classic (they can be a little more lenient than Aqua in some cases), if no, then Vanquis.

Have you paid off your Default and CCJ yet? Have you missed any payments in the last 12 months?

If you've had any issues in the last year you may still have trouble even with a sub prime card...

... I hate to say it but may I suggest you consider that your wanting to rely on a credit card over Christmas may be the same line of thought that got you in trouble in the first place?

... If you have outstanding defaults / CCJ you should tackle those first before considering using any other form of credit IMHO

... If you do decide to take out a sub-prime credit card, please make sure you only do it if you are 100% confident you can clear it in full every month, and when you get the card make sure you set up a direct debit for the full balance every month. You should only really use these cards as a credit building exercise, you don't want to be charged their interest rates! Especially Vanquis who have been known to rate jack to 60+% APR!

gizmomum

thanks izools and yes I know the dangers of doing this and am still in two minds to be honest. If my mortgage payments weren't going to drop by £400 in January I wouldn't even consider it. My default is 3/4 paid off but the CCJ isn't...it's 'only' £100 but finding that to clear it is a problem even tho I know this would make a difference
I have had a couple of missed payments at the beginning of this year so realise this may still be a bit ambitious but am willing to try if I can repiar my score. I have no intention at all of running these up and missing payments etc again..the plan is definitely to use, pay off and then cut up after christmas. I wouldn't even be considering more credit but I have a 5 month old and an 18 month old and want to give them at least a couple of things to unwrap!

thanks for the advice again........if I'm successful how long befire they come through and how long after I use do I have to pay...I deally I'd like to buy the pressies as close to christmas as poss so the payments can be made in early Jan after the mortgage payment has gone down