Credit Card Question

ColdAsIce

Dear all,

I tried applying for an Barclaycard last week, however something happened on the system and apparently a previous application had been made. So i advised the gentlemen on the telephone to cancel the application which he did.

Then i applied for an Egg card, i did it quite early in the morning couldn't sleep don't ask. However for some reason i got declined. Do you need a salary above £10k for that one?

So then finally i applied for a Co-Operative Clear Card, got accepted no problems.

Had a few questions to ask?

How many credit applications are recommended
I already have a Capital One Card with a £1k limit shall i keep this or ditch it.
Also the Co-Op card says free cash withdrawals? is this really true or does interest accumulate on it.

It's the Co-Op clear card with 12.9% they also gave me a £2800 credit limit, please note i've only had my Cap 1 card for 8 months.

I'm sort of worried can the above questions be answered.

Also are 0% purchase cards good, and how can you repair your credit etc.

Look forward to your response,

Regards,

ColdAsIce

[Deleted User]

Hi,

mmm, wonder why you are applying for so many?

Are you at the limit with Cap1?

If you had got the Barclaycard, would you still have gone for Egg, and if accepted, then gone on for Co-Op?

It's up to you what you do, but be careful, these cards are very easy to use, but still have to be paid back, please don't get yourself in a mess.

Oh, and I think the more you apply for the worse it is on your credit rating.

Take care.

ColdAsIce

The reason i wanted to leave Cap 1, the customer service was rubbish plus the APR is ridicilous.

I actually wanted to get a lavish purchase on a CC but my limit was only £1k!

If i did get the Egg card, i wouldnt have not applied for any more CC's i only wanted it for the 0% on purchases but i've been told its really hard to get.

I wont be applying for anymore Cards, i generally have low spending on my card and have yet to get in to problems.

Thank you for your help,

Take Care

thegoodman

So easy to get into the problem. Get one or two cards for the 0% on purchases and before you know it you will start paying APR becuase cant get any more cards

CannyJock

ColdAsIce wrote: »

If i did get the Egg card, i wouldnt have not applied for any more CC's i only wanted it for the 0% on purchases but i've been told its really hard to get.

The 0% on purchases is only until 1st May 2010 - http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

You wanted a 0% purchase card for less than 3 months?

CannyJock

ColdAsIce wrote: »

How many credit applications are recommended?

Also the Co-Op card says free cash withdrawals? is this really true or does interest accumulate on it?

Also are 0% purchase cards good, and how can you repair your credit etc.

1 application every 3 months is my recommendation

You mean this card? It says no fee for cash withdrawals, it doesn't say no interest If in doubt, call them on the 0845 number.

They're good if you spend on them, put the money you would have spent in a current account earning up to 6% AER, make the minimum payment each month and clear the balance in full before the 0% promotion ends.

Only damage to your credit rating from what you've said is the number of applications in a short space of time. Leave off any new applications for 6 months, make sure you don't miss any payments and close any unused accounts.

ColdAsIce

Thanks Conny Jack for your reply

I did ring them up however cash withdrawal's does accrue interest even if i was to pay it off on time i'd still get interest which i think is a bit misleading if i've already paid it off.

Also i have this Cap 1 card, ive had it for 8 months do you advise i still use it they did increase my limit to £1k, or shall i close it and start using this Co-Op Card i only use it for small purchases e.g. petrol ensuring i pay it off on time.

Co-op gave me a £2,800 credit limit is that bad? and i have the £1,000 with Cap 1. I wanted to buy a laptop i can now on my Credit Card as its over £1,000 as i have the funds i can pay it off straight away.

Are Co-Op any good or are they okay?

Also my car insurance renewal is up in Apr, will this damage my credit rating when i renew my car insurance or start looking for new providers?

CannyJock

ColdAsIce wrote: »

Also i have this Cap 1 card, ive had it for 8 months do you advise i still use it they did increase my limit to £1k, or shall i close it and start using this Co-Op Card i only use it for small purchases e.g. petrol ensuring i pay it off on time.

If you ask them to increase the credit limit after 8 months, I'd assume they'll search your credit report before making a decision (different if you appealed the limit right away).

ColdAsIce wrote: »

Co-op gave me a £2,800 credit limit is that bad? and i have the £1,000 with Cap 1. I wanted to buy a laptop i can now on my Credit Card as its over £1,000 as i have the funds i can pay it off straight away.

Not really sure what you're trying to achieve here. If you wanted the section 75 protection, you only need to pay £1 of the laptop with your credit card and use your debit card for the rest if you've already got the funds.

Their £2800 is 280% more than Cap One gave you It's all relative. I'd be disappointed with a limit so low, but I normally get £10K plus on cards. Though I've been juggling cards for years.

ColdAsIce wrote: »

Are Co-Op any good or are they okay?

As good as any other. There are no good-guys in the credit card world

ColdAsIce wrote: »

Also my car insurance renewal is up in Apr, will this damage my credit rating when i renew my car insurance or start looking for new providers?

Won't make any difference. The car insurance people do "quotation" searches for ID purposes, but they aren't interested in the amount of available credit.

What you can do is pay for your car insurance in one payment and avoid their 10%+ interest charges. Personally, I use the price comparison sites to find the cheapest, then wipe my cookies and apply for the cheapest via Quidco. With cashback, BMW Z4 fully comp insurance last year was < £300, and then I paid for it with a 0% purchase card

ColdAsIce

Conny,

I did want to know, so that i don't get myself in to difficulty shall i cancel my Capital One Card and just solely keep this Co-Op Card for the time being.

I doubt i am going to spend ridicilous amount's on the Cap 1 Card, or shall i just use it for small purchases, ive had it for 8 months, i could technically use it for 12 months, then maybe cancel the account what do you think??

At least once i get a better job and salary i can look at slightly better 0% purchase cards

CannyJock

ColdAsIce wrote: »

I did want to know, so that i don't get myself in to difficulty shall i cancel my Capital One Card and just solely keep this Co-Op Card for the time being.

Use both cards for minor purchases and clear in full each month to build a positive credit history.