The Sub Prime Credit Thread - Part V

Zack1

That's good Well done Over the last few months it seems like Cap1 are actually being normal about rate increases and dishing them out more often.... now just hope they put mine up.... I've just checked statement 9, that was generated when I was on holiday.... still stuck on £200

chexum

Joeler wrote: »

Thought you may be interested to know that I have just checked my Cap 1 card statement online and I have been given a second credit limit increase. Had the card a year this month and initially got £500, then after 4 months they upped it to 1k. Just looked now and it's been upped to 2k. I understand this is pretty rare so quite happy with that

That's nice! Congratulations! Is this the classic? I've been wondering if the quoted credit limit at the url below (£100 - £1,500) is the maximum initially offered, or you can go higher...

http://www.capitalone.co.uk/creditcards/compare-credit-cards.jsf

Joeler

Yes it is the classic. I beleive they guarantee to give you a limit increase if you don't go over your limit and pay on time after your fourth statmement, so even if you get the highest limit initially, there is still room for a limit increase.

chexum

Yes - though by reading the forums I got the impression that after the 4 month, generally they ignore you for a long time. Based on that, hey may as well set your initial limit at half what they think you should have (or £100 if it was less than £200), and then increase it to the "real" one once everything goes as they expect, and leave it at that forever.

If £1,500 is not the end of the limits, all the better :cool:

Kelz

Evening
quick question sorry to bore you but just wanted to check with regards to capital one if I spend to my limit on a transaction then pay it in full am I correct that no interest will be charged or is it always better to stay shy of the limit ? Thanks for Reading just want to ensure I'm using the card correctly.
Kerry

Zack1

Kelz wrote: »

Evening
quick question sorry to bore you but just wanted to check with regards to capital one if I spend to my limit on a transaction then pay it in full am I correct that no interest will be charged or is it always better to stay shy of the limit ? Thanks for Reading just want to ensure I'm using the card correctly.
Kerry

You can spend whatever you like, whether that's your full limit or £10 - as long as you the balance in full (and the previous month was paid in full) then you won't be charged interest on anything. If you go over the limit the same should still apply but you will be hit with charges for going over.

Kelz

Thanks for your quick reply, am using it for half my holiday but know I can pay it in full. Think after that I'll just use it for incidentals which won't amount to as much but can be payed off in full.
Kerry

Jimbob98

Hi all,
sorry im new to this. looking to get a 'sub prime' card and read everywhere that to build up my credit rating make sure i always pay in full and never miss a payment. Ive seen a few times it say to setup a direct debit to pay off the full amount to avoid the nasty apr, but who do I set this up with?
would i phone my bank and tell them to set up the dd to pay off my card? or when the new credit card company gives me the CC, tell them to setup a dd so that they take the full balance from my card? not sure which way round it is? thinking if its the new CC company, can they refuse as they know from very first instance my intention and they wont make any money?!
many thanks for help!

samwsmith1

Jimbob98 wrote: »

Hi all,
sorry im new to this. looking to get a 'sub prime' card and read everywhere that to build up my credit rating make sure i always pay in full and never miss a payment. Ive seen a few times it say to setup a direct debit to pay off the full amount to avoid the nasty apr, but who do I set this up with?
would i phone my bank and tell them to set up the dd to pay off my card? or when the new credit card company gives me the CC, tell them to setup a dd so that they take the full balance from my card? not sure which way round it is? thinking if its the new CC company, can they refuse as they know from very first instance my intention and they wont make any money?!
many thanks for help!

The Card Company would do it, like vanquis you can set it all up online. Or you could setup a standing order up with your bank but this is a fixed amount.

sutton111

kilasuit wrote: »

i registered for IB within like 3 hours of account opening. I had my unique ID on the sheet that had my Acc no and sort code on it.

Finally HSBC have set up there details on my credit files. After nearly 2 months.

EDIT Equifax only so far, Experian it's still not showing, maybe tomorrow after their updates.