credit card with bad cedit

ke1892

I've just aplyed for a capital one progresive credit card and been acepted is this a good idea to have as my credit report isnt very good and i dont want to make it worse by taking this out any advice about this would be very helpful as i just dont know what to do now ive been acepted thanks

Any

Why did you apply for it then?

It is very bad idea indeed if you are just going to run up debt and get yourself in a mess.

It is an excellent idea if you are going to buy only stuff you need and have money for and pay off in full every month. It will help you build up credit history that shows that you are responsible with your money.

Without this no hight street credit card will touch in theory so it is the best recommended option - go for crap rate card to help you build up rating.

izools

When you say bad credit, what sort?

Old debts that you were unable to pay and have since been making reduced repayments on, or accounts that have recently fallen behind you are trying to bring upto date?

It's always a good idea to have a credit card used and paid on time as this shows positive repayment history and improves your credit score.

You can set up a DD for the full payment save having to pay interest and ensuring your bills are always paid in full & on time (bank balance permitting).

They will only give you a small limit, anyway, I got #300 limit on mine despite the prior three cards I had been approved for giving me four figure limits.

ke1892

i aplyed for this card as i want to try and improve my credit score i didnt no weather to take it out after i aplyed for it as i had people saying it would make my credit file worse (even though i only got a credit limit of £300 so can aford to repay this back) i was confused as what to do

Any

ke1892 wrote: »

i aplyed for this card as i want to try and improve my credit score i didnt no weather to take it out after i aplyed for it as i had people saying it would make my credit file worse (even though i only got a credit limit of £300 so can aford to repay this back) i was confused as what to do

No, trust me and the experts on here (including Martin Lewis himself) - taking out high rate credit card, pay with it AND PAY OFF EVERY MONTH IN FULL (to avoid paying that ridiculous interest) improves your rating.

If you miss payments you will mess up your rating - that much is true. So the best way forward would be to set up direct debit to make sure this doesn't happen, or really really keep an eye on it every month.

KingElvis

Use it and pay it back properly and it can have nothing but a positive impact on your future chances of getting credit.

Abuse it, don't pay it on time etc will just lead to completely the opposite.

elfen

I got a Vanquis card...six months or so down the line (last month) I applied for a Cap 1 card and got it....which was a sohck, but it must mean my credit rating is getting better, not worse. So see it as a positive sign