Have I ruined my credit profile?

Juthely

Hello everyone!

I'm new to credit, so since september I have had both a capital one and vanquis cc. Vanquis bearing a limit of £250, and cap1 at £500. I have ran these cards very well, clearing the balance for the few months since opening.

A couple of days ago, an emergency arisen whereby I had to put a lot onto these cards. Vanquis is now at £150 and cap1 £400. I have no trouble paying this over a couple of months, and I am prepared for the extortionate interest, but I can't pay it all off right away, so I am looking to clear this within 3-4 months. I will be paying well above minimum, but my question is, will this situation drag my credit score back down?

Many thanks!

kate87

No don't worry. As long as you pay back at least the minimum, on time, this is fine. You say you're paying back well above the minimum so don't fret.

Ebe_Scrooge

Not at all. So long as you pay at least the minimum each month, on time, you'll be fine. In fact, daft as it seems, this may actually improve your credit rating. Credit companies don't make any money out of people that clear their cards every month, they like people to leave a bit on there so they can charge you interest !

whatyadoinsucka

not at all, but this is how most people start getting into debt on credit cards. make sure 'emergencies are emergencys'

The only other advise i can offer is
1, take advantage of balance transfer or purchase rates, repaying in full before the rates end
2, stick to the rules and set up a minimum payment direct debit to avoid 'non payment fees'
3, pay off in full every month to avoid interest
4, think do i really need it, or can i afford it.
5, with a few months credit history behind you apply for a better 'reputable provider' card with lower interest.

Juthely

whatyadoinsucka wrote: »

not at all, but this is how most people start getting into debt on credit cards. make sure 'emergencies are emergencys'

The only other advise i can offer is
1, take advantage of balance transfer or purchase rates, repaying in full before the rates end
2, stick to the rules and set up a minimum payment direct debit to avoid 'non payment fees'
3, pay off in full every month to avoid interest
4, think do i really need it, or can i afford it.
5, with a few months credit history behind you apply for a better 'reputable provider' card with lower interest.

Thanks for the advise! I have been very sensible with the cards, buying cat food just to keep them active, but recently they have proved themself as a very useful financial tool in a real emergency! So I am aiming to build a good history and get a card which doesn't bite so much on the interest,

Hank_Marvin

But, don't the CC people monitor accounts and when they see min payments being paid they, assume person is struggling and then WACK up the apr for no reason. Just because "Credit Cards computer" say's so.....

jon_boy75

pay a few quid more than the minimum, until you can pay more