Was I right to get a card with capital one??

Cherryjack

Hello, wonder if you can help...

I have an awful credit score and want to rebuild this. Ive just been accepted for a capital one card.. with a basic £200.00 limit..

When i have the money I was going to spend say 30% on the card and then pay this completly back when the credit card statement comes thru.

Is this the right way to do things? I got the jist that credit cards arnt really for lending..but more a test to see if you pay it back on time etc.. and then you get a good mark against your credit...

Have i got this wrong? thought id ask before i do anything with it.

Im hoping to get married in the next few years and honeymoon in florida and my inlaws said i would need a credit card for care hire etc..

I hate credit cards but heard that you should have atleast one???

Thanks for listening to me ramble on.. any advice welcomed xx

[Deleted User]

It's a good plan, Spend and repay in full. Don't spend more than you otherwise would, but a 30-50% usage would be fine.

Recommend you also set up a full payment DD so you don't get caught out.

Cherryjack

Deleted_User wrote: »

It's a good plan, Spend and repay in full. Don't spend more than you otherwise would, but a 30-50% usage would be fine.

Recommend you also set up a full payment DD so you don't get caught out.

wonderfull! thanks for the advice.. i didnt know you could have a full payment dd set up.. so thats great to know..
If i didnt spend then one month and it was clear, would they still collect a dd? sorry if i sound silly :beer:

[Deleted User]

No, there would be nothing to be collected, so no DD processed.

balmk

Hello Cherryjack.

If you set up a full payment DD they will only take the statement balance, e.g if your balance is £200 they will take £200, but if it is £0 then they will take £0. Don't forget that you will be protected by the DD guarantee so if they take the wrong amount by mistake you can get an immediate refund from your bank.

Cherryjack

Thats brilliant :-) thanks for the advice :-)

novelty50

So long as you as you pay for what you spend in time, you should be just fine.

Cherryjack

novelty50 wrote: »

So long as you as you pay for what you spend in time, you should be just fine.

Thank you :-) hoping to make some positive changes.. i wish schools would explain to children.. i will most certainly educate my children about this stuff :beer: