Capital One.

mboro

Hi all,

I use this forum alot and over the past years it has helped me get rid of some my debts.

I am now in full control of my debts and keeping up with monthly payments.

I know my credit rating with Experian is low, so I am looking for a way in which to make it better.

I am thinking about applying for a Capital One credit card, but I am scared to death that if I am allowed one then all hell will brake lose and I will buy everything in sight.

I don't want to tempt myself but I do want a better credit score.

[Deleted User]

You need to weigh up the risks. Life is tough and a lot more expensive if you don't manage your credit rating properly.

But even worse if you can't control your spending and end up owing thousands that you can't repay.

KingElvis

With the limit that Crap 1 would visit on you, you're unlikely to go on a spree at the local Aston Martin garage....

It woul be £200 at best.

YorkshireBoy

mboro wrote: »

I am now in full control of my debts and keeping up with monthly payments.

...I do want a better credit score.

I don't understand?

If you've already got credit agreements which you're servicing you're already improving your 'credit score' aren't you?

If you don't have any credit cards (making up your debt, ie it's all loans/overdrafts etc), and you really have so little willpower, then make an application adding an additional trusted cardholder. Give them both cards and let them do the work for you.

david39

Why are you trying to increase your credit score if you don't want to take out extra credit?

If you feel you cannot trust yourself to keep your spending under control on credit cards, then you shouldn't really be taking on new ones.

Unless there is some other reason to do with, say, housing or mortgages, then you don't need to increase your credit score - it will gradually improve as time goes on.

mboro

Hi, thanks for the replys.

I don't have any credit cards or an overdraft, I would like a
mortgage in the future.

The debts I am repaying are rent arrears from 8 years ago, Student Loans Company and a Student Account. I was never any good with money until I came to this forum and have been getting my money back on track.

I have never had a credit card before and am a little apprehensive but soooo want to improve my credit score. :T

I will just have to keep control of myself and not go on a spending spree. :j

mboro

Well, I recieved my Credit Card. With a £200 credit limit.

Pleased I got it, now I will put it somewhere safe.

luci

You will only be able to build up your credit score by using the card and paying it off in full each month, even if it is only for a small amount. Locking it away somewhere safe and not using it won't do it.

boogiemaster

Sign up to a credit reference agency where you have to pay a certain amount each month and charge it to the credit card.

Once your credit card statement comes it will be a low amount that you will be able to afford to pay and at the same time your credit card will show on your credit file and it will be improving your credit file.

Just an idea

gambledandlost

I have a REALLY bad credit history but last year took out a Vanquis credit card, registered it to pay a direct debit on my mobile phone account (£10 a month). Set up a direct debit to pay off the whole amount in full every month, and promptly shredded the credit card.
Despite all the late payments I have had on my other credit card account, the Vanquis account shows as a good thing in my credit report, so it is a really useful tool if used carefully

mboro

Thanks for the advice.x