Capital One.

Equatorial_Guinea

When I applied to CapitalOne my credit rating was 36. No that's not a typo. Thirty-six. I was approved instantly. My credit limit was £200.

After 12 months my limit was raised to £500.

I have improved my credit limit as well by a number of means. I am now 240. Baby steps...

TagEHeuer

I've got no credit, declined with my bank (santander) but applied to CapitalOne, got the contract today, signed and posted. Excited to build up my credit

boogiemaster

I've heard creditors lenders see a different score to what we see and most of the time its a lot lower and there's us thinking we have a decent score?

coolesticeking

If you are worried that Capital One might increase your credit limit in the future and this means you may go out spending, simply ask them to opt you out of any increases.

hayton2k3

coolesticeking wrote: »

If you are worried that Capital One might increase your credit limit in the future and this means you may go out spending, simply ask them to opt you out of any increases.

Worried? They need not worry. Capital one don't just up limits like they used to.

mboro

Happy New Year!!!!!



That is really all I am trying to do is get a decent credit score.

Not used my card yet, I will do that soon, and then pay it off before the end of the month.
I set up a DD for the £5 minimal payment, but have always intended to pay it off in full...not that I am going to go out shopping at Harrods or anything irresponsible like that.

But £5 or £10 per month spend I thought would help my credit rating.

Is this the right way to go about it??

lisyloo

Why not put your food and petrol on it i.e. things you will be spending anyway.
If you are buying things you would otherwise be buying then there is NO problem.
What you do not want to do is buy things that you would NOT have bought otherwise, that's where the problem lies.
It is not free money, it's only another form of payment.

izools

mboro wrote: »

Happy New Year!!!!!



That is really all I am trying to do is get a decent credit score.

Not used my card yet, I will do that soon, and then pay it off before the end of the month.
I set up a DD for the £5 minimal payment, but have always intended to pay it off in full...not that I am going to go out shopping at Harrods or anything irresponsible like that.

But £5 or £10 per month spend I thought would help my credit rating.

Is this the right way to go about it??

Not quite, paying the minimum is not only expensive in the long run, it shows you can't afford to service the debt and could negaively affect your credit worthiness.

Change the DD to take the full payment, not minimum.

And then yes, a small spend will be all that is required to build a credit history. Good luck! :beer:

Gromitt

I'd never have the full payment taken as I may be rejecting some transactions under S75 or fraud, therefore I only ever pay the minimum, but make manual additional payments myself to ensure the balance is cleared every month.

If i've got a card on a promotional rate, then I pay just slightly more than the minimum (so it doesn't trigger the "Minimum payment" flag on my report). For example, i've got a Tesco CC with 15 months 0% purchase so I have the direct debit setup for minimum payment, plus theres a £1 standing order. At the end of the 15 months, I'll pay it off in full (but leave the DD setup for minimum payments just to protect me from £12 late payment fees should I use the card).

I believe the credit report also states if there is a promotional offer on a card, so a lender knows why you are only paying a small amount per month rather than full payment.