newby with credit cards VANGUISH!!!! copule of questions. need some help.

richie33_2

Hi all....newbie to credit cards..

ill start by my credit score...

on experian my credit score is 817 i have 2 defaults!!!!! which 1 comes off the middle of this year [WHICH IVE NEVER HAD A LETTER FOR A DEFAULT WITH NATIONWIDE] and 1 with some mail order company in which the default clears in 2015!!!!!!.my fault!

now apart from that my experian credit report is fine.

anyway ive just applied for my first 2 credit cards in my life!! vanguish and capital one classic! been accepted for a vanquish but still waiting on capital one [BEEN 7 DAYS SO FAR AND HEARD NOTHING!!]. gave me a reference number but ive had no email from capital one.

now my apr with vanquish is 39.9!! dont no my credit limit yet, i havent got the card yet as im still waiting should be sometime next week.

here goes all the qestions...........

with my vanguish card i want to pay in full every month say between £10 and £100....on thier website with my natwest debit card and pay before the due date sometimes way before the due date aswell QUESTION IS...can i pay when i like before thw due date without setting up a dd on thier wbsite?

say if i want something for £400 what will be the min payment [ALTHOUGH IM NEVER GOING TO THAT JUST CURIOUS!] and say if i payed £150 per month on the £400 what will the intersest be? and how long to pay off? sorry but never had a credit card before so i need some answers!

du u guys think i will get accepted for the capital one classic credit card?

and finally i think.....if i get accepted for the capital one classic credit card should i ditch the vanquish and just keep the capital one classic card at 34.9%

sorry for the long post and if its been said before but cant seem to find the answers im looking for:) rich............:cool:

Saints2011

richie33 wrote: »

Hi all....newbie to credit cards..

ill start by my credit score...

on experian my credit score is 817 i have 2 defaults!!!!! which 1 comes off the middle of this year [WHICH IVE NEVER HAD A LETTER FOR A DEFAULT WITH NATIONWIDE] and 1 with some mail order company in which the default clears in 2015!!!!!!.my fault!

now apart from that my experian credit report is fine.

Ignore your "score" Experian, Equifax & Call Credit do not lend money. Defaults = not good. You can get all credit reports for £2.00 a pop its the raw data that counts not the score.

richie33 wrote: »

anyway ive just applied for my first 2 credit cards in my life!! vanguish and capital one classic! been accepted for a vanquish but still waiting on capital one [BEEN 7 DAYS SO FAR AND HEARD NOTHING!!]. gave me a reference number but ive had no email from capital one.

now my apr with vanquish is 39.9!! dont no my credit limit yet, i havent got the card yet as im still waiting should be sometime next week..

Call Capital One up they will tell you over the phone if your accepted quote the reference number.

Expect your Vanquis to be £150-£250 with two defaults.

here goes all the qestions...........

richie33 wrote: »

with my vanguish card i want to pay in full every month say between £10 and £100....on thier website with my natwest debit card and pay before the due date sometimes way before the due date aswell QUESTION IS...can i pay when i like before thw due date without setting up a dd on thier wbsite?

So you want to spend between £10 - £20 on the credit card and pay this of in full with your Nat West debit card.

Yes you can pay before the due date manually, I would make sure you have a DD set up just in case you forget etc as you dont want any late payments + charges.

richie33 wrote: »

say if i want something for £400 what will be the min payment [ALTHOUGH IM NEVER GOING TO THAT JUST CURIOUS!] and say if i payed £150 per month on the £400 what will the intersest be? and how long to pay off? sorry but never had a credit card before so i need some answers!?

Did your read your credit agreement?

Without looking on the website I would say 1% + any interest charges. (to be confirmed)

An example is on the link below in terms of costings, if you look under the section paying your bills.

richie33 wrote: »

du u guys think i will get accepted for the capital one classic credit card?

Why do you need two cards, you may or may not be accepted. Ring them!

richie33 wrote: »

and finally i think.....if i get accepted for the capital one classic credit card should i ditch the vanquish and just keep the capital one classic card at 34.9%

It doesnt matter about the APR if your going to pay in full each. You could run both if you can trust yourself.

I suggest you look on the following links

Here & Here

richie33_2

thanks to the above.

will give capital one a call tomorrow...and hope i got it.

ejc81

richie33 wrote: »

say if i want something for £400 what will be the min payment [ALTHOUGH IM NEVER GOING TO THAT JUST CURIOUS!] and say if i payed £150 per month on the £400 what will the intersest be? and how long to pay off? sorry but never had a credit card before so i need some answers!

du u guys think i will get accepted for the capital one classic credit card?

The minimum payment with vanquis is around 5% of the balance so about £20 on a balance of £400. The interest @ 39.9% APR is 2.839% per month. so interest on £400 would be about £11 that month.

If you bought something for £400, didn't use the card for anything else and paid £150 per month, it would be paid in 3 months.

Regarding Capital 1, they will either send you a letter say sorry you haven't been accepted, or they will send you a card, they can take a couple of weeks