Looking at my CC option - poor credit report

edrushuk

Hello everyone,

I have had an Aqua card for 11 months, where I have been paying between 50 -100%balance. I have had one late payment mark, but now set upminimum DD and then pay the extra. My limit has jumped from £250 to £1800.

I would like to secure a CC with a better interest rate (currently at 34%)and transfermy current £160 balance onto that.

My credit record is not good due to default and long termarrangement to pays (which I am currently challenging) after being on a Dmpwhich ended October 2013.

My current plan is to just wait it out, keeping my currentcreditors happy (which they are, all greens on my report) which will take me toabout 2019 (if I add 6 years to my last closed account I had on my DMP).

But there is a part of me that want to move forward ifpossible.

So, finally, my question is has anyone have any success of securing abetter rate credit card (25% or lower) while waiting for the bad stuff to clearyour credit report? Which companies accepted you? Trying to move away from the other sub-prime cards if that helps.

Thanks
Susanna

msallen

Nobody is going to be able to give you a definitive answer, but I suspect you're not going to get much better if you have had a late payment within the last 11 months. It may be worth trying an application once that late payment is a year old.

grumbler

Whatever the APR is, it's irrelevant if you pay the balance in full.
Even if you get, say, 20% instead of 34%, this still will be a very expensive way of borrowing. Have you not learned the lesson?

edrushuk

Obviously not Grumbler,

I have been focusing on getting into a good spending frame of mind and improving my credit file.

But that is a great way of looking at it. I will leave things as they are and work at keeping my spending and savings at a good level.

Thanks for your words also Msallen

Susanna