Is it worth me applying for a second CC?

Kim_13

Hi,

So today I received my latest statement from Capital One, which included an Annual Summary as I'll have had my card for a year in a few days time. I've the Classic Extra and have had no credit limit increase (perhaps as they've sussed that I'm using them as a cash cow by earning the 0.5% cashback on everything and paying off in full every month (and sometimes before the due date to free up the card for more spending if it was getting near the £500 limit.)

I'm stuck on sub prime cards at the minute due to low income, but am starting to worry that I'm damaging my credit file by consistently utilising a large percentage of the limit on the card. As a result, I'm considering applying for the Aqua Reward, and if successful, splitting my spending over the two cards to reduce utilisation.

Just wondering if this is a good way to go? Aqua does seem a step backwards from Cap One but it's the only other cashback card I think I currently stand a chance with. APR is higher but I have savings as a fallback also to clear cards in full.

Also, does anyone have any experiences with Aqua to share? I've read a few posts and it seems like a mixed bag (more generous with limit increases but something about cashback cheques and it being late?)

If I were to apply, should I clear my Cap One balance down to a small amount and wait for this to update with the CRA's before I do?

Other credit info - 4/5 on Noddle, settled mobile contract, £600 overdraft limit between 2 banks (not currently used), £860 credit limit with Studio 24 (balance £0.) Everything always paid on time.

Thanks for any help

[Deleted User]

Always worth having at least a couple of cards.

grumbler

Aqua cashback is account credit.

I am no expert, but my common sense tells me that with just £500 available credit the used/available ratio has to be pretty much irrelevant.

Mips

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thebritishbloke

May I ask what your income actually is? You'd be surprised how many lenders cater to a variety of incomes.

No_6

replied to wrong post....too much xmas wine
6

Masomnia

I doubt it's as big a problem in reality as you think it is. Even if it were, is your utilisation really that high given that you've got the other card?

Have you asked your Capital one for an increase? They might be amenable to it if you've been good with repayments.

notanewby

Kim_13 wrote: »

I'm stuck on sub prime cards at the minute due to low income

If you are on a low income, then you shouldn't be applying for ANY cards.

All they do is bring misery and torment, make the damn things illegal.

PeacefulWaters

notanewby wrote: »

If you are on a low income, then you shouldn't be applying for ANY cards.

All they do is bring misery and torment, make the damn things illegal.

Yet, used intelligently, a cashback card can provide extra income at nil cost.

Why exclude low earners from this?

Fruit_and_Nut_Case

notanewby wrote: »

All they do is bring misery and torment...

How would I scrape the ice of my windscreen without one?

john1002

its worth noting that capital one do not offer many credit limit increases and certainly I have never heard on here someone getting one by asking, normally it is done by the good old computer. They are probably the hardest to get limit increases especially based on aco!!!! length etc.