Moving away from a capital one high interest card ?

Mr_Poves

Hi guys , I'm looking to move away from a capital one card which has the usual high rate of around 34% .
I got the card a few years back when my credit rating was less than brilliant , however in the very near future I stand to have a much better looking credit report :T
I have one default which is due to drop off shortly , along with about 4 other accounts all in good standing .
I've made a point of using the card recently for some large purchases , which I have then countered with a few larger repayments .
What is my best option of getting either -
1 - A more attractive apr from cap one .
2 - getting a card from somewhere else .
Pay off in full and negotiate a better deal with them ?
or try a balance transfer , or lastly pay off in full and just apply somewhere else ?

CLAPTON

I'm not sure what you are asking

obviously paying in full and avoiding interest is the best strategy
why would you do anything else

if you want/need second CC then apply for one maybe with some benefits (cashback/ points etc)

Nasqueron

Buying and not paying off in full is less attractive than paying off in full every month as it indicates you are living beyond your means/struggling to keep up with payments.

Just buy, pay off in full, rinse repeat - try for a BT card (use the MSE checker) to clear any balance if you are having issues paying it.

There is no other benefit to having another card beyond personal "status" unless you can get one with perks - the brand of card isn't important

Mr_Poves

Hi , I was asking the question of how I can get a card with a lower interest rate , whether I should try and negotiate with capital one for a better rate ,
or simply apply for another , will keeping the capital one card with a high interest rate affect me getting another card ?
I've not got any issues paying it , just don't want to keep using a card with such a high rate when I think I should be able to get a better rate .

Nasqueron

Mr_Poves wrote: »

Hi , I was asking the question of how I can get a card with a lower interest rate , whether I should try and negotiate with capital one for a better rate ,
or simply apply for another , will keeping the capital one card with a high interest rate affect me getting another card ?
I've not got any issues paying it , just don't want to keep using a card with such a high rate when I think I should be able to get a better rate .

You might need to clarify this - the reason I mentioned the BT card was it sounded like you were struggling to clear it - if you have no issues paying it off in full every month, what does it matter what the interest rate is - you would never be charged any interest?

If you can clear it, why are you holding a balance - any interest on savings would be vastly lower than what you are paying in interest.

Cap might listen - you can but ask, no guarantee they would do.

Check the MSE soft search and see if any of them would give you a better deal - having too much credit is bad but if you have had 1 card and pay it off regularly (and especially when the negative marker drops) you may well get a better % rate card but unless you intend to hold a balance then the interest rate is meaningless

CLAPTON

Mr_Poves wrote: »

Hi , I was asking the question of how I can get a card with a lower interest rate , whether I should try and negotiate with capital one for a better rate ,
or simply apply for another , will keeping the capital one card with a high interest rate affect me getting another card ?
I've not got any issues paying it , just don't want to keep using a card with such a high rate when I think I should be able to get a better rate .

why do you care about the interest rate : if you pay in full each month you don't pay any interest

Mr_Poves

Ok , to ask the question another way ,
by having one of these"rip off apr" cards , does it have a negative impact on an individuals credit worthiness / rating , as opposed to having a barclaycard with for example an apr of 15% ?
As in would a lender take a dimmer view on someones credit worthiness because they had a 35% apr card ?

[Deleted User]

No one knows what your interest rate is apart from you and the lender.

Oh, and now us, obviously.

Nasqueron

Mr_Poves wrote: »

Ok , to ask the question another way ,
by having one of these"rip off apr" cards , does it have a negative impact on an individuals credit worthiness / rating , as opposed to having a barclaycard with for example an apr of 15% ?
As in would a lender take a dimmer view on someones credit worthiness because they had a 35% apr card ?

Your credit worthiness is established by good management, paying off in full every month, never missing payments and never being late. What flavour of card and what interest rate is irrellevent - what matters is your behaviour.

sniggings

Mr_Poves wrote: »

Ok , to ask the question another way ,
by having one of these"rip off apr" cards , does it have a negative impact on an individuals credit worthiness / rating , as opposed to having a barclaycard with for example an apr of 15% ?
As in would a lender take a dimmer view on someones credit worthiness because they had a 35% apr card ?

It was clear from the start what you were asking :beer:

Truth is any of the options you gave are unlikely to get you a better card with a default.

You could payoff this one and try for a Barclay starter card, but again high interest and unlikely to get where you want it to,might as well wait and apply for a main stream card when your CR is clear.

The answer is who knows what criteria they go by, chances are the 34% card will have a slight affect but it will e the default stopping you.

I applied for a card with defaults, got turned down, now they are off I got accept with a main stream credit card.

Carry on using the card, wait for the default to drop off then reapply, you could also get a phone contract which might help with the building for when the defaul is not longer showing.

Mr_Poves

Sniggings , thanks for reassuring me I was not going mad - the replies I got had me wondering .
The default drops off this month ,
I have phone contracts and other stuff all in good order .
I just want rid of this 34% card , and get another with a more favorable rate , which I may or may not carry a balance on .
So do I ask cap one for a lower rate card ?
Or close the cap one and apply elsewhere ?