Moving away from a capital one high interest card ?

sniggings

Mr_Poves wrote: »

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 ?

It's really important to check all 3 credit reports as they ALL need to have the defaults gone (or just apply for credit with companies that only check the clear reports )and also show you are on the electoral register, 1 of my credit reports is still showing a default and not showing my registration so I do not apply for credit if they check that report (call credit) there is a good thread of here showing who uses who https://forums.moneysavingexpert.com/discussion/2419785 , as you will fail the check if they are slow in updating, Call Credit is 5 months behind the others for me :eek:.

Yes close that card, wait for the credit files to be corrected then appy for a better card, I failed 2 but got accepted with Yorkshire and an Argos card, my method was to apply for a few on the same day, so not giving time hopefully for the searches to show on my report as too many searches can affect whether you pass the checks.

Hope that helps.

Nasqueron

I'd leave it at least a month if not two - depending on when the default expires and when the CRA update their records it might still show for a little while after.

If you do intend to buy stuff and carry a balance, do note it will be a negative mark on your record.

Personally I would wait 2 months after default goes then use the MSE tool to see what they suggest applying for - worst case if you know you have some big purchases coming up, get a 0% purchase card or a BT one to move the items over to.

Nasqueron

sniggings wrote: »

Yes close that card, wait for the credit files to be corrected then appy for a better card, I failed 2 but got accepted with Yorkshire and an Argos card, my method was to apply for a few on the same day, so not giving time hopefully for the searches to show on my report as too many searches can affect whether you pass the checks.

Hope that helps.

Some of the firms may delay responses, you cannot guarantee they will all check in the same short window - if they do it overnight you'll run the risk of a mass of searches which makes you look like you're desperate for credit and trying to get loads which will sound alarm bells all over the place.

Apply for 1 or 2 based on soft search ratings and leave it a few months if you don't get either

sniggings

Nasqueron wrote: »

Some of the firms may delay responses, you cannot guarantee they will all check in the same short window - if they do it overnight you'll run the risk of a mass of searches which makes you look like you're desperate for credit and trying to get loads which will sound alarm bells all over the place.

Apply for 1 or 2 based on soft search ratings and leave it a few months if you don't get either

All my soft searches had a low chance of acceptance. Maybe they all use Callcredit and that for me has still not updated.

I applied for cards that gave an instant decision, all still wrote to me, not sure if it works but I doubt they all update that fast, I know for sure they take ages taking bad info off.

Saying that, no need to wait 2 months, Experian and Equafax updated for me within 1 and 2 weeks, I just made sure to check my file before applying to make sure.

Nasqueron

sniggings wrote: »

Saying that, no need to wait 2 months, Experian and Equafax updated for me within 1 and 2 weeks, I just made sure to check my file before applying to make sure.

The agencies update frequency varies - a default should drop off immediately but Equifax can take a month to update and changes that miss the cut off may not be reflected. It took noddle 6 weeks to reflect my voluntarily credit limit being lowered.

As the OP simply wants a lower % APR card which may or may not carry a balance in the future, waiting a month or so won't harm any one

sniggings

Nasqueron wrote: »

The agencies update frequency varies - a default should drop off immediately but Equifax can take a month to update and changes that miss the cut off may not be reflected. It took noddle 6 weeks to reflect my voluntarily credit limit being lowered.

As the OP simply wants a lower % APR card which may or may not carry a balance in the future, waiting a month or so won't harm any one

lets give the op our experience and he can chose if he wants to wait an extra month or so for no good reason

as long as he checks his reports then no reason to wait...unless he wants to.

Mr_Poves

It's a good point about checking all the agencies , at the moment I only use noddle , so gonna try the 30 day experian trial , I'm not desperate for credit , it's taken me a while and alot of catching up to get where I am and just want shut of this damned cap one card ! Thanks for the tips btw .