Changing from a Aqua to a 0% Credit Card

OutOfTheWoods

grumbler wrote: »

Before the due date, not after.

sorry i did mean Before the Due Date (i was thinking after the statement is produced)

dont panic everyone i have build up great credit scores over the last year so have been doing something right.

crystal_pixie_2

Grumbler - you are absolutely right about the direct debit. I am in a similar situation, trying to improve my credit. Set up a direct debit to clear the card off each month and then you don't have to worry about it.

I find Capital one really good for sending out text reminders and emailing out statements.

Also - have you asked for a special rate on your existing card? If you have had a good relationship with them and had the card a reasonable amount of time there is no harm in asking for 0% on purchases for a while. Then you aren't hitting your credit report with new searches.

[Deleted User]

crystal_pixie wrote: »

If you have had a good relationship with them and had the card a reasonable amount of time there is no harm in asking for 0% on purchases for a while.

They won't get that from aqua. Possibly a slightly lower rate but even that is unlikely.

Anthorn

OutOfTheWoods wrote: »

Hello, After completing my IVA last December i took out a Aqua CC with 34% APR to build up my credit, which has been successful

I would like to change to a low or 0% on purchases CC & get away from the high APR

First thing, when starting a new CC is it possible to have the old CC automatically close even with out a balance transfer being applied?

If not will opening a New CC & closing the Old CC have any effect on my Credit Score?

Me & my wife are hoping to getting a mortgage soon so dont want to get anything negative on my Credit Score before we do.

Thanks in Advance

First of all, I'm not aware that a CC can be automatically closed when the balance is transferred. What in effect you are doing is using your new 0% card to make a payment to your old card. Most likely you will need to close the old card yourself.

The only possible effect on your credit report if you close the Aqua card is that the length of the history of your credit accounts will be affected. In addition your percentage of overall available credit used will also be affected and will likely be higher. The Experian Credit Score for example will penalise your credit score for both of those. On the other hand, closing the Aqua Card will give you a settled account which assuming a good account history will be an advantage.

Overall I would say be aware of the affect on your credit report but take the credit score provided by a CRA lightly.

chuckley

why do you need to close aqua? is something wrong?

are you planning on carrying balances on these lower apr cards?