Aqua Credit Card

Lia1984

So a few years ago I ran up some credit card debt that became too hard to pay off. So I entered into a Debt Management Plan to clear the debt. This worked great and I have now been debt free for about 4 years. Unfortunately this has left me with a bad credit score. At the moment it has only just entered into 'fair'. My only direct debits are my car insurance, the gym and my mobile phone contract. I believe this will very slowly make my credit score climb but not enough. I can't get approved by any credit card company's nor can I get a loan. I don't need either of these things, I'm just thinking of the future (getting a mortgage etc) so I need something that can purely help me to build my credit score back up. I've come across the Aqua credit card which is for people in my situation. I have been approved for a £500 credit limit at a crazy high APR of 49.9% and I think it also has interest of purchases too. (When I originally worked it out, if I spent £50 a month, it would cost be £6.) I would only use this card to fill up my petrol tank once in each month just so that I have a balance that I can clear at the end of each month, and at the cost of £6 per month, to me; it seems worth it. This seems like my only chance to start climbing the credit ladder again.
I just wanted to know if anyone has any thoughts or if anyone has had one of these cards before?

[Deleted User]

Lots of people have had an aqua card before. Use it regularly and pay in full each month, and you will build a credit history. You won't pay any interest - not sure where you are getting the £6 charge from.

Completely ignore the score that the CRAs give you. It is meaningless as no one sees it but you and does not reflect how lenders see you. It will also drive you crazy when you see it plummet for now reason.

ricky_v

If you pay the statement balance off in full then there's no interest charged for puchases.

Aqua offers 0.5% cashback so use it for your purchases, pay off the statement balance in full, and get some money back

Lia1984

I think depending on your history, they give you different APR. Mine has come back very high, but as you both say, I'll be paying it off in full every month so that won't matter.
The interest on purchases was mentioned in my original offer online, but I guess that won't matter anyway as I'm paying in full the small amount I will Spend on it per month. Will spending £50 a month on this card be enough to help my credit score? Or does the amount not really matter?

grumbler

ricky_v wrote: »

...
Aqua offers 0.5% cashback so use it for your purchases, ...

Aqua Reward only.

[Deleted User]

Lia1984 wrote: »

Will spending £50 a month on this card be enough to help my credit score? Or does the amount not really matter?

The amount doesn't matter.

Lia1984

Thanks All, really helpful ��