Aqua Credit Card to fix a bad credit rating

max.goodchild

I was given a 'poor' credit rating from 'call credit'. I had credit card issues in the past but have been regularly spending approx. £1000 every month for the last year and paying it off in full in the hope of improving it. I'm hoping to improve my credit score further and more rapidly and was wondering if using a 'bad credit card' such as the 'Aqua' card (with REP APR of 39%) would help?

Is it as simple as applying for one, using it and paying it off on time? Or does the fact I'll have a second credit card further harm my situation? Or are there any other issues to consider?

Regards

[Deleted User]

Nothing wrong with a second card as long as you manage it properly.

But ignore any score that CRAs give you.

max.goodchild

Thanks, what are CRA's?

[Deleted User]

Credit reference agencies, such as Call Credit.

darkidoe

You can rebuild credit history with just one credit card just fine. Does the second credit card add anything of value to your spending or will it just be a risk for you to spend more?

Consider that and if you think the second card has value (eg. travel credit card, cashback, rewards etc) that you will benefit, then no harm going for it.

Dandytf

darkidoe wrote: »

You can rebuild credit history with just one credit card just fine. Does the second credit card add anything of value to your spending or will it just be a risk for you to spend more? /QUOTE]

I've got 2 credit builder cards during DMP -250 and 450 limits-just 99 to pay off next wage.

I'm considering applying for a 3rd card hopefully to get 0% 3 mths for 4k t.v.

4k t.v. not a necessity t.b.h. which is why I haven't yet applied.

max.goodchild

Thanks darkidoe, so I won't be building further towards my credit score by having a second 'bad credit card' (with high interest)? You think I should just stick with my original and carry on with sensible spending?

darkidoe

max.goodchild wrote: »

Thanks darkidoe, so I won't be building further towards my credit score by having a second 'bad credit card' (with high interest)? You think I should just stick with my original and carry on with sensible spending?

I think you would do well to work on getting your credit history in good shape with just the single 'bad credit card', spending and paying in full with no missing payments for up to a year, get on the electoral roll, stay within credit limits and perhaps try for a second mainstream card with perks when the poor credit issues start to become 'long in the past'. Do check your credit history before you apply through to assess your own credibility and make sure nothing is wrong on the report before you apply though.

20aday

Dandytf wrote: »

darkidoe wrote: »

You can rebuild credit history with just one credit card just fine. Does the second credit card add anything of value to your spending or will it just be a risk for you to spend more? /QUOTE]

I've got 2 credit builder cards during DMP -250 and 450 limits-just 99 to pay off next wage.

I'm considering applying for a 3rd card hopefully to get 0% 3 mths for 4k t.v.

4k t.v. not a necessity t.b.h. which is why I haven't yet applied.

I'd err on the side of caution in terms of obtaining credit during your DMP.

When I was in one a few years ago one of the terms was that I didn't obtain new lines of credit until I'd completed it.

If your existing lenders get wind you've opened credit accounts they may well turn back on the terms agreed with you.

Dandytf

20aday wrote: »

Dandytf wrote: »

I'd err on the side of caution in terms of obtaining credit during your DMP.

When I was in one a few years ago one of the terms was that I didn't obtain new lines of credit until I'd completed it.

If your existing lenders get wind you've opened credit accounts they may well turn back on the terms agreed with you.

What you advise makes sense t.b.h, most of which I already knew.

i'll stop applying.

Last 3 yrs of dmp is feeling like ages:(