Capital One - 2nd Card

A4445

Superhoop91 wrote: »

A4445

It's pre approved on the eligiblity checker, only then do they do a hard search after anyway. Your suggestion is I get both cards (so 3 in total)?

No harm in having 3 cards you really need to get rid of the payday loans ASAP. They will still do a hard search even if pre approved. Once the loans are paid you can concentrate in clearing the cards starting with the highest APR first. Never take a payday loan again!

Superhoopza

Yeah I have no intention of using a payday loan again. Lesson well and truly learnt. Say I take 3 cards in total, is it worth closing the highest APR one once paid off or is having that credit facility there good for my credit file?

A4445

Superhoop91 wrote: »

Yeah I have no intention of using a payday loan again. Lesson well and truly learnt. Say I take 3 cards in total, is it worth closing the highest APR one once paid off or is having that credit facility there good for my credit file?

I’d keep all 3 for the time being spend each month and pay in full. The. Hopefully better cards will come along and you can cash in on rewards!

[Deleted User]

If you've no intention of paying them off in full then i sincerely can’t recommend you taking on further debt.

Superhoopza

Ok sure I'll just pay 3x as much in interest payments. Thanks to those who actually helped.

Superhoopza

Ok so the card I've been pre approved for Cap One is the same interest rate as my current one. Do I use it for the 4 month 0% introductory rate and then look to consolidate the two of them so they are on one card with the credit limit of both combined, therefore I only have one cap one card and maybe one aqua card if I go ahead with that one?

Superhoopza

Ok thanks to all those who tried to help.

I've just been given a £500 credit limit for a second Cap 1 card so I won't be using aqua. I'll take a cash advance on my current card and use the second card for all my purchases next month as I have 3 months 0% purchases. This allows me to pay the big pay day loan off as I have frozen the interest on the other one. Then I can pay the £500 balance before the 3 months are up. Yes I'll have 95% or more credit utilisation but my total debt will be reduced as well as paying off a payday loan.
Then from July I can work on my overdraft and 1st CC and see the best way to combine the two cards as my second one is 10% less APR a month.

I'll seek advice on that issue in a couple of months. It's a great relief and this will save me around £300 roughly on interest payments, maybe more, as well as clearing a big payday loan at the end of the month.

A4445

It seems you have it all sorted. Try to come up with a plan to be debt fee ASAP. The Capital One Card’s still have a bad rate but significant better than payday loans. There can be allot of judgemental people on here so just ignore them. Things happen in life and we can’t all always pay our credit card bills in full every month. If everyone paid in full each month there probably wouldn’t be credit cards around :rotfl::rotfl:

Superhoopza

Yeah thanks for the help. Yeah I've been sorting myself out the past couple of months after making some big errors in judgements. Yeah I think I can be debt free in 12 months. I was very close to going onto A DMP, thank God I didn't.

[Deleted User]

No one is being jugemental - just honest.

You may well be “debt free” soon but it will still stuck with you for the next 6 years