I was stupid and applied for two cards and got accepted for both

smipsy

Hello everyone!

As per the title: I'm 27 and I've never used a credit card in my life, decided to get onto this "credit building" train.

I used Noddle card match service which offered me Aqua Reward as a 100% chance card, so I went through them to the Aqua page where I got instantly accepted, and they said they will post the card and the PIN in the next 5-10 days, and that I will know my credit limit once it all arrives.

However, a friend today has told me that Aqua is a "sub-prime" lender and that I should have gone with something at least slightly better, like the ASDA Cashback card. I knew of that card, but I thought I don't stand a chance because I never had any loans, mortgages or credit card.

Recklessly (and without thinking), I went to the ASDA page and applied there too, and got instantly accepted as well (from what it seems to me), with a 3500 limit :eek:

So my question is, how will this affect me? I don't know my limit on the Aqua card, but 3500 is just far too much for me, I could never possibly spend more than 500 in a month, and even that happens once a year or so.

ASDA card anyway seems better, so logically I should cancel the Aqua card before I even get it, but is that even smart? Does that hurt my credit rating or something?

How come Aqua and ASDA both just say "we'll send you the PIN and the card" through the post? I thought I would have to send them stuff, talk to them or something, but apparently I have to do nothing, is that really all there is to it?

I know those are silly questions, but I'm kinda panicking that I might have made a stupid mistake and hurt my credit rating for life.

[Deleted User]

Keep both cards, use regularly and clear in full month. Or just use one.

But don't cancel anything. And stop listening to your friend.

Remember to ignore your credit rating. You don't have one. Just credit history.

copperclock

Your credit file will be fine. Don't worry about it. Keep both cards. Use them occasionally. Set up Direct Debits to pay them off in full each month. Chill.

smipsy

Deleted_User wrote: »

Keep both cards, use regularly and clear in full month. Or just use one.

But don't cancel anything. And stop listening to your friend.

Remember to ignore your credit rating. You don't have one. Just credit history.

Okay, thanks a lot! I will use them both then, I will use the ASDA one in ASDA related things then, as I will get 1% cashback there, and Aqua for everywhere else as it is with 0.5%.

I probably should indeed not listen to him! But then again, he wouldn't have gotten me the "better" card then

copperclock wrote: »

Your credit file will be fine. Don't worry about it. Keep both cards. Use them occasionally. Set up Direct Debits to pay them off in full each month. Chill.

Thanks, looks like I have panicked for nothing then, phew! It's just that the humongous limit that ASDA has given (just like that after I completed their application online!) threw me off, so I thought I messed things up somehow, because Aqua will surely give me a lot less, which anyway seems more fitting for me!

MABLE

smipsy wrote: »

Hello everyone!

As per the title: I'm 27 and I've never used a credit card in my life, decided to get onto this "credit building" train.

I used Noddle card match service which offered me Aqua Reward as a 100% chance card, so I went through them to the Aqua page where I got instantly accepted, and they said they will post the card and the PIN in the next 5-10 days, and that I will know my credit limit once it all arrives.

However, a friend today has told me that Aqua is a "sub-prime" lender and that I should have gone with something at least slightly better, like the ASDA Cashback card. I knew of that card, but I thought I don't stand a chance because I never had any loans, mortgages or credit card.

Recklessly (and without thinking), I went to the ASDA page and applied there too, and got instantly accepted as well (from what it seems to me), with a 3500 limit :eek:

So my question is, how will this affect me? I don't know my limit on the Aqua card, but 3500 is just far too much for me, I could never possibly spend more than 500 in a month, and even that happens once a year or so.

ASDA card anyway seems better, so logically I should cancel the Aqua card before I even get it, but is that even smart? Does that hurt my credit rating or something?

How come Aqua and ASDA both just say "we'll send you the PIN and the card" through the post? I thought I would have to send them stuff, talk to them or something, but apparently I have to do nothing, is that really all there is to it?

I know those are silly questions, but I'm kinda panicking that I might have made a stupid mistake and hurt my credit rating for life.

If you feel you are not yet financially mature enough to use credit cards there is nothing to stop you in cancelling one of the cards or reducing the limit on the ASDA.

Remember its a credit limit and its up to you how you use the limit. Use it wisely and it will serve to be a great benefit in your life.

stevenhp1987

smipsy wrote: »

Okay, thanks a lot! I will use them both then, I will use the ASDA one in ASDA related things then, as I will get 1% cashback there, and Aqua for everywhere else as it is with 0.5%.

I probably should indeed not listen to him! But then again, he wouldn't have gotten me the "better" card then



Thanks, looks like I have panicked for nothing then, phew! It's just that the humongous limit that ASDA has given (just like that after I completed their application online!) threw me off, so I thought I messed things up somehow, because Aqua will surely give me a lot less, which anyway seems more fitting for me!

I wouldn't call £3.5k "humongous" (I'd be annoyed to be given such a low limit on a new card). For day to day spending it's much more than you need, but, for when you want to put your holiday spending on a card that earns cashback, £3.5k is not "humongous" (hotel, car, deposits etc; earning cashback...).

So long as you can control your spending and not go wasting money on things you cannot afford; then having a high limit can be beneficial as it shows that, day to day, you can control your credit utilisation and not spend more than you can afford. It can also be useful for earning cashback on big-spend purchases.

Kim_13

smipsy wrote: »

Hello everyone!

As per the title: I'm 27 and I've never used a credit card in my life, decided to get onto this "credit building" train.

I used Noddle card match service which offered me Aqua Reward as a 100% chance card, so I went through them to the Aqua page where I got instantly accepted, and they said they will post the card and the PIN in the next 5-10 days, and that I will know my credit limit once it all arrives.

However, a friend today has told me that Aqua is a "sub-prime" lender and that I should have gone with something at least slightly better, like the ASDA Cashback card. I knew of that card, but I thought I don't stand a chance because I never had any loans, mortgages or credit card.

Recklessly (and without thinking), I went to the ASDA page and applied there too, and got instantly accepted as well (from what it seems to me), with a 3500 limit :eek:

So my question is, how will this affect me? I don't know my limit on the Aqua card, but 3500 is just far too much for me, I could never possibly spend more than 500 in a month, and even that happens once a year or so.

ASDA card anyway seems better, so logically I should cancel the Aqua card before I even get it, but is that even smart? Does that hurt my credit rating or something?

How come Aqua and ASDA both just say "we'll send you the PIN and the card" through the post? I thought I would have to send them stuff, talk to them or something, but apparently I have to do nothing, is that really all there is to it?

I know those are silly questions, but I'm kinda panicking that I might have made a stupid mistake and hurt my credit rating for life.

Both will have searched your file, but these will stay for a year (Experian and Equifax) or two years (CallCredit), whether you cancel a card or not. You haven't ruined your file for life, and most lenders don't search every agency either.

Is it the Aqua Reward you've got? If so, this pays you 0.5% cashback which comes off your bill, so is effectively cash. Asda pays the same in Asda vouchers, so Aqua is actually better in that regard. If shopping in Asda, use the Asda card as they give 1% on that.

Aqua limits usually start at around £200, so you may find in some months you can't fit everything on the Aqua card and need the Asda too. If you're worried about having too much credit available to you, wait and see what your Aqua limit is and then decide what you'd like the Asda limit to be. You can ask Asda to reduce the limit to this amount, so that you can't be tempted to spend more.

Remember the golden rule to clear in full each month. It also looks better on your report if you spend less than half of your limit on any given card.

If you absolutely have to carry a balance then Asda would be lower interest, but you should consider a 0% balance transfer if this happens.

pmartin86

smipsy wrote: »

It's just that the humongous limit that ASDA has given

It's a limit, not a target

cjmillsnun

Just don’t spend more than you usually would in a month anyway (something like fuel is good to put on a card) and pay off in full every month and it will actually work in your favour.

ViolaLass

Kim_13 wrote: »

It also looks better on your report if you spend less than half of your limit on any given card.

Even if you pay off in full each month?


OP, PLEASE set up the monthly payment by direct debit so you can't miss any deadlines. Missing those will hurt your history and cost you.

Mnd

Just go careful, if you read the debt free wannabees threads so many start off with good intentions but the spend upto the limits, only make minimum payments and before they know it, up to their neck in debt.
You sound sensible so remember, this isn't your money it a potentially very expensive loan that is up to you to control