Aqua Card: Yes or No

jp10

I currently bank with Natwest and have done for years. A couple of months ago I took out a small loan which I am repaying in time and in full as per direct debit. Other than this, I have no existing loans, cards or debts and have done for some time.
With a busy July coming up, I decided to apply for CC with them online. It was declined. Then I decided to extend my loan online. Again declined. So I rang them and discussed setting up a CC. After chatting to the very helpful customer service it was again... declined. The poor guy on the phone genuinely didn't know what to say as he couldn't explain why and nor could I.

The only I can think of is that the two applications the couple of days before have seriously damaged my credit rating. I'm not going to get into how angry years of work building it is undone in the space of two days but... I need advice on what to do next.
I have 2 options as I need the money for July!

1) Appeal. This could take some time I fear as the letter on how to appeal will take up to 5 days to arrive and even then, it might not happen. It might be well into July by the time the card actually arrives.

2) I have checked Experian now (which with hindsight I should have done first ) and the only card I'm 100% eligible for is an Aqua CC. The online reviews, especially of customer service seem bad, but the card is designed for exactly the position I'm in.
But I'm nervous. Will it damage my credit rating like a payday loan would (as it feels like the payday loan of the CC world)? Will lenders frown on me in the future for having it? I can pay it on time so will having it end up improving my score? How long will the card take to arrive?

Help me. I'm leaning towards Aqua but I'm worried it will do more harm than good.

2ilent8cho

Aqua Card are fine. I got one in September with the 6 month interest free on purchases offer. They gave me a £900 limit, then it went to £1800 after 4 months, then £3200 last month.

They have an App and online access for managing your account and i have not ever had to contact customer services so i cannot comment on them. I'm happy with them. The high APR does not matter if you pay it off in full.

I could be wrong here, but i am sure i read on here the credit file feed that credit card and loan companies get access to does not name the credit card company, just the type, balance, repayment amount and credit limit, so nobody else will know its Aqua.

Dandytf

Aqua Customer Services are quite friendly, the few times I've called.

jp10

Thanks guys. That super helpful already.

Does Aqua allow minimum payments? Flexible payments etc.? I could envisage me spending about £400 on it and then paying it off over the coming months or will I have to pay all £400 back the following month?

Mrs_Ryan

Aqua have been exceedingly patient with me and the customer service is actually pretty decent. Yes minimum payments are allowed.

jp10

Thank you again.
Did anyone apply through Experian for it? I have 100% eligibility. Does that actually mean 100% lol

yoshiyella

just apply

ywlgy

You could get a very high APR like 50% or even 60% and they might not offer you interest-free period. So think about it if you want to carry a balance on it.

CakeCrusader

I had an Aqua card. It started off with a £600 limit, they increased it to £1600 a few months later, then they increased the interest rate to the max, 41.95% I think (I always paid on time, never paid the minimum, never went over the limit, credit file had no changes etc). I paid the outstanding balance off and haven't used it since. Just be wary.

[Deleted User]

You can appeal but they’re not obliged to uphold the appeal or provide a reason as to why they’ve declined you.

Ignore you’re credit score or rating. It’s made up and not something lenders use.

What do you need the money for?

You’ll need to pay back at least the minimum after each statement, ideally pay in full. You’ll get stung with ridiculous interest otherwise.

jp10

Thank you again everyone. Sorry if Im being a bit neurotic, just don't want to damage my credit score any further. Heaven help me if I get declined for that.
The CC is for personal use i.e. up coming events and purchases not to pay off any other debt, transfer balances etc.
I think I could have it paid off in a couple of months if I'm clever about it. Just have an additional £500 or so extra outgoings next month! Ridiculous but they are all things I can't dodge like weddings I'm a part of!