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Some advice please?

edited 30 November -1 at 12:00AM in Credit Cards
15 replies 3.5K views
Sweet_Girl_xSweet_Girl_x Forumite
52 posts
edited 30 November -1 at 12:00AM in Credit Cards
Hello,

I am going on a trip soon and thought I would get a credit card for back up and hotel preauthorisations etc.

I got myself into a bit of state some years ago but that is all past me now and off of my credit file. I had a look at some eligibility check calculators to see what what my offerings were.

I did the MSE ones which gave me a few options of 100% pre approved cards (Capital one, Chrome, Vanquis etc) it also said I had a good chance of getting Barclaycard or Lloyds.

I bank with Lloyds so I did their eligiblity calculator which said I was in with a 95% chance of getting a credit card through them.

Now my question is, as I pretty much need this card, what you're should I go down? I have a Capital one card already (I am assuming I can have more than one card with one company) and with their 100% pre approval , shouldn't really hit any snags.
I mean Lloyds do give much better APRs and balance transfers etc, which would be helpful but the need right now is for back up funds.

I know which ever one I go for leaves a mark on your credit report when you apply, how long does that stay on for?

Have I got a bad misconception that Capital one have much less of a better process than say Lloyds?

What I don't want to happen is apply for the Lloyds credit card and then be told no, then it's impossible for me to get any credit (Like capital one) As I said before the Lloyds card would be helpful to me next year as I plan on clearing my debts, if I applied for the Capital one credit card this year, used it for the emergency funds for the trip, cleared it and closed the account, would that put me at a disadvantage for next year if I was to apply for a Lloyds card and do balance transfers etc to clear my debt?

Sorry for the long thread just wanted some pointers (as I obviously have no idea what I'm doing)
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Replies

  • Willing2LearnWilling2Learn Forumite
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    One search doesn't leave a 'black mark' on your file. It only starts to look bad when you have a few credit searches, one after the other. I would apply to Lloyds and see what happens. If they reject your application you can still apply to CapitalOne. (And yes you can have more than one card from the same company).
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Ben8282Ben8282
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    As you bank with Lloyds it would make sense to apply to them for a card.
    There is nothing wrong as such with having two cards from the same issuer but it strikes me as a bit like putting all your eggs in one basket should for any reason you have any problems with the issuer.
    A 95% chance of acceptance seems pretty good to me.
  • One search doesn't leave a 'black mark' on your file. It only starts to look bad when you have a few credit searches, one after the other. I would apply to Lloyds and see what happens. If they reject your application you can still apply to CapitalOne. (And yes you can have more than one card from the same company).

    Thank you for replying. So you don't think it would be too much of an issue if I applied to Lloyds, got declined and then applied to capital one?
  • Ben8282 wrote: »
    As you bank with Lloyds it would make sense to apply to them for a card.
    There is nothing wrong as such with having two cards from the same issuer but it strikes me as a bit like putting all your eggs in one basket should for any reason you have any problems with the issuer.
    A 95% chance of acceptance seems pretty good to me.

    I see what you mean about the eggs in one basket.

    95% I agree seems like a good chance but there is always the 5% (and yes I always seem to be the unlucky one!)

    I suppose I am also just so worried about my credit past even though it has dropped off my file, makes you nervous!
  • Willing2LearnWilling2Learn Forumite
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    Thank you for replying. So you don't think it would be too much of an issue if I applied to Lloyds, got declined and then applied to capital one?
    Correct, it would be no problem.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • Hello again,

    Thanks for your advice. I went ahead and got the Lloyds card and got accepted, hooray!

    These are the terms, would someone mind putting them into Leymans for me?

    Introductory promotional offers
    Balance type

    Interest rates and durations

    Purchases

    00.00% p.a. fixed for the first 24 months from account opening

    Balance transfers within the first 90 days

    00.00% p.a. fixed for 24 months from account opening on the transferred amount and the promotional fee

    Money transfers within the first 90 days

    N/A
  • edited 7 September 2018 at 5:44PM
    Willing2LearnWilling2Learn Forumite
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    edited 7 September 2018 at 5:44PM
    Hi,

    I believe these are your promotional terms:
    • Purchases are at 0% interest for the first 24 months
    • Balance Transfers are at 0% for the first 90 days only (I believe there will be an unknown balance transfer fee - you'll need to phone to check this)
    • There is no Money Transfer promotion with this card

    Edit: You would only use the Balance Transfer promotion if you already had a card with an outstanding balance. You don't currently have a credit card, so this promotion is irrelevant to you.
    • The purchase promotion for 24 months means you can buy anything up to your credit limit at 0% APR for two years.
    • After that, the interest rate shoots up.
    • Don't use this as a green light to spend.
    • I suggest only spending money on the card from your monthly budget and to pay the full balance due every month.
    • That way you will not build up any debt. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Terry_TowellingTerry_Towelling Forumite
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    You used the words, 'back-up' and 'emergency' in your opening post. Does that mean you don't actually plan on using the card for spending whilst on your trip and that you will only use it when checking into hotels (where a card swipe may be required) and if you run into an emergency?
  • edited 7 September 2018 at 7:46PM
    Sweet_Girl_xSweet_Girl_x Forumite
    52 posts
    edited 7 September 2018 at 7:46PM
    Hi,

    I believe these are your promotional terms:
    • Purchases are at 0% interest for the first 24 months
    • Balance Transfers are at 0% for the first 90 days only (I believe there will be an unknown balance transfer fee - you'll need to phone to check this)
    • There is no Money Transfer promotion with this card

    Edit: You would only use the Balance Transfer promotion if you already had a card with an outstanding balance. You don't currently have a credit card, so this promotion is irrelevant to you.
    • The purchase promotion for 24 months means you can buy anything up to your credit limit at 0% APR for two years.
    • After that, the interest rate shoots up.
    • Don't use this as a green light to spend.
    • I suggest only spending money on the card from your monthly budget and to pay the full balance due every month.
    • That way you will not build up any debt. :)

    Hello,

    Thanks again for the reply.

    So let's say my credit limit is £1000. If i spend £995 on it the first day, I don't pay any interest for 2 years?

    I was planning early next year to transfer my balance of my capital one card (of which the APR is around 29.9%) as if there is no interest for a year I have more chance paying it back quicker over the 2 years. Can I do that or is it saying if I want to balance transfer I only have 3 months.

    Thanks
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