Multiple Credit Cards for Credit Repair

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Diving_Now
Diving_Now Posts: 11 Forumite
in Credit file & ratings
Hi All.


I am undergoing a period of credit repair. I have a Capital One credit card which I am now managing and reducing to a near zero balance. I have managed it and retained it through the difficulties... Just!


I pay the minimum by DD and I also have a Standing Order for £100 going in to it. It had a £2000 limit and a balance of about £250. I tend to use it once a month for fuel so the balance falls.


Would it be worth getting a second credit card from someone like Lumia or Aqua and pay it off each month? Would this add to my repair strategy or should I just focus on the Capital One card?


Thanks all.

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  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Diving_Now wrote: »
    Hi All.


    I am undergoing a period of credit repair. I have a Capital One credit card which I am now managing and reducing to a near zero balance. I have managed it and retained it through the difficulties... Just!


    I pay the minimum by DD and I also have a Standing Order for £100 going in to it. It had a £2000 limit and a balance of about £250. I tend to use it once a month for fuel so the balance falls.


    Would it be worth getting a second credit card from someone like Lumia or Aqua and pay it off each month? Would this add to my repair strategy or should I just focus on the Capital One card?


    Thanks all.

    Why a standing order ?

    I thought putting a CC into credit wasn't allowed.
  • Diving_Now
    Diving_Now Posts: 11 Forumite
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    DCFC79 wrote: »
    Why a standing order ?

    I thought putting a CC into credit wasn't allowed.



    With a SO, I get to decide.

    Also, they didn't complain in the past.

    Currently it is at £100 so I'm paying it off over the next few months. When it is at zero I will drop the SO to £50 and just spend £50 on fuel each month.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Diving_Now wrote: »
    With a SO, I get to decide.

    Also, they didn't complain in the past.

    Currently it is at £100 so I'm paying it off over the next few months. When it is at zero I will drop the SO to £50 and just spend £50 on fuel each month.

    http://uk.creditcards.com/credit-card-news/overpaying-bill-1372.php

    Maybe the provider is ok with it, that link explains its not the best place to keep money.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Set it up as a full pay DD. That will demonstrate the best credit behaviour.

    Having two or three cards is always sensible, but only if you can trust yourself with them.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Don't put the account in credit.

    Just use it for your usual monthly expenditure and pay it in full each month following a statement
  • Diving_Now
    Diving_Now Posts: 11 Forumite
    edited 17 April 2018 at 7:21AM
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    !!! wrote: »
    Don't put the account in credit.

    Just use it for your usual monthly expenditure and pay it in full each month following a statement


    Thank you Gary. I intend to.


    I just wondered if having two credit cards and paying them off each month would be better than doing it with one.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Using 2 is fine.

    You ahould have one as a backup anyway
  • Diving_Now
    Diving_Now Posts: 11 Forumite
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    I picked up a Vanquis Visa Credit card recently in addition to my long term Capital One Mastercard. Its going well so far.
  • molerat
    molerat Posts: 31,855 Forumite
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    Having a second card is always a good idea especially if you are carrying a balance on the first. Spend on the second card, and clear in full each month, until the balance on the first is cleared to reduce interest.
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