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Does switching from a credit builder card effect the credit building process [UPDATE]
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Are you being a bit paranoid here? Companies are throwing credit cards at people nowadays and your Aqua card is for people who have bad history, so the interest rate is high. Anybody should give you a card with a decent enough limit if you haven't got any CCJs or defaults and are on the electoral register.0
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Depends if you can get 1 of the reward cards, I wouldnt bother myself, just keep on using the Aqua card.
Out of interest, why wouldn't you bother? What would be the advantage of just using Aqua.
It's not really the risk of being turned down that bothers me. It's just that I made progress building up with Aqua (i.e. increasing the limit from £300 to £1200) and I wasn't sure if that progress would be wiped out from switching, but judging from the replies in this thread, that won't be the case.Are you being a bit paranoid here? Companies are throwing credit cards at people nowadays and your Aqua card is for people who have bad history, so the interest rate is high. Anybody should give you a card with a decent enough limit if you haven't got any CCJs or defaults and are on the electoral register.0 -
littly_kitty wrote: »Out of interest, why wouldn't you bother? What would be the advantage of just using Aqua.
It's not really the risk of being turned down that bothers me. It's just that I made progress building up with Aqua (i.e. increasing the limit from £300 to £1200) and I wasn't sure if that progress would be wiped out from switching, but judging from the replies in this thread, that won't be the case.
I wouldnt bother switching to another card eg 1offering cashback pure for the fact you wouldnt get much back.
At the end of the day its your choice.0 -
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I got accepted on the TSB card (with a limit of £500) and just need to submit my ID to complete the application.
However, my friend was saying that I've made a mistake. As by having a second card, I won’t be using the Aqua card that much, so they won't keep on raising the limit on it. And TSB will probably take at least 6 months before they start raising. Even though I don't really need the credit now, building up the limit will look more attractive to lenders if I decide I need more credit in the future (e.g. if I ever decide to get a mortgage)
My friend was saying that I would be better of staying with Aqua until my limit reaches £7000 before switching (which apparently will only take a year or so now that I have built up my current Aqua limit to £1200). Once I have a £7000 limit, then my credit history will look more attractive to lenders.
Also apparently Aqua a more generous than other companies with their limit raising, so if I stay with them my credit building will occur quicker.
Is my friend correct?0 -
Not really.
Having two cards shows you're more trusted, and is a very good idea in any case. Use one as your main card and use the other at least occasionally.
Keep paying off in full.0 -
Thanks! And in this context, will once or twice a year still count as occasionally (for the second card which will now be the Aqua one)? Thanks!Deleted_User wrote: »Not really.
Having two cards shows you're more trusted, and is a very good idea in any case. Use one as your main card and use the other at least occasionally.
Keep paying off in full.0 -
That should do the trick.0
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Perfect, thanks! I really do appreciate all your help.
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After all that TSB are saying that my TSB credit card application hasn't been isn't linked to my TSB bank account, so they can't process it the credit application and that I need to go to the branch to get them linked. I went to the branch, but they said I need to ring them. I rang them, and they sent me back to the branch, saying that I should go to a bigger one which is too far away.
Rather than continue to play ping-pong, I've decided not to bother. On the email I received from TSB it says that if I don't submit the documents they need in 28 days, then they won't continue with application. If I do nothing will that be okay, or I am better of calling them and explicitly cancelling it?
Thanks for any help.0
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