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  • FIRST POST
    • Diving Now
    • By Diving Now 16th Apr 18, 6:06 PM
    • 11Posts
    • 1Thanks
    Diving Now
    Multiple Credit Cards for Credit Repair
    • #1
    • 16th Apr 18, 6:06 PM
    Multiple Credit Cards for Credit Repair 16th Apr 18 at 6:06 PM
    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.
Page 1
    • DCFC79
    • By DCFC79 16th Apr 18, 6:29 PM
    • 32,321 Posts
    • 20,329 Thanks
    DCFC79
    • #2
    • 16th Apr 18, 6:29 PM
    • #2
    • 16th Apr 18, 6:29 PM
    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.
    Originally posted by Diving Now
    Why a standing order ?

    I thought putting a CC into credit wasn't allowed.
    • Diving Now
    • By Diving Now 16th Apr 18, 6:57 PM
    • 11 Posts
    • 1 Thanks
    Diving Now
    • #3
    • 16th Apr 18, 6:57 PM
    • #3
    • 16th Apr 18, 6:57 PM
    Why a standing order ?

    I thought putting a CC into credit wasn't allowed.
    Originally posted by DCFC79


    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
    • By DCFC79 16th Apr 18, 7:22 PM
    • 32,321 Posts
    • 20,329 Thanks
    DCFC79
    • #4
    • 16th Apr 18, 7:22 PM
    • #4
    • 16th Apr 18, 7:22 PM
    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.
    Originally posted by Diving Now
    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.
    • zx81
    • By zx81 16th Apr 18, 7:26 PM
    • 18,073 Posts
    • 19,291 Thanks
    zx81
    • #5
    • 16th Apr 18, 7:26 PM
    • #5
    • 16th Apr 18, 7:26 PM
    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.
    • Gary_Dexter
    • By Gary_Dexter 16th Apr 18, 7:55 PM
    • 1,758 Posts
    • 1,014 Thanks
    Gary_Dexter
    • #6
    • 16th Apr 18, 7:55 PM
    • #6
    • 16th Apr 18, 7:55 PM
    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
    • By Diving Now 17th Apr 18, 7:14 AM
    • 11 Posts
    • 1 Thanks
    Diving Now
    • #7
    • 17th Apr 18, 7:14 AM
    • #7
    • 17th Apr 18, 7:14 AM
    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
    Originally posted by Gary_Dexter

    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.
    Last edited by Diving Now; 17-04-2018 at 7:21 AM.
    • Gary_Dexter
    • By Gary_Dexter 17th Apr 18, 7:33 AM
    • 1,758 Posts
    • 1,014 Thanks
    Gary_Dexter
    • #8
    • 17th Apr 18, 7:33 AM
    • #8
    • 17th Apr 18, 7:33 AM
    Using 2 is fine.

    You ahould have one as a backup anyway
    • Diving Now
    • By Diving Now 4th Aug 18, 11:36 AM
    • 11 Posts
    • 1 Thanks
    Diving Now
    • #9
    • 4th Aug 18, 11:36 AM
    • #9
    • 4th Aug 18, 11:36 AM
    I picked up a Vanquis Visa Credit card recently in addition to my long term Capital One Mastercard. Its going well so far.
    • molerat
    • By molerat 4th Aug 18, 12:39 PM
    • 19,114 Posts
    • 13,327 Thanks
    molerat
    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.
    www.helpforheroes.org.uk/donations.html
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