Ignored credit card... No longer

Orangest said:
If I were in your position, i'd be querying why Capital One are charging £145 for a card you "never use"?
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Never being a slight overstatement, I used it when I first got it... But, see below.

Basher said:
I imagine he used to use it and never quite finished paying it off ...
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Yes, this, exactly this, it's had the bare minimum to cover by without going into the collections department but this only happens every several months when I get a random phone call to tell me and I always put it off to clear it.

Thank you all for the advice, much appreciated! Lesson well and truly learnt, luckily on a small scale and not thousands!

ags
 
Nix said:
Don't you need a very solid credit history for those cards though?
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Less than you used to - Amex Plat CB now offers credit limits as low as £700.

Unless you're spending a lot (maybe >1k/month), you're probably better off with the MBNA Amex - the tiering on the Amex means that you actually earn relatively little cashback until you hit the top tier. Of course, the introductory bonus is great, so you could just enjoy that and then switch over to another card afterwards.
 
To answer OP.

Yes paying Credit Card bill each month increases rating.

And paying the full amount each month is the best method as you won't have additional fees.
 
Nix said:
I've just got myself a Capital One Progress thingy as my rating got shot to **** thanks to graduating into this recession marlarky and not finding work for quite some time.

I've had it over a month so far, and I've already used it quite a bit. The rule I'm sticking to is only use the CC if I've already got the money available. For example, I'll use the CC - like I did last night for a few online purchases - if I've already got the balance elsewhere. As soon as the CC is charged, I immediately transfer money across from my current account to cover it. No hassle, no fines.

Pretty easy way of doing things really. Also, Capital One are online. Why don't you use internet banking instead? Funds take a few days to clear, but it's easier and you can check your balance easily. Alternatively, just pay through your current bank account online.
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Did exactly the same as you and used the CC for about a year, the interest dropped to 19.9% from 34.9% I believe though it was never an issue as I paid the balance in full.

I've scrapped that card and been accepted for the M&S 18 month interest free card which was a nice surprise. Get M&S points for every purchase though I don't shop there :). Only downside is they decided to start me off on a £3000 credit limit! Need to get that reduced right away, don't trust myself.
 
nichorob said:
Is there a way of checking your credit rating without having to pay?
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If you do the trials of Experian, etc. make sure you cancel (which they don't make easy) immediatly you have the information you want as otherwise they will continue the subscription automatically and usually charge for a full 4 or 6 months in one go.

Apparently its not a good idea to do too many credit checks on yourself either so I've heard, no idea on the validity of that.
 
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