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Taking on debt to build credit history.

phantom sneezephantom sneeze Posts: 1,064
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in General Discussion #1
I applied for a capital one platinum card and got accepted straight away so apparently I think I got a good score when they did the credit check. I know its the bottom of the ladder card with high interest but I can easily afford £200 a month repayments without it affecting me, I'll just not spend £200 a month on scratch cards. How long before I can apply for better interest credit cards after I've build up a better credit rating?
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    SJ_MentalSJ_Mental Posts: 16,138
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    #2
    Depends on your dole day and how many take the bait.
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    HypnodiscHypnodisc Posts: 22,728
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    #3
    SJ_Mental wrote: »
    Depends on your dole day and how many take the bait.

    Harrrrrharrr :D
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    PrinceOfDenmarkPrinceOfDenmark Posts: 2,761
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    #4
    phantom sneeze wrote: »
    I applied for a capital one platinum card and got accepted straight away so apparently I think I got a good score when they did the credit check. I know its the bottom of the ladder card with high interest but I can easily afford £200 a month repayments without it affecting me, I'll just not spend £200 a month on scratch cards. How long before I can apply for better interest credit cards after I've build up a better credit rating?

    You have already destroyed your credit rating by applying for a Capital One Platinum. The only way out for you now would be to double up on the scratch cards and hope for the best.
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    Bex_123Bex_123 Posts: 10,783
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    #5
    SJ_Mental wrote: »
    Depends on your dole day and how many take the bait.

    Heh... :)
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    phantom sneezephantom sneeze Posts: 1,064
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    #6
    PrinceOfDenmark wrote: »
    You have already destroyed your credit rating by applying for a Capital One Platinum. The only way out for you now would be to double up on the scratch cards and hope for the best.

    If I were to use my capital one card would people assume I'm poor with bad credit?
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    HypnodiscHypnodisc Posts: 22,728
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    #7
    phantom sneeze wrote: »
    If I were to use my capital one card would people assume I'm poor with bad credit?

    Yes.



    [filler]
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    soap-leasoap-lea Posts: 23,851
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    #8
    I very much doubt that they would have given you a credit limit that would have you making £200 monthly repayments.

    secondly why don't you tell us all what you have spent the money on already to have such repayments?

    p.s can you at least make it interesting cos this blatant trolling attempt is very poor and bland so far
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    phantom sneezephantom sneeze Posts: 1,064
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    #9
    soap-lea wrote: »
    I very much doubt that they would have given you a credit limit that would have you making £200 monthly repayments.

    secondly why don't you tell us all what you have spent the money on already to have such repayments?

    p.s can you at least make it interesting cos this blatant trolling attempt is very poor and bland so far

    I got £750 credit with littlewoods - which I've spent.
    £200 with the capital one card -

    Planning on paying £200 of the littlewoods account with the capital one card. I'll have £200 a month to pay both them off. I get £400 a month personal allowance.

    this leaves me with £50 for food a week, all the other bills are paid.
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    phantom sneezephantom sneeze Posts: 1,064
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    #10
    striing wrote: »
    It's going to be really hard for anyone to advise you when you live off so little. I'm not sure you can ever get a good credit score in those circumstances as you'll never have the money to spend to show you can manage credit.


    I get £1100 a month overall with after expenditures/bills my disposable income is around £750 a month, but how my money is worked out is complicated, I have saving of £3000 but releasing that money well is complicated.
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    soap-leasoap-lea Posts: 23,851
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    #11
    striing wrote: »
    Like I said, it's not a lot if you want to build a credit score. I think you might be better off just working out how to use the money you have to enjoy life as much as you can, and forget about building a good credit score.

    that would be my advice also. I would scrap the credit card and littlewoods account and put the money in an instant access savings account so that you canuse it if you need to and save up for stuff you really want as and when.

    whats the saying oh.. live within your means! you don't need credit for that.
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    sarahj1986sarahj1986 Posts: 11,305
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    #12
    Martin Lewis has sad on his shows to build a credit history get a credit card, the interest rates on it might be high but it doesn't matter. He recommends you spend £50-£100 each month but, this is the key here PAY IT BACK IN FULL ON TIME once you have your statement. This way you build up a history of payments and shows you are paying it back in full, this demonstrates why the interest rates don't mean anything as you will never pay interest providing you pay it in full on time
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    JasonJason Posts: 76,557
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    #13
    striing wrote: »
    It's going to be really hard for anyone to advise you when you live off so little. I'm not sure you can ever get a good credit score in those circumstances as you'll never have the money to spend to show you can manage credit.

    The OP is a known fantasist who has been rather comprehensively exposed in the past, so I wouldn't take anything he says remotely seriously.

    Anyway, i think any credit card is 'taking on debt' really, but if you don't consider them effectively 'unlimited' money and manage them well enough, i think they can be fairly useful.
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    phantom sneezephantom sneeze Posts: 1,064
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    #14
    striing wrote: »
    The OP only has an income of £13,200 a year though. He's not really in a situation where credit is required.

    Its all about disposable income which is £9000 a year.
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    phantom sneezephantom sneeze Posts: 1,064
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    #15
    I really want to buy this watch, like really bad spreading the cost over one year.

    http://www.watchfinder.co.uk/IWC/Pilots%20Chrono/IW388002/23531/item/56128
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    Pull2OpenPull2Open Posts: 15,138
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    #16
    sarahj1986 wrote: »
    Martin Lewis has sad on his shows to build a credit history get a credit card, the interest rates on it might be high but it doesn't matter. He recommends you spend £50-£100 each month but, this is the key here PAY IT BACK IN FULL ON TIME once you have your statement. This way you build up a history of payments and shows you are paying it back in full, this demonstrates why the interest rates don't mean anything as you will never pay interest providing you pay it in full on time

    But if creditors cant make money out of you with interest, how does that make you a viable debtor?
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    Pull2OpenPull2Open Posts: 15,138
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    #17
    phantom sneeze wrote: »
    I really want to buy this watch, like really bad spreading the cost over one year.

    http://www.watchfinder.co.uk/IWC/Pilots%20Chrono/IW388002/23531/item/56128

    I'd buy at least two if I was you.
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    [Deleted User][Deleted User] Posts: 816
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    #18
    striing wrote: »
    It's going to be really hard for anyone to advise you when you live off so little. I'm not sure you can ever get a good credit score in those circumstances as you'll never have the money to spend to show you can manage credit.

    You can build up a good credit score from a history of paying utility bills etc on time and by direct debit..
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    JurassicMarkJurassicMark Posts: 12,876
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    #19
    phantom sneeze wrote: »
    I really want to buy this watch, like really bad spreading the cost over one year.

    http://www.watchfinder.co.uk/IWC/Pilots%20Chrono/IW388002/23531/item/56128

    Don't forget the 75inch Television you want, plus any other fantasy purchases you have in mind.
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    phantom sneezephantom sneeze Posts: 1,064
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    #20
    Milly-the-dog wrote: »
    You can build up a good credit score from a history of paying utility bills etc on time and by direct debit..

    The £138 monthly virgin media bill is in my name.
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    sadmuppetsadmuppet Posts: 8,222
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    #21
    phantom sneeze wrote: »
    I really want to buy this watch, like really bad spreading the cost over one year.

    http://www.watchfinder.co.uk/IWC/Pilots%20Chrono/IW388002/23531/item/56128

    If you've only got £750 credit limit on one card and £200 on the other, how are you going to pay for this?

    Surely you'd have to have a credit limit of at least £7000? :confused::confused:
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    Pull2OpenPull2Open Posts: 15,138
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    #22
    phantom sneeze wrote: »
    The £138 monthly virgin media bill is in my name.

    :D:D:D

    You're killing me!

    :D:D:D
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    phantom sneezephantom sneeze Posts: 1,064
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    #23
    sadmuppet wrote: »
    If you've only got £750 credit limit on one card and £200 on the other, how are you going to pay for this?

    Surely you'd have to have a credit limit of at least £7000? :confused::confused:



    That watch company does finance but I need a good credit report to attain the watch.
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    phantom sneezephantom sneeze Posts: 1,064
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    #24
    striing wrote: »
    He doesn't need credit; he's got £9K disposable income over a year so he just needs to ask if he can pay in installments and give his bank account details.

    Do you think they'll let me pay in instalments?
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    Pull2OpenPull2Open Posts: 15,138
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    #25
    phantom sneeze wrote: »
    Do you think they'll let me pay in instalments?

    I cant see why not OP.
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    sadmuppetsadmuppet Posts: 8,222
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    #26
    phantom sneeze wrote: »
    That watch company does finance but I need a good credit report to attain the watch.

    Ah, I see.

    Might take you a while!

    Blimey, just looked again - £7000 for a second hand watch? :o
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