Play Your Card Right! (Capital One)

Member Name: garycallard

Product:	Capital One
Date:	06/10/01 (283 review reads)
Rating:

Advantages: Good for people with 'tainted' credit history, Good way to rebuild credit

Disadvantages: VERY high APR, Not clear that annual fee charged in first month

Until about five years ago, I didnt owe anyone a penny.

But, as a young(er) lad, I liked my socialising, my clothes and CD's and was always living on the edge of my wages.

When I bought my house, I had to cut back on personal lavishness, as you do, and was managing quite well. Thats when I jumped at the chance of a small overdraft to help 'tide me over.'

I got used to this limit far too quickly, and after accepting the banks further extension to my overdraft (notice a theme developing?) I found myself with an overdraft of £800, which I was barely raising my head above when i got paid at the end of the month, before slipping back into the red the next day after payday.

I couldnt get a loan, a credit card or anything, thats when a leaflet dropped out of the magazine i was reading, advertising a Capital One Classic Card, especially for people with 'tainted' credit history.

It has a very high APR (21.9%!), so if you are accepted for one, use it wisely. For example, I buy my petrol all month on it and then pay it off at the end of the month. Once they see you are using it responsibly, it is going to help to rebuild your credit rating.

The starting credit limit is £200 and is expandable to a maximum of £2000.

One thing to watch out for though is they charge you your annual fee, which is £29, in the first month. I didnt realise this, it should have been made clearer on the leaflets, and subsequently went over my limit on the first month, which wasnt a good start! If you keep within your limits, and make minimum repayments, you have the fee refunded. I have sorted this out now, and Im on the right track to a good credit history.

Summary: