Credit Cards UK
Capital One Pre-Paid Credit Card
September 10, 2005
If you are fed up with going to the bank for loans or applying for credit cards and being constantly given the brush off, because you don’t have the credit score that these institutions look for, to make you the type of customer that they want. This can be very demoralising, with little or no suggestion from the said companies or banks to suggest to you on how to build your credit score to a level that makes you, a candidate to be one of they’re customers.
If you have been a bad risk for credit in the past or are just considered a bad risk, the only real way to get your credit score back on track is to borrow money and pay it back on time, it’s that simple, but it is finding a bank, building society or credit card issuer that is willing to give you the chance to do this, that is were the problem lies.
Well there is a knight in shining armour riding in to save the day and offer you the chance to get you credit score going in the right direction.
Capital One has introduced a credit card that will let you do just that will guarantee the issue of the credit card to everybody who applies, as long as they meet the four stipulations that they ask before they accept you for the card, these being;
- Paying an initial fee of between £50-£200 as a cash deposit.
- You are over 18 and a UK resident.
- Have proof of your name and address.
- Are not a bankrupt or are named on any fraud databases.
Most will not have a problem with any of this and will therefore have no problem receiving a credit card and becoming a customer of Capital One. The only real worry is finding the deposit and thinking of why do you have to pay this in the first place, but don’t forget that every other company that you have applied to for credit, has refused, so you just have to bite the bullet and pay it in, as at the end of the day you are a bad credit risk and there is going to be some sort of way that you will be penalised for this, but don’t let this cloud your judgment and throw it back in they’re face because of this, as you can take advantage of this credit card that allows you to fix your credit score, so that you will get the chance to apply for credit and be accepted, without too much fuss.
When you receive the credit card, don’t go splashing the cash as the reason you have the card is to build up a better credit scoring, so to do this us the card to spend in the region of £50-£100 a month and pay this off in full and on time at the end of each month, this way the credit card company will see that you a good risk, as will any other potential lenders, do this for the first year at least, a couple of years would be better and you will soon have many plus points to your name and a credit score that will get you back on the credit ladder.
A word of warning though this credit card holds an APR of 29.9%, it is this high as you are seen as a credit risk, so therefore pay off your balance in full each month, so not to incur the wrath of an interest rate, that will only set you back, just keep telling yourself that this credit card is there to fix my credit score, not to destroy it beyond repair.
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