Sexton Hardcastle Posted June 4, 2008 Share Posted June 4, 2008 After applying fora capital one card ( due to my crap credit score, not my fault) i have recieved the forms to send off. Im pretty new to all this and after reading it over it seems all okay appart from the high apr, but thats as itsa credit helper card. anyway oing through the terms and co's it says - Total charge for Credit - ?257.78. Is this the amount they are charging for me to have the card and will this be taken off the card straight away or what exactly? cheers Link to comment Share on other sites More sharing options...
Therapist Posted June 4, 2008 Share Posted June 4, 2008 After applying fora capital one card ( due to my crap credit score, not my fault) i have recieved the forms to send off. Im pretty new to all this and after reading it over it seems all okay appart from the high apr, but thats as itsa credit helper card. anyway oing through the terms and co's it says - Total charge for Credit - ?257.78. Is this the amount they are charging for me to have the card and will this be taken off the card straight away or what exactly? cheers Without seeing the document, I suspect it's an illustrative example. For example, borrow (say) ?800, pay it off over (say) 10 months, and they'll charge you a total of ?257.78 for the privelege. I'd caution you against signing any agreement unless you understand it in full. Once you're in, particularly when paying higher APR, it can be incredibly difficult to get out. Link to comment Share on other sites More sharing options...
chester copperpot Posted June 4, 2008 Share Posted June 4, 2008 Without seeing the document, I suspect it's an illustrative example. For example, borrow (say) ?800, pay it off over (say) 10 months, and they'll charge you a total of ?257.78 for the privelege. I'd caution you against signing any agreement unless you understand it in full. Once you're in, particularly when paying higher APR, it can be incredibly difficult to get out. Spot on T. As he says, it will more than likely be an illustrative example, but before you send off the signed T&C's give them a call. Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 yea. i understand it all except this one part. Im not sure if its a one of payment due to it being a card aimed at people with bad credit.?? Total charge for credit: at the time the agreement is made, is ?257.78 comprimising intrest in the sum of ?257.78 Link to comment Share on other sites More sharing options...
Therapist Posted June 4, 2008 Share Posted June 4, 2008 yea. i understand it all except this one part. Im not sure if its a one of payment due to it being a card aimed at people with bad credit.?? Total charge for credit: at the time the agreement is made, is ?257.78 comprimising intrest in the sum of ?257.78 There is no charge/fee for the card. They're saying that, based on the amount borrowed in the accompanying example, you'd have to repay a total of ?257.78 which comprises solely of interest. As your credit score assumes you are a higher risk borrower, you will have to pay more in interest to reward the lender for giving you a credit card. Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 it also says on the backi na brakedown table - amount of credit - minimum credit limit ?100 does this mean i need to spend min of ?100 a month? sorry i dont know my @rse from my elbow with these things. Link to comment Share on other sites More sharing options...
chester copperpot Posted June 4, 2008 Share Posted June 4, 2008 yea. i understand it all except this one part. Im not sure if its a one of payment due to it being a card aimed at people with bad credit.?? Total charge for credit: at the time the agreement is made, is ?257.78 comprimising intrest in the sum of ?257.78 As a matter of interest (excuse the pun), what's the credit limit on it, and the APR? Question answered before I posted this. Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 rite thanks therapist. the whole farse with my credit score was due to experian mixing my oldmans files with mine and fecking things up big time. so i was advised to get a credit card, make the payments and it should increase my score. that with experian sorting things out. Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 ?2500 . 34.9 % crazy i know but im trying to fix my credit score Link to comment Share on other sites More sharing options...
chester copperpot Posted June 4, 2008 Share Posted June 4, 2008 rite thanks therapist. the whole farse with my credit score was due to experian mixing my oldmans files with mine and fecking things up big time. so i was advised to get a credit card, make the payments and it should increase my score. that with experian sorting things out. If experian have cocked up, they should give you a notice of correction, along with sorting out your credit reference. Link to comment Share on other sites More sharing options...
Therapist Posted June 4, 2008 Share Posted June 4, 2008 it also says on the backi na brakedown table - amount of credit - minimum credit limit ?100 does this mean i need to spend min of ?100 a month? sorry i dont know my @rse from my elbow with these things. It means it's the minimum credit limit they'd set before letting anyone take out a card. In other words, it's not worth their while lending to anyone who's not interested in a limit of less than ?100 due to their overheads etc. Given your admission in bold, I'd caution against going ahead with this. You could get into serious trouble debt-wise. Seek some professional guidance. Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 rite thanks for all of that. i mite leave it a bit til experian sort things out. any other recomendations to sorting credit scores? Link to comment Share on other sites More sharing options...
Gavsy Van Gaverson Posted June 4, 2008 Share Posted June 4, 2008 rite thanks for all of that. i mite leave it a bit til experian sort things out. any other recomendations to sorting credit scores? Stay out off debt Link to comment Share on other sites More sharing options...
Sexton Hardcastle Posted June 4, 2008 Author Share Posted June 4, 2008 yup! gladly im in none. its just i want my credit file fixed so come jan/feb i cna buy a new motor. something i tried this year but failed due to a feck up with experian. Link to comment Share on other sites More sharing options...
hmfc_steve Posted June 4, 2008 Share Posted June 4, 2008 it also says on the backi na brakedown table - amount of credit - minimum credit limit ?100 does this mean i need to spend min of ?100 a month? sorry i dont know my @rse from my elbow with these things. don't mean to sound pompous but you don't sound ready for a credit card just yet.... get some facts, and understand before committing yourself... you'll maybe thank this advice in the future Link to comment Share on other sites More sharing options...
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