Many people face financial setbacks during the course of their lives. For some, the effects of the financial setback can stay with them for a considerable time, with poor credit scores owing to defaults or County Court judgments counting against them.
Even without defaults or adverse County Court Judgments, it may be difficult to get a credit card or loan. Someone starting out in life, for example students or those new to the country, may have no credit history. Even people who have recently moved to a new area, and who are not yet registered on the electoral roll at the current address, may find their credit card application rejected. Financial institutions do not lend to people on whom they have no information, or whom they have no reasons to trust. Even household tasks, such as not paying utility bills on time, can have an adverse impact on credit scores, especially if the utility provider has entrusted the bill to a collection agency.
For those looking to improve their credit history, simply using a credit card correctly and in a thoroughly capable manner is a good way to build up a positive credit rating. When punctual repayments are reported to the major credit reference agencies, such as Experian and Equifax, the credit score will gradually improve.
Some cards offers an opportunity to set the score straight, and rebuild or establish a positive credit score. This credit card is available to students, part-time workers, unemployed, homemakers, new immigrants, and almost anyone who has bad or no credit ratings.
The primary benefit of acquiring an aqua advance credit card is to improve credit ratings. Aqua report to the major credit reference agencies and as such, those who make prompt payments on their purchases, would get better credit scores. Aqua advance credit card encourages borrowers to make repayments in time, by offering reduced APRs for timely payments.
Building a positive credit rating does not have to be done by making timely repayments alone. As the amount of debt to be repaid also impacts the credit rating, not drawing the full amount of available credit will also act positively on your credit score. Aqua advance credit card offers credit limits up to £1600, allowing the cardholder to draw only a portion of the available credit, and thereby keep the percentage of debt capacity low.
Cancelling a credit card may be counterproductive to the credit score. A cancelled card would reduce the overall available credit, and increase the percentage of debt capacity being availed. It would also nullify the efforts of maintaining a long credit history, one of the factors contributing to a high credit score.