Today I am going to write up my review of the Aqua Card. The Aqua Card is a credit card designed for customers who have bad credit or a limited credit history. Used in the right way the Aqua Card can help you begin to improve your credit rating.
This review will be slightly different than usual because I will also explain what happened when I didn’t pay Aqua. I should point out that I am not affiliated with Aqua in any way and am merely writing about my own experiences of being a customer of Aqua.
My Credit Rating when applying
Let’s get to business then, at the time I applied for the Aqua Card my credit score would have been described as very poor. I had a County Court Judgment as well as a number of Defaults registered against my name some as new as two years old at the time I applied.
The Application with Aqua Card
The application was straight forward. I completed all of the usual details and waited for a decision. The decision was that they couldn’t make a decision right away but would write to me to let me know if the application was successful or not. Normally when I see this it means I have failed.
I suspect what this really meant was that I was a borderline yes or no and a human was going to review my application. This is a good thing in some ways as it allows someone to make their own judgement based on the information on my credit report.
About a week later I received a Credit Card in the post along with my initial credit limit of £500. A few days after that I also received my Pin number.
Credit Limit Increases
Around four months after I got my Aqua Card and started using it, I was advised I was eligible for a credit limit increase to £1200. A further six months after that my credit limit increased to £1700. I would not recommend such a large limit with a high interest credit card however.
Aqua Card Customer Services
There was a couple of occasions where I did need to speak to Aqua. No problems here. I also used the secure messaging facility on the website and that worked too.
What happened when I didn’t pay my Aqua Card?
I hit some financial troubles quite a few years ago now and as a result was not in a position to repay my Aqua Card. Instead of contacting them to sort this out I ignored the issue for quite some time. This is a big no no!
After a number of months the account fell into default and was passed to a debt collection agency. Around £700 of additional interest and charges was added to my account which brought my balance to around £2,400.
I did receive a number of telephone calls and letters chasing payment. I now make payments to the Debt Collection agency and no additional interest or charges are now being added. This did mean I now have some adverse data on my credit report in the form of a default.
Final Words on this Aqua Card Review
If you use the card in the correct way and are sensible with it then go for it. If you think you may be more like I was, avoid! If you do fall behind on repayments then you should talk to the creditor as they may be able to come to an agreement.
The flipside is this, if you have a poor credit rating then there is a chance you will be approved. However please remember that this card can do more harm than good if you use it in the wrong way. If you are serious about rebuilding your credit rating and know you will be sensible with this card from Aqua then you might like to consider it as an option.
Image: Stuart Miles / FreeDigitalPhotos.net