This is my review of Aqua Card, a Credit Card provider for people with bad credit. I initially applied for an Aqua Card as my credit rating was not very good. Aqua Card have a reasonable acceptance criteria and at the time with my many defaults, late payments and 2 County Court Judgments I was about to test this.
My application was straight forward. I was asked to provide my details such as address, date of birth and other things you would expect to provide when making an application for credit. At the time I applied my Credit Rating was awful. I was not sure if I would be accepted or not but I applied anyway as I wanted to start rebuilding my credit rating. A couple of weeks after my application I received my Credit Card and a limit of £800 which was good considering my circumstances.
I contacted Aqua Card on several occasions and each time my query was dealt with effectively. I felt that my questions were dealt with correctly and I did not have any cause for concern. I never really had to wait long to get through either which was good.
Credit Limit Increases
My card started out with a Credit Limit of £800. I made my payments on time and after around six months this limit increased to £1200. After a further six months my limit increased again to £1700. This was dangerous considering the Interest Rate.
Late Payment and Default
Unfortunately despite my best efforts I had not learned my lesson and after about three years of having the card, I defaulted. Each and every month, I found my balance increasing massively. Aqua added on over limit fees, late payment fees and this along with the high interest put me in a position where I was unable to meet the minimum payment. Eventually the account was sold to a Debt Collection agency but not before a total of around £700 in interest and charges had been added to the balance.
Used wisely this card could help you back to better things such as a lower rate credit card. Used like I did results in a massive debt. Aside from my irresponsible behaviour they did give me credit when nobody else would. Had I been a little wiser I could have avoided all the charges etc. I wasn’t wise though but at least you can see what will happen if you follow my path.