CREDIT RATING: HOW CAP1's MIND WORKS

King_Weasel

Apologies if I'm duplicating a message here, but I notice that Capital One's website is unusually explicit on their acceptance criteria:

Besides saying no CCJs and a bank account at your own address, they also require an "excellent credit rating", by which they mean

(1) no more than 2 missed payments

(2) no more than £10K in outstanding balances

(3) another card with a limit of at least £5K.

I thought (3) was especially interesting, and could run counter to the usual advice of closing unused cards and keeping your credit low unless you need it.

Moggles_2

King_Weasel wrote: »

I thought (3) was especially interesting and could run counter to the usual advice of closing unused cards and keeping your credit low unless you need it.

If you want to reduce your available credit, it's safer (credit score-wise) to cancel a card completely, as Martin advises, rather than lower the credit limit, IMO.