Hubby & Cap One Visa Q

dexters_mum_2

Hi

Just posting on behalf of hubby.

Hubby has had a poor credit rating in the past, and has this Cap One card that charged 30% interest.

He has a £500 limit, has run it since Jan. He has a balance of £280.

He wants to purchase something that is £605, as he doesn't have a debit card, he can on pay on his Cap One card, obviously the limit isn't high enough.

He pays by DD and makes several additional payments throughout the month to try to clear his balance.

I believe he had his credit limit increased from £200 to £500 in May.

He wants to ask them to increase the limit but I don't think they'll do it because it is less than 3 months since his last limit increase, he can wait until September to buy this thing he wants so I just wanted to enquire as to whether he'll get another automatic limit increase, 3 months after his last or whether he'll have to ask for one.

Thanks,
DM

skyrider007

He may be considered a limit increase in November but there's no guarantee. If all goes well the increase should raise his limit to £1,100.

I have heard/read it from somewhere that Cap1 do not honour requests for credit limit increase. They will change it at their will.

I strongly do not recommend borrowing from this card since the rate is so high! Unless the purchase is *necessary*, your husband may ask the merchant to pay partially by card (with the remaining £220 limit) and cash (if he has some in savings account) or other mean of borrowing.

dexters_mum_2

He has the money in his basic account, which has no debit facility, however, I have the Cap One Mastercard, and I think I will just pay for what he needs and he can give me the money.

I hate him using the card, even though he does make good payments, I am horrified by the interest but I also know he wants to build his credit rating up again, I am hoping by the end of August he'll have cleared it.

Thanks for the reply, I shall tell him!

CLAPTON

to build up his credit rating all he has to do is use the card regularly and then pay in full....this will show positively on his credit rating

it's not really sensible reducing your standard of living by paying interest at any rate but especially these very high ones.

save up first and then spend.

dexters_mum_2

Clapton....well said!

I agree, I know hubby has incurred a few expenses as he has had to use the card for travel, accomodation for his new job, so he should get this back at the end of August, which will clear his current balance.

I know he has saved for what he needs, so that's good, it's just buying it that would've caused difficulty but he's agreed to give me the money straightaway as I have £0 balance on my card and have the limit to accomodate his purchase, just don't want to incur any interest!

TheExpert

The earliest date at which his credit limit can be increased further is January 2009. He will definitely NOT even be considered for a credit limit increase prior to this date. It is rarely possible to call Capital One and request a Credit Limit increase if you explain your situation well and give some kind of proof to the call centre associate that you can repay the debt. This can (and is fairly likely to), however, be refused.

Hope this helps,

TheExpert