Capital One Classic Procedure

Silvafox

Hello all, first post here. Superb forum, will be recommending to others.

Been searching all morning for an answer to my question regarding a Capital One Classic application. I received a letter this morning saying I was approved and had a credit agreement to sign with the T&C's on and asked to sign and send back. I was really happy about this until I came on this site and have read loads about asking for deposits and ID?!

My question is: Because they haven't asked for a deposit or ID on this letter and have sent the credit agreement with the T&Cs on, does that mean I'll simply get a card within a few days as they say or will they send another letter asking for a depsoit and ID etc?

Thanks.

sicker

Just sign the agreement and send it back. You should hopefully get your card within 7 to 10 working days in my experience. I have never as yet been asked for ID.

John

Silvafox

Thanks for replying. I thought that would be the case but when you start reading forums you end up questioning what you thought you already knew...! Although, these types of forums are extremely useful in my opinion. I'll keep this thread updated for anyone interested.

Rafter

You will only be asked for ID etc if they are having trouble proving who you are or getting enough information from your credit record with Experian or Equifax.

If they have approved you and sent you a credit agreement to sign you are already through that hurdle.

R.

Silvafox

Rafter wrote:

You will only be asked for ID etc if they are having trouble proving who you are or getting enough information from your credit record with Experian or Equifax.

If they have approved you and sent you a credit agreement to sign you are already through that hurdle.

R.

Does that mean I'm past the 'asking for a security deposit' hurdle too then since I have the credit agreement so sign?

Cheers

Karma67

no you're not past that hurdle...

from what i have read on here you need to send back signed T&C's and then they will advise you whether you need to pay a security deposit......

I was lucky...i really thought i had to pay a deposit, (they didn't ask for prove of id or adress btw), but I gave them a call after sending my T&C's back and asked etc and lo and behold i was told i had been issued a card with £200 limit and with no deposit to pay!

Ring them up and ask, they are very approachable! 0800 9525252

HTH

Silvafox

OK. I only posted the agreement back today so will give them a few days before I call. I personally think its bad that they let you sign the agreement and THEN ask for a deposit. But I'll wait and see, didn't get asked for ID so will hope they don't want a deposit too. Will keep the thread updated as reference for anyone else.

Karma67

*Fingers crossed*

Silvafox

Karma67 wrote:

*Fingers crossed*

Cheers! Just looked on the bakc of the letter saying 'Key Features of your Capital One Credit Card' and in the box saying 'Security Deposits' it say N/A. I assume that means its all sorted without a deposit then? As you say.... *fingers crossed!*

medw1974

Hi Silvafox

I'm at exactly the same stage as you - I sent my agreement back to them last Friday so I expect to hear something in the next few days. The back of my letter also said N/A about the security deposit so fingers crossed.

Incidently what figure did it have as the cost of credit on the agreement? Mine says £29.86 - now they say that this is given as an example of how much you would pay in interest if you used all your credit limit in one go and pay it back in equal installments over 12 months.

They say that this is for illustration purposes only and is based on EITHER a £1500 limit OR your own limit if it is known at the time of printing the agreement.

Now given that that the APR is 29.8% does that mean my credit limit is only going to be £100.

YorkshireBoy

medw1974 wrote:

Now given that that the APR is 29.8% does that mean my credit limit is only going to be £100.

It would appear so, yes.