Capital One Platinum 0% deal

cathy_m80

Just a quick question as to whether or not I may be accepted for the deal running to Nov 2009.

I've been told I have a reasonable credit rating but not sure it will meet Capital One guidelines. Basically due to travelling/working abroad (though registered on UK electoral roll at my parents' during this time) I didn't really have a credit card till last Feb (2007). I had one as a student circa 1999 but never used it and its no longer on my credit report with experian. However, I did take out a store card with House of Fraser in 2003 - but have never used it as such, only as a loyalty card. I don't think that it is obvious from my credit report that I haven't made purchases through it.

Is this likely to count as a credit card for "at least 5 years"? Or am I likely to be turned down regardless?

Thanks for any thoughts,

Catherine

YorkshireBoy

I think you'll be turned down.

Does your current card have at least a £5K limit?

NickX

You will probably be offered a different card with a shorter promotional period - this seems to be the usual Capital One policy at present.

exel1966

Have to agree with the others. I can't really see you being accepted for the Nov09 deal and you'll possibly be offered a 6/9 month deal on a different card.

cathy_m80

I currently have an Egg card with a £10,000 limit as well as a Tesco card with a £3250 limit; I am nowhere near my limit on either. But I've only had the Egg card since 2007.

cathy_m80

I'm also not that desperate to get that card - it's basically to make it easier to pay off the Tesco balance at the end of the 0% period - I anticipate being able to do this anyway, but may need to cut back and am going on holiday soon! A 6-9 month deal would be OK but obviously the longer deal would be great.

NickX

cathy_m80 wrote: »

IA 6-9 month deal would be OK but obviously the longer deal would be great.

If your not going to be too upset if they downgrade your promotion, then I don't think there is much to lose by putting the application in.

JIL2862_2

Hi I am thinking of applying for the Capital One 0% for 15 months on purchases. It will be my first credit card. I have had car finance in the past and have a joint mortgage at present neither with any defaults. Do you think I will get accepted for this card?

NickX

JIL2862 wrote: »

Hi I am thinking of applying for the Capital One 0% for 15 months on purchases. It will be my first credit card. I have had car finance in the past and have a joint mortgage at present neither with any defaults. Do you think I will get accepted for this card?

With no previous Credit Cards you do not qualify for the "excellent credit rating" that this card requires, so in all honesty I think it very doubtful that you will get the 15 month card.

As with the OP, if you will not be too disappointed to be given a "lesser" card, then it should not do any harm applying.

trf1960

I applied for the 0% (Nov 09) card recently but when I received their letter they offered me the 0% until May 09 with a 24.9% APR card instead. I was a bit miffed at first as I have never been 'downgraded' for a credit card before but then after reading the section on credit cards in MSE and how banks categorise you, I realise I am so NOT the kind of person the Banks want (ie. they won't making any money out of me) so... I will just use the 9 months interest free as I did with previous ones and cancel it when the deal expires !

But, I think I may have to keep one of the 16.9% cards going and use it for small purchases only, paying the minimum payment if that helps my credit rating !?

freejack2k

trf1960 wrote: »

I applied for the 0% (Nov 09) card recently but when I received their letter they offered me the 0% until May 09 with a 24.9% APR card instead. I was a bit miffed at first as I have never been 'downgraded' for a credit card before but then after reading the section on credit cards in MSE and how banks categorise you, I realise I am so NOT the kind of person the Banks want (ie. they won't making any money out of me) so... I will just use the 9 months interest free as I did with previous ones and cancel it when the deal expires !

But, I think I may have to keep one of the 16.9% cards going and use it for small purchases only, paying the minimum payment if that helps my credit rating !?

They just did exactly the same with me so i told them not to bother