What sort of credit will i get

Kingsd316

Hi all,

Im about purchase something for around £2000, now rather than get a loan i was going to get a capital one credit card (0% until nov 09)

I have an excellent credit reference, but own no credit cards, will i be able to specify how much credit i want or do they determine it??

Thanks

NickX

Kingsd316 wrote: »

I have an excellent credit reference, but own no credit cards, will i be able to specify how much credit i want or do they determine it??

No they will determine it.

I do not mean to be pessimistic but I am not convinced you will get the card. The Capital One criteria of an "excellent" credit rating includes a requirement to already have a Credit Card with at least a £5k limit. As you have no cards presently you do not meet this requirement.

There are many reports of people applying for this card but being offered one which is 0% until May 2009 rather than November 2009, so if you do apply be prepared if they do offer you the lesser card.

Kingsd316

NickX wrote: »

I do not mean to be pessimistic but I am not convinced you will get the card. The Capital One criteria of an "excellent" credit rating includes a requirement to already have a Credit Card with at least a £5k limit. As you have no cards presently you do not meet this requirement.

oh, i did think about this but i am a home owner with a mortgage and thought this might be enough, i will give it a go and see what happens

dhassen

Capital ONe do rate for risk. Don't bother with them. I can't see how you can claim you have 'an excellent credit reference' with no credit history for credit cards. I reckon I'd bet 100% Capital One won't offer you the card you apply for, simply because you don't meet the excellent criteria. I do meet the criteria, but was offered some naff card with a duff APR, which i declined.

And normally, you can't ask for a specific credit limit when applying, but you have to wait and see what you get and then maybe ring up and ask for more. 2k isn't much though.

I kinda doubt you'd get any good 0% card with not having any credit cards before, but if you really want to try for one doni't bother with Cap 1
IMO

Hope this helps

Moggles_2

Capital One operates a rate-for-risk policy. This means it reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file. Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.

As Nick says, the Cap One BT cards require an "excellent" credit rating as defined on the C1 website and unfortunately you cannot meet those criteria (e.g. have a credit card with credit limit of at least £5000, held a card for 5 years etc.)

The Halifax All in One deal which offers an introductory 10 Months 0% on purchases may be a safer bet.

http://www.bankofscotlandhalifax.co.uk/creditcards/allinone_OMG.asp?source=14BEF43818E1C81

Kingsd316

Thanks everyone i will look into this a bit more now, and just to answer Dhassan question about how i can think i have an excellent credit reference, i dont, i was told by creditexpert.co.uk.

Thanks again

dhassen

Ah right ok. You should use that as a measure though. Different CC comps use different CRAs and it is by no means a guarantee of acceptance. I'm amazed it'd be excellent with never having had a cc before though. Good luck whetever u do

crazytim77

you could always ask them to increase your credit limit. If you don't ask you don't get.

It's best done when the the credit card company have just borrowed from the bank of england and you have to speak to the right person at the call centre, but you'd be surprised how often they agree to uping it a few thousand.