Capital One (balance transfer)

Jayen4

O.K.....So I applied for a CC with the above,hoping to give myself a bit of breathing space. I got onto them via he Motley Fool site (on which I'm a member). I applied for a card with an advertised rate of 15.9%......but they've sent the paperwork for a card with a rate of 35.9% !!! What the hell??
I've checked my credit reference report online and it shows no adverse credit ,late payments etc and a 'score' of 883 . So why are they trying to get me into a card with a 25% interest rate ?? On checking around on how credit referencing works,I can't see any 'negatives' except possibly where I live. If that's what their doing,then it seems very unfair to just 'assume' that I'm a poor risk,based on my address !!
I also tried applying for a Bank of Scotland card after seeing the CapitalOne papers and they've turned me down altogether !! What's going on here ??

Is it worth trying any others or will that just make things worse ??

exel1966

So you applied for a capital One card for those with an 'excellent' rating. Do you qualify ?

Excellent

• I have a credit card with a credit limit of at least £5000
• I have had a credit card(s) for at least 5 years
• I have never missed more than 2 payments on a credit card or loan
• I have credit card balances of less than £10,000
• I don't have any previous credit defaults (CCJs, current arrears)

If not C1 reserve the right to offer you another card.

Forget your score of 883, it's pretty meaningless in the scope of things. Your rating is obviously not as high as you seem to think it is. It's also not 'unfair' for them to profile you as the type of customer they want. Credit isn't a right and they can and do profile regions.

Which credit report have you checked ? They will not all hold excatly the same inmformation as that info is not shared.

Any

Hi,
I had the same problem with Capital One in past. I don't know how they score, but I got one of the cards with 35.9%. As it was 0% interest on purchases for the longest period possible I was after, I ignored Capital One's offer and applied for Halifax (15mths 0% on purchases thanks to MSE) and got it no problem.
However, Capital One then sent me 3 reminders!! that if I want to take up that card I have to reply. I still ignored them. 35.9%, do they think I am stupid??? After the LAST REMINDER (as it stated with HUGE red letters on the heading) which I ignored, they suddenly sent me an offer for the card I actually applied for!! But by then I had Halifax so I didn't take them up on it. Though as my Halifax is now nearly at the end of the 0% period I hope Capital One will now after the last experience offer me their normal card straight away as I would like to try and apply again.

Any

exel1966 wrote: »

So you applied for a capital One card for those with an 'excellent' rating. Do you qualify ?

Excellent

• I have a credit card with a credit limit of at least £5000
• I have had a credit card(s) for at least 5 years
• I have never missed more than 2 payments on a credit card or loan
• I have credit card balances of less than £10,000
• I don't have any previous credit defaults (CCJs, current arrears)

If not C1 reserve the right to offer you another card.

Forget your score of 883, it's pretty meaningless in the scope of things. Your rating is obviously not as high as you seem to think it is. It's also not 'unfair' for them to profile you as the type of customer they want. Credit isn't a right and they can and do profile regions.

Which credit report have you checked ? They will not all hold excatly the same inmformation as that info is not shared.

HI Exel,
I have a credit card history of 3 years and my highest c/card limit is £4900. I have no missed payments and no CCJs.
There is no point of applying for credit card with excellent rating then?

NickX

exel1966 wrote: »

If not C1 reserve the right to offer you another card.

They actually reserve the right to offer you another card even if you do meet the "excellent" credit rating criteria.

NickX

Any wrote: »

I have a credit card history of 3 years and my highest c/card limit is £4900. I have no missed payments and no CCJs.
There is no point of applying for credit card with excellent rating then?

Well you don't meet Capital One's criteria for an "excellent" credit rating.

However that is specific to Capital One and other lenders use different criteria to assess your application, so it does not mean there is no point in applying for other cards.

Any

NickX wrote: »

Well you don't meet Capital One's criteria for an "excellent" credit rating.

However that is specific to Capital One and other lenders use different criteria to assess your application, so it does not mean there is no point in applying for other cards.

And as I had applied for Capital One year ago, they sent me 35.9% offer which I ignored and then they sent me an offer for the one I applied for, but didn't take them up on the offer as I had different card by then, do you think they might give me one now?

NickX

Any wrote: »

And as I had applied for Capital One year ago, they sent me 35.9% offer which I ignored and then they sent me an offer for the one I applied for, but didn't take them up on the offer as I had different card by then, do you think they might give me one now?

Unfortunately even though they have sent you a mailshot for the "excellent" credit rating card, this does not mean that they will accept you.

I think (although I may be wrong) that you will struggle to get the top cards because you don't meet the criteria :

(a) You don't have an existing card with a limit of at least £5000 (although you are very close).

(b) You have not held credit cards for 5 years or more.

Sorry, I don't mean to be critical, but this card is proving difficult to get even for those who do meet the criteria fully.

Good Luck anyway.

Any

NickX wrote: »

Unfortunately even though they have sent you a mailshot for the "excellent" credit rating card, this does not mean that they will accept you.

I think (although I may be wrong) that you will struggle to get the top cards because you don't meet the criteria :

(a) You don't have an existing card with a limit of at least £5000 (although you are very close).

(b) You have not held credit cards for 5 years or more.

Sorry, I don't mean to be critical, but this card is proving difficult to get even for those who do meet the criteria fully.

Good Luck anyway.

I wanted that one because it's got the longest 0% on purchases:(
And the next one is Halifax and I've got that one. Never mind, will have to go for one with shorter period and change before summer then. I only have 1 purchase (holiday) to pay for anyway and that will be repaid within 3 months;)

Jayen4

exel1966 wrote: »

So you applied for a capital One card for those with an 'excellent' rating. Do you qualify ?

Excellent

• I have a credit card with a credit limit of at least £5000
• I have had a credit card(s) for at least 5 years
• I have never missed more than 2 payments on a credit card or loan
• I have credit card balances of less than £10,000
• I don't have any previous credit defaults (CCJs, current arrears)

If not C1 reserve the right to offer you another card.

Forget your score of 883, it's pretty meaningless in the scope of things. Your rating is obviously not as high as you seem to think it is. It's also not 'unfair' for them to profile you as the type of customer they want. Credit isn't a right and they can and do profile regions.

Which credit report have you checked ? They will not all hold excatly the same inmformation as that info is not shared.

Yes,I meet all those 5 criteria...
I used Experian. (That's who CapOne use afaik...)

My point is,Why are they offering a particular rate when it seems to me that they have NO intention of giving that rate to anyone (except those who don't need it anyway) ! Typical bank attitude !

Richard019

Jayen4 wrote: »

Why are they offering a particular rate when it seems to me that they have NO intention of giving that rate to anyone (except those who don't need it anyway) ! Typical bank attitude !

From a business point of view, they want to make interest from customers without it being at risk.

Those who can't afford to pay it off in full each month are in that respect a risk, and pay more for the privelage of having a card.

Those who can afford to pay it off in full are a lot more likely to if it's at a high rate of interest. By offering them a lower rate I imagine they're hoping people will be less likely to pay their card off in full and they'll make a bit of interest.