Capital One & Credit Card Advice appreciated!!!

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Hi all :)

I have had a Capital One Classic card since April 08. I got it mainly on Martin's advice on credit repair.

I am now looking for a lower APR and my bank, Halifax, have offered me a 0% one for 10 months. I said yes and have the credit agreement in front of me, but haven't sent it back yet.

A couple of questions:

1) Can I close the Capital One account or must I wait 12 months?
2) It says the credit limit is TBC on the form, but a lady on the phone from Halifax said it would be £6k. Is this truthful or are they allowed to lie? I don't want a credit limit of £1000.
3) Is the credit check done after I've sent the form off? The lady told me they've already done it - but if the APR is depending on my credit history, it could change. I also don't want too many credit searches as I'm applying for a loan in Jan.

Thanks for anyone who can help me out with any of these! It is very much appreciated.
"The only man who makes money from a gold rush is the one selling the shovels..."

Comments

  • diegogarcia12
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    You should specifically ask if the credit limit quoted is guaranteed. They will give you an answer. As for the rest I am not sure.. Better wait for someone else to arrive :cool:
  • ShelfStacker_3
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    spunko2010 wrote: »
    Hi all :)

    I have had a Capital One Classic card since April 08. I got it mainly on Martin's advice on credit repair.

    I am now looking for a lower APR and my bank, Halifax, have offered me a 0% one for 10 months. I said yes and have the credit agreement in front of me, but haven't sent it back yet.

    A couple of questions:

    1) Can I close the Capital One account or must I wait 12 months?

    So long as you pay back what, if anything, you owe them, you can close it whenever you like.
    2) It says the credit limit is TBC on the form, but a lady on the phone from Halifax said it would be £6k. Is this truthful or are they allowed to lie? I don't want a credit limit of £1000.

    It might be the maximum they're willing to lend you, but they'll give you a lower limit to start you off. HSBC quoted me a £1k limit when I applied for my card, but when it came through it had £500.
    3) Is the credit check done after I've sent the form off? The lady told me they've already done it - but if the APR is depending on my credit history, it could change. I also don't want too many credit searches as I'm applying for a loan in Jan.

    The credit check's done, and the fact you've received an agreement to sign probably means you're OK. They should only do one search.
  • moneysavingallday
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    If she says your credit limit is £6000 then it probably is. That's great.

    Why do you need to close the C1 card?
  • jimpix12
    jimpix12 Posts: 1,095 Forumite
    First Anniversary Combo Breaker First Post
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    Hi, thanks for your replies!

    I don't "need" to close it the Capital One account per se, I just feel that I only need one credit card. Is this advisable? I've read that it's bad to have too much credit, even if it's unused / barely used...? There are mixed answers to this on Google.


    The main reason I want to change is because a £1k credit limit isn't enough for me. (For what it's worth, I'll need around £4000 for a few days inbetween the point where I buy a newer car and sell my old one, and don't want a loan). So I'm really only after a higher credit limit and capital one probably won't increase mine going by what I've read here!

    Looks like I'll be signing the form and sending it off tomorrow. :) Thanks all.
    "The only man who makes money from a gold rush is the one selling the shovels..."
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