capital one classic

Andybez38

I have not got the best of credit ratings so as a way to improve things, i applied for the capital one classic card. I was accepted for this and was given a £1k limit on it. After a few months of spending and paying off my balance in full each month, they upgraded me to a so called capital one goldcard and raised my limit to £2k. There were no benefits i could see from them doing this as the intrest remained at the usual 29.9% Apr. I have now closed this account after having it for 16 months. No payments missed. What i am now wondering is do i stand a better chance of being accepted applying for a capital one platinum card. I do have a (settled)default on my account which is due to come off in september 2006. With passed dealings with capital one would they still do a credit check or is it worth waiting till september to try.

Bokken_2

They will still do a credit check against your file.
How long is it since you left Capital One as other credit card companies won't let you re-join them as new customer for several months.
This may be a factor to consider.
It may well be worth forgeting anything with "Platinium " in the title and go for a standard card and continue to build on the good work you have achieved so far.

Andybez38

I have only closed the account in the last week. I tried asking them for a lower apr but all they advised was to close my classic account and apply for the platinum card, with no gaurantee of acceptance.

Bokken_2

Mmmm Have a look through Martins Credit card articles on the left and at the top of the page and in those articles will be a circumstance that applies to you follow Martins advice and apply to the credit cards that are likely to accept you.
that way you can continue to build on your credit rating without wasting time applying to the wrong cards.
does that make sense?

Bokken_2

There is nothing wrong with having a card with a high APR.As long as it is paid off in full each month and on time and incurrs no interest or charges.
You seem to have done well for the last 16mths ,now it is a case of finding a replacement.
Do some more research on the subject and post back here if your unsure.

Andybez38

I see myself as quiet sensible now where my finances are concerned, given the past mistakes. I also have a barclaycard goldcard also with a £4k limit (zero balance) but the default on my record worries me. Im just trying to do a credit record improvement thing at the min and dont need a capital one card offering 29.9%. I hope to do a bit of stoozing maybe if i can get better credit cards who will accept me.

Bokken_2

Sounds good give it a go, do the reasearch first though,especially watch out for fees.

nuttyrockeress

I believe that you have to wait at least 6/7 months to re-apply for another account with them.

You could apply to another card in the mean time as you will heva evidence of the 16 good months with C1