Capital 1: Seems "address" can make a huge difference...

happyformonths

Hello all,

I just applied for a Capital One 18-months-0%-on-BTs card (online). They hardly asked me ANY questions on the online application - name and address obviously, time at address, last address and how long there, salary, home status, but that was about it. Not even employer name and address.

Now I used to have banks falling over themselves to offer me credit. I've got horrible debts (£14k or so) but am managing them impeccably, and was always offered cheap credit in spite of them.

Capital One rejected me - or rather, they kindly offered me an alternative card with 19.9% for purchases (no mention of BTs) and "credit limits of up to £400"! Yay yay yay... er, no thanks, that won't help my £7k Egg card balance much.

So what's changed since I used to have offers coming out of my ears? My address. I've moved to a "dodgy" postcode - even dodgier than some of the others I've lived at - it's probably one of the most deprived areas in the country.

Because of the paucity of information they asked for when I applied, I can only guess that their credit scoring puts a huge weight on "address", and length of time there. I've only been there 8 months, and in spite of being on the electoral roll, I'm sure it has made all the difference.

Anyway I'm just !!!!!! off that I got "rejected" by them, presumably wasting a credit search, when it appears my "perfect" credit management history counts for beggar all. So I thought I'd have a rant here....

I'd welcome any other opinions about importance of "address" too.

HFM

PS Oh yes - and is it worth me appealing?!

Will.Power_2

The address may well have made some difference, but just as likely to contribute is the amount of debt you already have and how you pay it. Lenders used to get info about how well you paid and how much you owe; now they're also looking at how much you pay and accrue each month, so if your cards are up near the limit and yopu only make the minimum payments, this won't help.
Cap 1 are also keen to make a profit, and they'll only do this if you also spend on you card as well as use the BT. If they can see from your past conduct the you're just after an interest free loan, they won't be interested in you.

happyformonths

Thanks Will.

Ah, okay, so they really analyse those numbers on the credit file eh? I guess they would, in such a competitive market. My two credit cards are pretty "famous" 0% ones - Egg (anniversary) and Virgin - so I guess it probably looks like I am simply after their 0% period. Well - I am!

Maybe I'll have better luck going for a low Life Of Balance offer somewhere. I'll have a think about it: I've got about 6 weeks before my Egg anniversary time finishes.

Cheers
HFM

AMILLIONDOLLARS

Don't take too long to make a decision, AMEX has already pulled their 4.9%LOB deal, and from the looks of things the rest are hard to come by. Check our Martin's thread on best cards, it might be of some help

happyformonths

*WAIL* don't say that!

It was depressing enough not getting a 0% deal... I have a horrible feeling that all the doors are slamming shut very quickly at the moment, leaving those of us who stuck with 0% deals instead of concertedly paying off our debts, up the creek.

Oh well.

Thanks anyway! (Sorry - my thanks button won't work on this machine)

HFM