Poor Credit Rating - Capital One

davies28

My dad has a very poor credit rating being self employed and with this years recession. Today he applied for a Capital One Classic Card online and everything seemed to go through okay and he signed the credit agreed. He is just worried he might be refused on further inspection of his report? Any had any experience of Capital One, this is the second time he has applied and the only time they accepted online. Any comments will be appreciated greatly, thank you.

BugsyBrowne

davies28 wrote: »

My dad has a very poor credit rating being self employed and with this years recession. Today he applied for a Capital One Classic Card online and everything seemed to go through okay and he signed the credit agreed. He is just worried he might be refused on further inspection of his report? Any had any experience of Capital One, this is the second time he has applied and the only time they accepted online. Any comments will be appreciated greatly, thank you.

Being self-employed does not lower your credit rating,missed payments and late payments would lower your credit score..
Has your dad got any credit history whatsoever??

davies28

star-fire wrote: »

Being self-employed does not lower your credit rating,missed payments and late payments would lower your credit score..
Has your dad got any credit history whatsoever??

Thanks for the post. He does have some good credit history. He has 2 catalogue accounts which are also paid on time, both have £1300 credit limits and he uses Provident Cash Loans.

BugsyBrowne

davies28 wrote: »

Thanks for your post. Yes he does have some very good credit history, he has 2 catalogue accounts, never missed a payment both with £1300 credit limit at the moment and he also uses Provident Cash Loans.

For someone using provident cash loans to me is not financially stable TBH.
You said he might be worried with further inspection into his report why?

davies28

star-fire wrote: »

For someone using provident cash loans to me is not financially stable TBH.
You said he might be worried with further inspection into his report why?

He thinks he may be refused. He got his hopes up once they accepted online and thinks they may reverse their decision.

BugsyBrowne

davies28 wrote: »

He thinks he may be refused. He got his hopes up once they accepted online and thinks they may reverse their decision.

Their are many people who have been refused from cap 1 classic,then a few months later been accepted you will just have to wait and see.

Remember the credit limit to start off will be as little as £100-200.

davies28

star-fire wrote: »

Their are many people who have been refused from cap 1 classic,then a few months later been accepted you will just have to wait and see.

Remember the credit limit to start off will be as little as £100-200.

Thank you very much for your help, yeah that what I have been saying, we will just wait and see. We are not hoping for anything special mind.

LMCD

I have capital one card to build up my credit and to show my management...100 was the first limit then a year later it went up to 600, also added to the electoral role and checkin the credit report made a big difference and now I check it daily (well almost!!) just to make sure its all as it should be

thequant

was unemployed for 6 years, had two outstanding defaults for credit cards, not on electoral role, strings of bad debts.

capital one still gave me a card and have kept raising my limit over the intervening years, I'm now a "platinum" cardholder.

if you get refused by cap 1, then your credit record must be really fvcked!

LMCD

thequant wrote: »

was unemployed for 6 years, had two outstanding defaults for credit cards, not on electoral role, strings of bad debts.

capital one still gave me a card and have kept raising my limit over the intervening years, I'm now a "platinum" cardholder.

if you get refused by cap 1, then your credit record must be really fvcked!

Hi, I have seen the progress card that looks good from cap one but you can't apply if existing customer...do they then offer this of their own accord?

BugsyBrowne

LMCD wrote: »

Hi, I have seen the progress card that looks good from cap one but you can't apply if existing customer...do they then offer this of their own accord?

What is the point of going from a cap 1 classic to a cap 1 progress card,that is like going 1 step forward then 2 steps back.