Capital One Classic

united66

I folks.

I have a poor past credit and I am in the process of rebuilding and have missed no payments on accounts with my phone/virgin cable services for over a year and a half. I tried applying for the Capital One Classic card to use to spend and pay off in full every month to help boost my credit rating.

I applied, I got the three green ticks and it said:

Thank you for your application for a Card. One of our team will now perform additional checks, which typically take 7 working days.
In a small number of cases we may need more information to complete your application - if so, we'll write and let you know.

What do I do now?
We will contact you by post with further details of our decision. If we require additional information from you to approve your application, we'll explain this in our letter.

Whilst you are waiting for our decision, please do not re-apply for a Capital One card.


Have I got any chance or is this a polite way of saying SOD OFF!?
I really think I am worthy of another chance at credit and I am now responsible enough to manage a sub prime credit card and this will show over my last year of credit payments however I know how these work and that doesn't really count for a lot. I have no CCJ's or Fraud against me. I do however have a couple (2 or 3) small defaults which I am hoping to get settled sooner rather than later.


Anyone else had this reply and still got the card?


If you are a point blank refusal would it of said so at the end of the application? Or does it say this message to all refusals?


Thanks in advance.

BugsyBrowne

united66 wrote: »

I folks.

I have a poor past credit and I am in the process of rebuilding and have missed no payments on accounts with my phone/virgin cable services for over a year and a half. I tried applying for the Capital One Classic card to use to spend and pay off in full every month to help boost my credit rating.

I applied, I got the three green ticks and it said:

Thank you for your application for a Card. One of our team will now perform additional checks, which typically take 7 working days.
In a small number of cases we may need more information to complete your application - if so, we'll write and let you know.

What do I do now?
We will contact you by post with further details of our decision. If we require additional information from you to approve your application, we'll explain this in our letter.

Whilst you are waiting for our decision, please do not re-apply for a Capital One card.


Have I got any chance or is this a polite way of saying SOD OFF!?
I really think I am worthy of another chance at credit and I am now responsible enough to manage a sub prime credit card and this will show over my last year of credit payments however I know how these work and that doesn't really count for a lot. I have no CCJ's or Fraud against me. I do however have a couple (2 or 3) small defaults which I am hoping to get settled sooner rather than later.


Anyone else had this reply and still got the card?


If you are a point blank refusal would it of said so at the end of the application? Or does it say this message to all refusals?


Thanks in advance.

I would say acceptance, but if Cap1 classic do turn you down you have some real serious credit history issues and a lot of hard work ahead getting your credit file together.

PNPSUKNET

the only thing that is likely to decline, is the unsettled defaults.

united66

star-fire wrote: »

I would say acceptance, but if Cap1 classic do turn you down you have some real serious credit history issues and a lot of hard work ahead getting your credit file together.

As previous poster said, the defaults are whats worrying me. However harsh your words I don't think it will take long to clear my credit history up. The defaults are for a total of about 800 pound for all 3

BugsyBrowne

united66 wrote: »

As previous poster said, the defaults are whats worrying me. However harsh your words I don't think it will take long to clear my credit history up. The defaults are for a total of about 800 pound for all 3

Well you will have to wait until those defaults to come off your file first then b4 you see improvement on your credit report.
Having a default on your file is on par with having a CCj,Bankruptcy on there either way your classed as a very high risk.
Can't understand how my post was harsh.

Also your default could of been 50p its still a default.

Svenena

Defaults are a serious problem, but if lenders really do consider defaults to be of equivalent seriousness to bankruptcy, that seems extremely harsh, especially if it were a small, settled default.

ETA: OP - I can see no reason they wouldn't just say 'no' straight away if it were a definite no. It sounds more like a maybe to me, so cross your fingers. How old are your defaults? Getting them settled as soon as possible will make you appear more favourable to lenders.

BugsyBrowne

Svenena wrote: »

Defaults are a serious problem, but if lenders really do consider defaults to be of equivalent seriousness to bankruptcy, that seems extremely harsh, especially if it were a small, settled default.

ETA: OP - I can see no reason they wouldn't just say 'no' straight away if it were a definite no. It sounds more like a maybe to me, so cross your fingers. How old are your defaults? Getting them settled as soon as possible will make you appear more favorable to lenders.

Defaults are very serious on a credit file its not just a late/missed payment and yes the reason I say bankruptcy is that either way your credit file is going to be messed up for 6 years at anyway you look at it.

Settled defaults look more favorable when applying for sub-prime lines of credit,but for mainstream lending its a no go.

Svenena

I realise they're a lot more serious than a missed payment, because they show an inability to manage your finances for several months, but I still think that not being able to pay eg a mobile contract for 3 months and getting a default for around £100 (a personal example ) is not on the same scale of things as bankruptcy, where usually thousands (or even tens of thousands) would be owed and never paid back. And I would hope that lenders do differentiate between the two.

Also possible to get mainstream cards with defaults - mine is still on my credit files for another six months and I recently got a Tesco CC, so there is hope!

united66

Svenena wrote: »

Defaults are a serious problem, but if lenders really do consider defaults to be of equivalent seriousness to bankruptcy, that seems extremely harsh, especially if it were a small, settled default.

ETA: OP - I can see no reason they wouldn't just say 'no' straight away if it were a definite no. It sounds more like a maybe to me, so cross your fingers. How old are your defaults? Getting them settled as soon as possible will make you appear more favourable to lenders.

They are from 2009 so far off dropping off, I am disputing 2 of them though as I never received any default notice in any way shape or form. If I hadn't of got my credit reports I wouldnt of even known they were there! I am crossing my fingers but Im not confident!

horngkai

I got this reply when applying for the World card last week. Just received my card today. No extra question asked. Think it just mean they can't make the decision online and will need someone to look at the application.

BugsyBrowne

horngkai wrote: »

I got this reply when applying for the World card last week. Just received my card today. No extra question asked. Think it just mean they can't make the decision online and will need someone to look at the application.

The capital one world mastercard is in another league all together for excellent credit scorers and one of the best cards on the market.