Help on Capital One Classic!

Jack1888

Hi everyone,

This is my first post so please be gentle with me:rotfl:

After applying for my first ever credit card a year ago (Vanquis) I have built up a good history, so much so that they recently wrote to me advising me that my interest rate has now dropped to 3.433% (still no sign of a credit increast though:()

Anyway I thought I may try my luck with Capital One (after getting declined twice before) and was told they would write to me with a decision. Well I had been there before and could predict what they were going to say but to my amazement they requested 2 forms identification. I paid an extra £5 at the post office to send these as if they got lost in the post, it would be hard to replace them.

I rang them back 3 days later just to check whether they had got the documents and to my delight the checks had come back successful and a credit agreement is on it's way to me!

My questions are:

Should I get rid of Vanquis in place of Capital One?

How much credit limit am I likely to get?

I have never had bad credit just new to credit which I think can be just as frustrating.

I'd be greatfuul for any advice on the above:)

butler1882

3.433%? Im going to apply for that card. Do you need the money for any particular reason? Personally I would try and get a credit card with your bank as from my experience the cost of borrowing from capital one and vanquis are huge

tigerlily44

Jack1888 wrote: »

Hi everyone,

This is my first post so please be gentle with me:rotfl:

After applying for my first ever credit card a year ago (Vanquis) I have built up a good history, so much so that they recently wrote to me advising me that my interest rate has now dropped to 3.433% (still no sign of a credit increast though:()

Anyway I thought I may try my luck with Capital One (after getting declined twice before) and was told they would write to me with a decision. Well I had been there before and could predict what they were going to say but to my amazement they requested 2 forms identification. I paid an extra £5 at the post office to send these as if they got lost in the post, it would be hard to replace them.

I rang them back 3 days later just to check whether they had got the documents and to my delight the checks had come back successful and a credit agreement is on it's way to me!

My questions are:

Should I get rid of Vanquis in place of Capital One?

How much credit limit am I likely to get?

I have never had bad credit just new to credit which I think can be just as frustrating.

I'd be greatfuul for any advice on the above:)

Welcome to the forum.

I would wait to see what credit limit you get with Capital One before you ditch the Vanquis.
If you registered for online with Capital One you can log in and you will see your limit on there.

Hope that helps

tiger

MorrisonsEmployee

Jack1888 wrote: »

Hi everyone,
After applying for my first ever credit card a year ago (Vanquis) I have built up a good history, so much so that they recently wrote to me advising me that my interest rate has now dropped to 3.433% (still no sign of a credit increast though:()

Have Vanquis never given you a credit increase?

PhenoM

3.433% ?

I think it's 34.33%.

bengal-stripe

PhenoM wrote: »

3.433% ?...........I think it's 34.33%.

It might be 3.433% per month!

Jack1888

Vanquis have NEVER increased the limit of £250. I suppose I should count my blessings that it's not a mere £150!!!!

I use V for general use (car, food etc)

I know that both cards are crazy with their APR's but as I tend to pay them off every month this doesn't bother me that much. A friend said that I souldnt do that as it wouldn't help my score. Is she right?

I'd love to go to my bank (Barclays) but they said I don't meet their criteria! Yet I have Littlewoods, Orange, Vanquis and Studio. I'm well confussed. Yet my mate who has loads of debt can get one

chanz4

your friend dont know what they are on about, doesnt matter if you pay in full or not

CollectionsExpert

paying your balance in full each month is the only sure fire way to improve your credit rating

Jack1888

Thank you for clearing that up for me.

She is a bit dizy when it comes to credit. I'm sure she was mistaken as it didn't sound right but as I'm something of a newbie to credit, I wasn't 100% sure.

Trajal

CollectionsExpert wrote: »

paying your balance in full each month is the only sure fire way to improve your credit rating

Sorry but this is flat out wrong.

Firstly, every financial institution operates its own internal scorecards which are confidential and differ wildly between lenders.

Secondly, you may be an attractive customer to one company by paying off in full every month, but you will be less attractive to another.

They are not looking to determine your risk, they are looking to determine your profitability -vs- risk.

So leaving some funds everynow and again between months (nothing major just so they can earn a little interest from you) will dramatically improve your desirability to many institutions so long as you don't ever fall behind.

I'd steer away from 'minimum' payments to be honest, because whilst they are also a double-edged sword and can be attractive to some, they could be indicative of more risk than profitability.

However, the true answer to this is that no one knows every detail of every lender's scorecard criteria as to what makes an attractive customer so we have to find a fine line and tread carefully.

Paying off your monthly credit card in full is *not* necessarily the very best way to improve your credit score, because many lenders will dislike that and consider you to be unprofitable.