Capital One Accepted.. Could Decline..

Jack1888

Hi guys

I'm totally confused and somewhat angry.

Last week I learnt that my Capital One Classic application had been successful and I needed to do was sign the credit agreement and my card and PIN would be despatched within 7-10 working days.

Great.. or so I thought.

This morning I rang them up to check they had received it. Yes (looking good I thought.) The application is currently being processed and continue checks.:mad:

I had been accepted by writing for God's sake, why do they need to check it again.

I'm not raising my hopes as I can see them declining the application based on their 2nd checks.

If this does happen I'll be furious. Not because of credit. Any company is allowed to determine whether you are a good or risky credit chance for them. My point is why raise someone's hopes (especially someone like me who hasn't got the pick of the litter of credit freedom) and send an acceptance letter and credit agreement just to decline. Surely they must know or have a rough idea of the outcome?

I know I'm ranting but I need this credit card to get me on the ladder.

I'll let you know the outcome.. you probably can guess!

Thanks guys, you're the best!

Jack:D

tigerlily44

Jack1888 wrote: »

Hi guys

I'm totally confused and somewhat angry.

Last week I learnt that my Capital One Classic application had been successful and I needed to do was sign the credit agreement and my card and PIN would be despatched within 7-10 working days.

Great.. or so I thought.

This morning I rang them up to check they had received it. Yes (looking good I thought.) The application is currently being processed and continue checks.:mad:

I had been accepted by writing for God's sake, why do they need to check it again.

I'm not raising my hopes as I can see them declining the application based on their 2nd checks.

If this does happen I'll be furious. Not because of credit. Any company is allowed to determine whether you are a good or risky credit chance for them. My point is why raise someone's hopes (especially someone like me who hasn't got the pick of the litter of credit freedom) and send an acceptance letter and credit agreement just to decline. Surely they must know or have a rough idea of the outcome?

I know I'm ranting but I need this credit card to get me on the ladder.

I'll let you know the outcome.. you probably can guess!

Thanks guys, you're the best!

Jack:D

I would wait and see what happens. Did they ask you for ID or any other information? I know how hard it is to wait for a decision but look on the bright side - it wasn't an instant decline.

tiger

moneys_2_tight_to_mention

On the advice of this site I applied for a credit card with Capital One as my credit rating is at rock bottom and I need to improve it. Imagine my shock-horror when one of my creditors started to demand more money on the basis that my credit rating has improved because I was successful in obtaining this card. As this site advised I spend no more than £20 a month on it and clear it all in one go. My details have been passed to my creditor's solicitors because they believe I have additional sums to pay them; I don't. Please think carefully before applying for one of these high interest cards to improve your credit rating. I am being harassed and I'm miserable, wishing I'd never applied for it.:(

stclair

moneys_2_tight_to_mention wrote: »

On the advice of this site I applied for a credit card with Capital One as my credit rating is at rock bottom and I need to improve it. Imagine my shock-horror when one of my creditors started to demand more money on the basis that my credit rating has improved because I was successful in obtaining this card. As this site advised I spend no more than £20 a month on it and clear it all in one go. My details have been passed to my creditor's solicitors because they believe I have additional sums to pay them; I don't. Please think carefully before applying for one of these high interest cards to improve your credit rating. I am being harassed and I'm miserable, wishing I'd never applied for it.:(

Most DCAs etc have access to your credit files now adays so its not just a case they have been told. They will see you have credit available to you and they will expect you to make a payment using it just tell them to naff off

Jack1888

Cheers guys

@Tiger, I sent them 2 forms of ID from lists A and B and heard back a week later in writing informing me that I had been successful so I thought that was that.

I'm of the mind now if I get it, I get it etc.

I could understand this if I had applied for their World MasterCard but it's just your box standard card.

I'm obviously credit worthy based on the fact of the letter I received. Why more checks. These guys want blood!!!!!!!!:rotfl:

Jack

tigerlily44

Jack1888 wrote: »

Cheers guys

@Tiger, I sent them 2 forms of ID from lists A and B and heard back a week later in writing informing me that I had been successful so I thought that was that.

I'm of the mind now if I get it, I get it etc.

I could understand this if I had applied for their World MasterCard but it's just your box standard card.

I'm obviously credit worthy based on the fact of the letter I received. Why more checks. These guys want blood!!!!!!!!:rotfl:

Jack

They're lending you money and the group that the Classic card covers have probably burned Cap One in the past - so they're entitled to ask for anything they like. People seem to forget that credit is not a right

tiger

Jack1888

I agree and wasn't my attention to seem what I expect credit. I understand the process but I guess I just got excited.

I know that they are taking risks with guys like my good self where others won't even look past your credit score.

Since this thread started, I have been accepted as the checks come back as clear as a whisle and the account was opened today and a very handsome limit (more than the £200 starter)

I feel a bit ashamed now :mad:

ASL

moneys_2_tight_to_mention wrote: »

On the advice of this site I applied for a credit card with Capital One as my credit rating is at rock bottom and I need to improve it. Imagine my shock-horror when one of my creditors started to demand more money on the basis that my credit rating has improved because I was successful in obtaining this card. As this site advised I spend no more than £20 a month on it and clear it all in one go. My details have been passed to my creditor's solicitors because they believe I have additional sums to pay them; I don't. Please think carefully before applying for one of these high interest cards to improve your credit rating. I am being harassed and I'm miserable, wishing I'd never applied for it.:(

BULL**** Nobody on this site advised or made you apply for a card. The reason I say this is because it sounds like you're blaming folks here for the extra that your being asked for due to your cra rating improving.

Regarding the extra they are asking for. Go to the citizens advice bureau. Let them contact your creditors on your behalf. Explain to them that you spend a little on a card maybe for food and pay it back in full. And that your financial situtation is still the same as before. It's just that you buy food or what ever on a card instead of cash. Then pay it when the bill comes, instead of using cash each time.

Providing your incomes not increased by much, you won't be expected to pay more. But if your earning much more than before, then pay a little more. Don't worry about the letter. Let CAB deal with it