Capital One - Rejected!

Lessbutbetter

sajadhoffmanhussain123 wrote: »

I'm registered on the electoral roll and my credit files are all correct (all credit agreements during bankruptcy showing as settled) and quite a misleading score in the 900s from Experian, so I thought I would be good to go.

Come on Mr Jones, care to comment? Or are you :silenced:

keith_lard

Why not try Vanquis?

nonnatus

Capital One were on my creditors list when I went bankrupt.

Six months later I applied, got rejected and appealed. I wrote a letter asking them to reconsider because I desperately needed the ability to shop online using some sort of VISA system. I offered to provide a deposit because I obviously wasn't the most suitable customer .

Had a lovely personal letter back. I opened an account that week by "Banking" £200 into the new credit card, had a £200 limit (so was only ever spending my own money and topping it up again every month) but it was a great way to learn how to spend!

I now have a £4000 limit on the card (and have all my money back!) but as I previously posted, I NEVER use the card for fear of ending up in the same mess again.

I would definitely try and appeal...

hoffage123

Hi,

Thanks, I think I will appeal and see if that works.

I would also be interested to know if Experian can give me any clarification on my credit score, as when I saw it initially I felt a bit more optimistic about getting credit. But now, it seems like it may have been a bit of a white elephant.

NewStart09

nonnatus wrote: »

Capital One were on my creditors list when I went bankrupt.

Six months later I applied, got rejected and appealed. I wrote a letter asking them to reconsider because I desperately needed the ability to shop online using some sort of VISA system. I offered to provide a deposit because I obviously wasn't the most suitable customer .

Had a lovely personal letter back. I opened an account that week by "Banking" £200 into the new credit card, had a £200 limit (so was only ever spending my own money and topping it up again every month) but it was a great way to learn how to spend!

I now have a £4000 limit on the card (and have all my money back!) but as I previously posted, I NEVER use the card for fear of ending up in the same mess again.

I would definitely try and appeal...

Yes, but how long did it take you to do that? Get such a high limit?

I was initially approved on my online application than rejected, not really telling me why. When did you go BR?

I might just try your letter and see what they say, I too am willing to put down a deposit, did you offer the £200 amount or is that what they wanted? I am hoping to holiday next year, the first time in nearly three years, and need a credit card to secure my hotel room, no one will take my visa/debit card, not even Holiday Inn here in the UK, had that great experience a few weeks ago, so I paid in cash and put a hold on everything in the room.

NewStart09

hoffage123

I've put in for a Vanquis now. But I will also appeal Capital as you never know. If I don't get either, I guess its the prepaid route I would need to go.

Thanks all for your helpful hints and tips, I do appreciate it

hoffage123

I've written an appeal now - does this sound ok?

Dear Capital One,

This letter is to appeal against the original decision to reject my application for a Capital One Classic Credit card.

I wish to appeal on the following points and ask for the decision to be referred manually.

• I believe that at the time my credit report for Equifax/Experian may have incorrectly been showing an unsatisfied default from HSBC. I have now requested that this be corrected so that it shows as satisfied.
• I wished to use the card to improve my credit profile and feel that I have learnt the lessons of my past and would be a good customer for you. I am in stable full-time employment, have learnt to live within my means, and require a credit card for day-day expenses like food shopping that I would pay back within the month.
• I am willing to put a small refundable deposit of £25 on the card to show my willingness to be a good customer of yours.

Please can you let me know whether you will refer my original decision to be manually reconsidered?

skintdad

they will decide the amount of the deposit if this is acceptable to them. expect £100 - £200 NOT £25.
the unsatisfied default is probably the reason that they declined you. it will take time for this to be corrected on your credit file (possibly up to 3 months). can you send them a photocopy of the proof that you have settled the default? otherwise they won't do anything til it shows as satisfied on your credit file if they re-search it

hoffage123

I sent one of the formal letters out to HSBC and also told Equifax/Experian/Callcredit at the same time - I must have been lucky because it updated in about a week's time, so it is all correct now.

I can send them my updated credit report as well.

I will leave the figure out of the deposit bit then, and ask them to set a figure. Once it is on the card, it can still be spent I assume?

izools

hoffage123 wrote: »

Oh well :-/ They say I can appeal but am not sure if its worth it - anyone had any luck appealing their decision? I'm a former bankrupt (been discharged a couple of years now) and the criteria did say they may consider those who have been discharged more than a year ...

Think I'll leave off a couple of months now. My credit file for Experian and Equifax is all correct now, so that is a positive at least

Capital One had no trouble appoving me, as a discharged bankrupt but within the last six years, for a Progress card (£300 limit) and a Classic card (£500 limit increased to £750 after sixth statement).

I suggest appealing, and enquire about their "secured" card in the appeal - they can sometimes offer a card if you give them a deposit which they hold on to and return after six to twelve months of good account conduct.

Then when you've had the sixth statement from your Classic card apply for Progress - you can hold both simultaneously - and that'll be perfect for building history until the six year mark

Good luck! :beer: