Finally Accepted!

catalepticstate

Hi all, I thought I would share my story.

I first had a credit card when I went to university and opened a Graduate account with HSBC back in 2000/2001. I had a credit card and debit card with them.

I did not use the credit card, and only used my debit card. I got stuck one day and used my credit card and saved me.

I paid it back and stopping using it. I put it away and that was that.

A few months later I had a statement owing 500 pounds. I queried it, and there was a purchase made with my card.

I did not make the purchase. I told the bank. I went in and they cancelled the card and cut up the card. They also cancelled my debit card. But kept my account open.

No questions or investigations.

I also had a visa electron on Halifax basic account which I used for my personal non uni cash.

After leaving uni I did not use the HSBC account at all.

I ended up using my basic Halifax account for everything. Anyway I had a few missed payments, but I was working and my wages were going into my account when I started working.

I then took a phone out on contract and ditched my pay as you go, and I had a few late payments.

I paid them off and I went back to pay as you go.

The company I worked for then went out of business and I was out of work for 5-8 months.

I was left with a car which I took out on Finance.

And my payments for things started getting paid late. I used up all my savings. I set myself up as a web designer working from home and I tried to pay off my bills.

My credit rating went bad to worse. I tried to get a credit card to help me with a few payments. No one would accept me.

Years went by and I was still not accepted.

I have had my current job for almost a full 12 months and things have been really good.

I tried again to get a card 6 months ago, as I need it for work. I have to travel and stay in hotels etc.
My workplace has stopped issuing company cards and I have to pay and claim back. They give me a cheque straight away.

I got stuck once, as a cheque did not clear on time and I had to get my work mate to bail me out for £650 hotel room bill!

I was really embarrased, and peed off at myself. So I tried to apply again for the first time in a year and I still got rejected.

So I have been using Payday loan companies each time I have to go away for work.

I am now paying double the amount back.

Still getting fed up.

I had the email about 0% for 7 months CapitalOne card. I applied and after a full week of waiting I got accepted.

I am so happy!
I cant wait to keep the money I make from my wages instead of waving goodbye to it!

One thing I do not understand is that my bank Halifax would not accept me for a card at all, even though they know how much comes in and out of my account.

Jack1888

Congrats on C1!!! It really does hit the "feel good" button doesn't it?!

Are you still with Halifax?

HoneyAndLemon

catalepticstate wrote: »

Hi all, I thought I would share my story.

I first had a credit card when I went to university and opened a Graduate account with HSBC back in 2000/2001. I had a credit card and debit card with them.

I did not use the credit card, and only used my debit card. I got stuck one day and used my credit card and saved me.

I paid it back and stopping using it. I put it away and that was that.

A few months later I had a statement owing 500 pounds. I queried it, and there was a purchase made with my card.

I did not make the purchase. I told the bank. I went in and they cancelled the card and cut up the card. They also cancelled my debit card. But kept my account open.

No questions or investigations.

I also had a visa electron on Halifax basic account which I used for my personal non uni cash.

After leaving uni I did not use the HSBC account at all.

I ended up using my basic Halifax account for everything. Anyway I had a few missed payments, but I was working and my wages were going into my account when I started working.

I then took a phone out on contract and ditched my pay as you go, and I had a few late payments.

I paid them off and I went back to pay as you go.

The company I worked for then went out of business and I was out of work for 5-8 months.

I was left with a car which I took out on Finance.

And my payments for things started getting paid late. I used up all my savings. I set myself up as a web designer working from home and I tried to pay off my bills.

My credit rating went bad to worse. I tried to get a credit card to help me with a few payments. No one would accept me.

Years went by and I was still not accepted.

I have had my current job for almost a full 12 months and things have been really good.

I tried again to get a card 6 months ago, as I need it for work. I have to travel and stay in hotels etc.
My workplace has stopped issuing company cards and I have to pay and claim back. They give me a cheque straight away.

I got stuck once, as a cheque did not clear on time and I had to get my work mate to bail me out for £650 hotel room bill!

I was really embarrased, and peed off at myself. So I tried to apply again for the first time in a year and I still got rejected.

So I have been using Payday loan companies each time I have to go away for work.

I am now paying double the amount back.

Still getting fed up.

I had the email about 0% for 7 months CapitalOne card. I applied and after a full week of waiting I got accepted.

I am so happy!
I cant wait to keep the money I make from my wages instead of waving goodbye to it!

One thing I do not understand is that my bank Halifax would not accept me for a card at all, even though they know how much comes in and out of my account.

Highlighted the reasons why Halifax would not accept you. You have late payments on your credit file, which they will find out by doing a credit search. And on the accounts you have with them, you have pay day loans getting paid into them, a clear sign you cant manage your money as it is (in their eyes anyway).

Halifax are a prime lender, you will need to build up a payment history, at least 6-12 months, on a sub prime lender, such as the capital one card you have been accepted for, before you will stand a chance of getting a card with Halifax.

catalepticstate

Thanks Jack!

It does feel good, and this site has helped me in so many ways so I thought I would share my experience.

I am still with Halifax. I have been told my a friend to join a proper bank like Barclays who are more "commercial" than Halifax "who still have building society mentality".

Is there any truth in that?

I don't know why it took me a whole year on Payday Loans to finally get a card, but I guess they have helped give me a better credit rating.

I am tempted to swap back over to my HSBC account.
What should I be looking for in a Bank Account?

To get a Credit card with HSBC you have to have atleast £1,500 in your account for 3 months before they will consider you.

catalepticstate

HoneyAndLemon wrote: »

Highlighted the reasons why Halifax would not accept you. You have late payments on your credit file, which they will find out by doing a credit search. And on the accounts you have with them, you have pay day loans getting paid into them, a clear sign you cant manage your money as it is (in their eyes anyway).

Halifax are a prime lender, you will need to build up a payment history, at least 6-12 months, on a sub prime lender, such as the capital one card you have been accepted for, before you will stand a chance of getting a card with Halifax.

Hi HoneyAndLemon,
I did say I paid them off. And they have been cleared on my credit file. This was a few years ago.

My experian and Equifax reports from 2009, 2010, and 2011 are all clear, but I still could not get a credit card.

Jack1888

I have banked with Barclays since 2009. When I opened the account, the computer offered me a Visa Electron but the personal banker said she'd appeal as I needed a full debit on the count of being disabled (wheelchair based) and it wasn't easy for me to just nip down to the post office or ATM to get my cash out. I had to return to the branch 4 days later and was pleased that the under writers had offered me a full Visa debit with current account of my choice (I choose Current account Plus.)

Since then (based on the conduct of opening), I have been offered a £360 O/D (I was pre-approved for £900 but only needed £300 actually!) and a £1000 Barclayloan (again was pre-approved for a £10k loan.)

This bank seem to play a lot fairer than same I have had dealings with in the past. But it all goes all your account history to what they can offer you and the pre-approved offers can drop-off from month to month.

What should I be looking for in a Bank Account?

You should first ask yourself what benefits you want/need from the account?

I currently pay £6 for my account as it comes with extras like mobile insurance which is a lot better than my operator offers! Also I can go overdrawn up to £300 interest free.

I wouldn't swap bank accounts for anything, I'm well happy!!!

catalepticstate

Thats really good!
I am glad to hear that.
My Halifax Ultimate Reward account gives me up to £300 pre arranged overdraft but when I applied for it they told me to "sorry we cannot offer you this"

Jack1888

I found Halifax very hard work when I banked with them in 2002. I got declined for a Switch debit card on my current account on the basis I didn't meet the account requirements! They got 1,200 every month of a 12 month period! Never did find out what the requirements were. I was given a Solo cash card

A few months later, I was so unhappy with Halifax, I decided to chance it with HSBC, I knew absolutely nothing about the bank only that they were once Midland! Typical of me I'm afraid!

Told them all about my Halifax hassles, they suggested I went for the full bank account with O/D facility (subject to acceptance) and it went straight through. I was offered a £100 cheque guarantee Switch and £100 overdraft facility. I think HSBC used to use an in-house scoring process called Behaviour Score. I applied (and got) their Mastercard years later until I got into debt and lost everything, including my excellent credit file.

It's only now beginning to 'repair'. When I think back, I was such an idiot but I guess it comes with age and wisdom!

Bravehearted_2

If you travel loads and stay in maybe the Marriott, the limits on the Cap One cards wont come close to enough.

I put about 2K, sometimes more on my Amex- weekly.

Still congrats. Run it well then go for a card that rewards you for spending.

camuk81

Congratulation on getting accepted just a fire warning, please make sure you pay the card back as the apr can be very high on that card. However getting a credit card and paying it back is probably the best thing for your credit file

catalepticstate

Bravehearted wrote: »

If you travel loads and stay in maybe the Marriott, the limits on the Cap One cards wont come close to enough.

I put about 2K, sometimes more on my Amex- weekly.

Still congrats. Run it well then go for a card that rewards you for spending.

Hi Bravehearted,
Are you saying the max limit on a Cap One is usually low?

Thats going to be a problem. I will be away next month for 2 weeks straight

4 nights in Scotland and 3 nights in Brighton, with car park charges to pay for too.

Not including the petrol and flight costs.