Capital one classic cc application ! Some advices needed pls !

zane0622

Hello guys , one of my friends applied for capitalone classic credit card online last week and was accecpted instantly . He was asked to sign the agreetment and was told that the card & pin number would be sent next 5-7 working days . He was so delighted as this would be the first ever credit card for him .
He has been waiting for the card for over a week and heard nothing from the company . So he decided to give them a ring to find out what was going on . To his horror , he was told that his application was declined . He explained to the indian girl on the phone that he has got very good credit history and never missed a single payment , but the girl told him that they thought he would be a high risk customer and that's why they turned him down . He was really confused about that .
By the way , he has got 3 mobile contracts & 2 current accounts & 1 car finance . His credit report looks very healthy ( He is membership of equifax ) . He doesn't understand why he has been turned down by the credit builder credit card . The Indian girl did mention that he could appeal against the decision .
Does anyone have similar situation before ? Is it worth to appeal ? How to appeal ?
Thank you very much !

SnowTiger

zane0622 wrote: »

His credit report looks very healthy ( He is membership of equifax ) . He doesn't understand why he has been turned down by the credit builder credit card .

LOL.

If your friend's credit report is so healthy why is he applying for a credit building card?

Perhaps that Equifax report isn't all it's cracked up to be.

I'm a little surprised Capital One didn't offer their Secured Card. The fact they didn't suggests they simply don't want to risk his custom.

zane0622

Thank for reply . My friend did apply for a mainstream credit card back in 6 months ago and was turned down by the company . The reason he was given was lack of credit history , in another words because he hasnt had any credit cards apart from the mobile contracts . They suggested him to apply for a credit building card instead .

YorkshireBoy

Why doesn't your friend apply for a card with one of their current account providers?

After all, no-one else knows his financial circumstances/credit worthiness like the people that receive his income and pay his bills/see what he spends his money on.

BugsyBrowne

zane0622 wrote: »

Thank for reply . My friend did apply for a mainstream credit card back in 6 months ago and was turned down by the company . The reason he was given was lack of credit history , in another words because he has had any credit cards apart from the mobile contracts . They suggested him to apply for a credit building card instead .

That make sense, I see your mate hasn't got no credit cards but he has a loan therefore him applying for a credit builder card was the best bet.
I would advise him to try for a vanquis card and just pay this off full every month which 12 months down the line providing all his debt are payed on time should stand him in good shape for a mainstream card, or try his bank.