Capital One Balance Transfer Card

PhoenixDF

Hiya,

I current have 2 credit cards. 1 with capital one with a limit of £200 and one with vanquis with a limit of £1750.

My balance on capital one progress card is clear and I've had it for over 6 months and use it alot.

My vanquis card has a balance of £1200. Neither card has a missed payment nor has gone over the credit limit (I've also had the vanquis card for over a year).

I applied for the CO balance transfer card to move my vanquis balance over for the 0% offer for 9 months but I had a decline letter through the post saying I didn't meet their criteria.

This seems a bit strange because my credit ratings are showing as good with all 3 agencies, the interest rate on the new CO card would be almost 10% higher than my current one after the 9 months at 0% and I can't work out why it would've been declined.

Anyone got any ideas?

[Deleted User]

You're quite heavily utilised (over 50%). Perhaps try to pay down the balance some more and then reapply.

BTW - Are you allowed to have two Cap one cards?

Also - a lot of people have troube with BTs from vanquis. I don't know why, but there is something about their card numbers that seems to prevent BT. So just something to be aware of.

PhoenixDF

Thank you for the reply.

I am due to get a bonus from work of around £1000 so I was thinking of paying at least £600 off the credit card maybe even more, so I am not too worried about being turned down for the Capital One card.

I'm sure if I weren't allowed two Cap One cards they would've stated this in the decline letter surely?

Would've been nice to have a 0% credit card for a few months compared to the horrendous rates from vanquis.

Its good for my credit card having them increase my limits every 4-6 months but I think its time to start clearing off the credit cards as part of my spring cleaning.

[Deleted User]

PhoenixDF wrote: »

I'm sure if I weren't allowed two Cap One cards they would've stated this in the decline letter surely?

They'd be unique if they did. Decline letters are invariably generic.

But as I say, maybe you can have two, though again it's unusal.

cats2012

Hiya.

This doesn't help answering your specific question, but you can have 2 Cap One cards as it states this in their FAQs on their website, as long as you've had your first one more than 6 months.

Pretty sure they didn't used to do this though so must be a pretty recent change.