Capital One Secured - How long to wait?

Dr_Cuckoo3

Nationwide have a "my offers" section in internet banking - so any credit card offers will appear there

My pre-approved offer was £2000 at 19.9% although it still has 0% on purchases for 18 months , the non pre-approved offer was £7000 at 12.9% and that was just a personalised advert

Nationwide would be the best route to a credit card assuming you have the full current account and receive a pre-approved offer

Metro Bank's APR is low , but I don't think that is an indication that they have a stricter criteria (I haven't read any posts about people being declined for their card)

I also have a Vanquis card and know that they will approve applications even if there are several recent credit searches - so leave that one until last

Metro Bank and Sygma are likely to only search Equifax - so the bank you are applying to for a student account may not see the search

Presumably your HSBC current account will have pre-approved credit card offers

There is a post on the bank accounts board stating that Santander open current accounts without a credit search and it is possible that they will offer a credit card at the same time if you apply in branch

Plxply

I think I will try with Metro Bank first (I'm still assuming it will fail), I will then make an application with Vanquis. I don't really want to try to apply for cards with any of the banks that offer student accounts as they will often also offer a student credit card and I know some lenders have rules that you can only apply once every six months for a card.

Unfortunately Nationwide are displaying "You do not have any offers to display".

Once again, thanks for the advice everyone I do appreciate it.

wiseshark

If you apply to Metro Bank for a credit card, you will certainly be declined. They employ a very strict credit score as their one size
13% APR has to fit all their customers, unlike Halifax for example who are more flexible and offer different APR rates accordingly.

I notice that you have 4 current accounts. Do you really need them all? When you open your student account in September, you will have another. Bear in mind that if these current accounts have an overdraft facillity, then they will appear on your credit report putting off potential lenders. You might want to think about closing at least 2 of them.

In relation to your early post about improving your rating and speeding up the process. There really is no quick fix to do this. It will take time and gradually over the next few years, your rating will improve, provided you make all your commitments on time.

I wish you all the best.:D

Plxply

wiseshark wrote: »

I notice that you have 4 current accounts. Do you really need them all? When you open your student account in September, you will have another. Bear in mind that if these current accounts have an overdraft facillity, then they will appear on your credit report putting off potential lenders. You might want to think about closing at least 2 of them.

In relation to your early post about improving your rating and speeding up the process. There really is no quick fix to do this. It will take time and gradually over the next few years, your rating will improve, provided you make all your commitments on time.

I wish you all the best.:D

The current accounts accumulated over time, I have to keep the Nationwide account as they require it for the ISA as well as the fact that I can't transfer in direct I have to transfer to my Nationwide current account then to the ISA.

Lloyds TSB is my main current account after I moved from HSBC a few years ago, but I still keep the HSBC account open and operate it as a "prepaid" card in that I only put a certain amount on it in case of fraud I don't carry around my Lloyds card in fear of fraud. The last is Metro Bank, I opened the account purely for the free overseas facilities, granted I don't travel much in fact only once a year but I don't see a problem in keeping the account.

None of the accounts have overdrafts on them and when opening the Metro Bank and Nationwide accounts I ensured I asked that I don't have an overdraft although I doubt they would have given me one. If Lloyds or HSBC were to give me one, I can decline and tell them to remove it correct? Also as long as the accounts don't have overdrafts they shouldn't present any problems?

EDIT: There is one reason I want a second card, it's not a large reason. But I would like a slightly larger credit limit, at the moment with Capital One I only have £200 so I can't take full advantage of Section 75 as I'm restricted to the £100 - £200 region which wouldn't be enough for a laptop for example. If I were to make a purchase with a larger credit limit I would pay it off in full straight away, I just want the Section 75 protection so interest rates aren't an issue. Are Vanquis likely to grant me a larger limit or at least increase it over time?

wiseshark

[QUOTE=Plxply

EDIT: There is one reason I want a second card, it's not a large reason. But I would like a slightly larger credit limit, at the moment with Capital One I only have £200 so I can't take full advantage of Section 75 as I'm restricted to the £100 - £200 region which wouldn't be enough for a laptop for example. If I were to make a purchase with a larger credit limit I would pay it off in full straight away, I just want the Section 75 protection so interest rates aren't an issue. Are Vanquis likely to grant me a larger limit or at least increase it over time?


Vanquis are known to regularly review credit limits and increase them if the account has been managed well. Capital One seem to be very careful these days about increases. One of the best ways to get a credit limit increase is to regularly go close to your limit over a 3-4 month period. This would indicate that the credit limit is no longer sufficient and an increase is likely to be granted. Make sure that you repay in full though, Vanquis APR ranges from 39.9 to 59.9.

You may also want to consider opening a Credit Union account.
Sure, you will need to make a commitment and save regularly, if only £5 per week, but they are brilliant for certain people and students. You will not get a cheaper loan. Hope that I have given you something useful to think about.

Plxply

I have one final question, is there any difference between Vanquis and the Granite card? It seems to me that Granite is Vanquis in disguise but I don't see why they would launch a new card? Is their criteria going to be the same as Vanquis? The only main difference I can see is the maximum starting limit for Vanquis is higher although this doesn't apply to me.

wiseshark

Plxply;52780409]I have one final question, is there any difference between Vanquis and the Granite card? It seems to me that Granite is Vanquis in disguise but I don't see why they would launch a new card? Is their criteria going to be the same as Vanquis? The only main difference I can see is the maximum starting limit for Vanquis is higher although this doesn't apply to me.


I think your research on both these credit cards far exceeds mine, so can't really advise here. However, I seem to recall discussions and comparisons of these cards previously on this forum.

I would therefore suggest that you carry out a forum search, which most likely will provide some answers.;)

UsetheFORCE

As far as I am aware, Section 75 covers you for the FULL amount of a purchase provided at least 1 penny of it is put on your credit card.

You don't need to put the whole amount to be covered plus you could do what I do and run a CREDIT balance on your credit card to enable you to buy it in full on your card.