Capital One Secured Card - Will I be successful

Estj87

If you've seen my previous posts, you'll see that I've gone from being offered everything (2 x Credit cards, total limit £6k, £15k loan, car finance etc) when I was 18, to completely ruining my life (no understatement) by the time I was 19.

It's taken until now (I'm 25) to pay everything back (no CCJ's or IVA, etc, just paid it all back the hard way).

Anyway, I've been successful enough to have been given a Lloyds TSB account (initially cash account last July, then silver in March now Platinum in May) and a Vanquis credit card this month.

I've just applied for a Capital One card to help rebuild my credit again and although I was declined, they've offered me a secured card at the end of my application.

Do I get my hopes up, and hope that I'm successful or have other people been offered this card to find out they've actually been declined once 'checks' have been completed?

P.S. I'm not applying for credit because I need it, I'm solely trying to prove I've learnt my lesson the hard way. There's no way I'm getting back into the mess I was in a few years back!

BugsyBrowne

Well this just shows that your credit score is still trash if youve been rejected for a cap 1 card and been offered a secured card, if they turn you down for this secured card give up and try again in a year.

Estj87

Yeah, my credit file is still pretty awful - everything's been paid off, but lots of defaults (going back to 2006), which are dropping off month by month (thankfully!)

BugsyBrowne

Estj87 wrote: »

Yeah, my credit file is still pretty awful - everything's been paid off, but lots of defaults (going back to 2006), which are dropping off month by month (thankfully!)

Stop applying for any more credit until those dreaded defaults fall off if I was you.

Maestro.

You have a Vanquis card... that's enough for now I think.

TzarJay

Can I just ask how you were offered a 15k loan and a 6k credit limit at 18 ? Only thing I was offered when I was 18 was a boot out the banks doors when I applied for a credit card haha.

I remember when I was 18 I didnt know how credit approval worked and ended up applying for about 8 credit cards in 2 months. Stupid applications too like Amex Platinum and World MasterCards purely because I wanted a credit card, and thought "ive not been in debt, so they'll easily give me one". So I'm now stuck with a Capital One MasterCard with a £200 limit and about 19 previous searches to boot.

BugsyBrowne

TzarJay wrote: »

Can I just ask how you were offered a 15k loan and a 6k credit limit at 18 ? Only thing I was offered when I was 18 was a boot out the banks doors when I applied for a credit card haha.

I remember when I was 18 I didnt know how credit approval worked and ended up applying for about 8 credit cards in 2 months. Stupid applications too like Amex Platinum and World MasterCards purely because I wanted a credit card, and thought "ive not been in debt, so they'll easily give me one". So I'm now stuck with a Capital One MasterCard with a £200 limit and about 19 previous searches to boot.

If the OP is around 35 it's quite possible as the 90's lenders like MBNA, barclaycard were throwing credit everywhere, criteria was easy, banks were making money etc.

Estj87

TzarJay wrote: »

Can I just ask how you were offered a 15k loan and a 6k credit limit at 18 ? Only thing I was offered when I was 18 was a boot out the banks doors when I applied for a credit card haha.

I remember when I was 18 I didnt know how credit approval worked and ended up applying for about 8 credit cards in 2 months. Stupid applications too like Amex Platinum and World MasterCards purely because I wanted a credit card, and thought "ive not been in debt, so they'll easily give me one". So I'm now stuck with a Capital One MasterCard with a £200 limit and about 19 previous searches to boot.

It was all with HSBC. I had banked with them since I was about 6. I have no idea why or how they approved me for so much, but my naivety at 18 was my downfall.

I'm 25 now, so this was in 2005

BugsyBrowne

Estj87 wrote: »

It was all with HSBC. I had banked with them since I was about 6. I have no idea why or how they approved me for so much, but my naivety at 18 was my downfall.

I'm 25 now, so this was in 2005

Sorry mate but I am not buying that been there since 6 or not HSBC wouldn't of lent you all this money at 18 in 2005.

You don't have to make up stories.

bigadaj

I don't think tis a case of making up stories, just a case of the craziness at the time, irresponsible lending, irresponsible borrowing and a lack of basic financial education. The idea that you will only be able to spend what you have is very difficult to teach apparently.

I'm trying to be objective about this, and the OP has sorted out the mess himself but unfortunately virtually very government in the world hasn't.

fairfight2011

Estj87 wrote: »

It was all with HSBC. I had banked with them since I was about 6. I have no idea why or how they approved me for so much, but my naivety at 18 was my downfall.

I'm 25 now, so this was in 2005

Hi I just wanted to chime in and respond to the poster who doubted the accuracy of your statement above - I took out student finance with HSBC at 19 - and am slowly paying it off now (I'm nearly 35!)

They had no hesitation in offering me an overdraft and a mastercard on the strength of a university acceptance letter, and I hadn't banked with them before. I previously banked with TSB (before they became Lloyds TSB) and they offered me an £800 overdraft on my 18th birthday, when I was still an A Level student and had no regular employment.

Barclays, who I had to open an account with after HSBC froze my account while I was still at Uni, offered my first overdraft of £300 in the run up to Christmas on the strength of being on Lone Parent Benefit...

In my case it's been a matter of Desperate borrowing and Irresponsible lending. To bring you up to date - I am now wondering how to get shot of my 'credit repairing' capital one card with it's ridiculous 40% interest rate...

Well done for paying everything off in 6 years!:T