capital one progress

KILL_BILL

i have had my capital one classic card for 6 months now and paid it off in full every month

if i apply for the progress card now is it likely to be rejected or whould i wait some more time

what have other people done ?

BugsyBrowne

KILL_BILL wrote: »

i have had my capital one classic card for 6 months now and paid it off in full every month

if i apply for the progress card now is it likely to be rejected or whould i wait some more time

what have other people done ?

If your rebuilding your credit keep what you've got as its pointless going from 1 subprime to another subprime with the same company on the promIse of their silly APR decrease.

Capital one credit limits for their classic & progress are that small means you won't have a problem paying them off in full.

Like I say if you only plan on paying the minimum payment and waiting 3 years for a normal APR then fill your boots.

chanz4

I disagree, although I would wait to about 9 months. The progress card normaly has about £1k limit start, use it well and it will come down to around prime rates

BugsyBrowne

chanz4 wrote: »

I disagree, although I would wait to about 9 months. The progress card normaly has about £1k limit start, use it well and it will come down to around prime rates

Normally or is that a guess also using it well or not it still takes 36 months to come down to a normal APR rate now that is 3 years.

Now waiting 3 years to sit on a 18% APR doesn't make sense TBH, by this time you should Be concentrating on 0% offers not 18% APR's..

Simon7685

I waited 9 months before applying for Progress, having paid my classic in full every month. I got the green lights on the online application only to then be declined by post 10 days later. I sent off an appeal which was turned down, as expected.

The day after I received the decline letter, I received a credit limit increase on the classic card going from £200 to £800, which still baffles me a little bit but there you go.

So if I was you, I might be inclined to wait until after they increase your classic limit and try it that way but at the end of the day it is your choice.

izools

Keep in mind that the presence of a new credit account will decrease your creditworthiness for a while - typically six months.

Creditors do not like to see new accounts on an applicant's credit file and don't want to see many accounts taken out over a comparatively short period of time. They want to see stability - an applicant's ability to maintain the status quo, not ditch and switch every five minutes.

If you want to keep your credit worthiness as good as possible, stick to what you have for as long as possible and avoid new accounts

chanz4

I did it didnt have an issue, but I closed my classic down then re-applied. I dont care about the aprs as dont pay intrest