Capital One

carl310166

haggis_muncher wrote:

Got a letter this morning, no 18 month deal but ive been prequalified for the 6 month 0% deal on purchases with a credit limit of £400(4 hundred), all i need do is send back the credit agreement.
Looks like its getting shredded tbh

Does it give you the credit limit on your letter? i can't see mine,it just says "up to £3000 limit"

Reaper

carl310166 wrote:

The only thing i HAVE been doing,is opening savings and bank accounts (A&L),and cancelling !!! 60k worth of old unused credit cards.

Well that explains it. Multiple recent searches and lots of available credit. Time you had a spring clean and chucked out all those unused credit cards. Then wait 4+ months before applying for anything and you shouldn't have any more problems.

haggis_muncher

carl310166 wrote:

Does it give you the credit limit on your letter? i can't see mine,it just says "up to £3000 limit"

Yes it says "Credit limit up to £400" or perhaps they might give me less,
about as much use as a chocolate teapot.

carl310166

Reaper wrote:

Well that explains it. Multiple recent searches and lots of available credit. Time you had a spring clean and chucked out all those unused credit cards. Then wait 4+ months before applying for anything and you shouldn't have any more problems.

That is what i have been doing as regards a spring clean,i rang and wrote to about 7 or 8 different card companies to cancel my unused accounts.

I do have a Virgin card application going through at the moment,but to be honest,if i get turned down for that,i will just do as you say,and wait a while.

The Virgin card is to try and put my car loan on 0%,but getting turned down in the future is still my biggest worry about continuing to change 0% cards.

I have not committed to putting a big car loan on 0% cards yet,but if i had ,i would be sweating now.

Beancounter

My wife received the same this morning saying she can get the same 6 month deal on a credit limit of "up to £5000"

She has a perfect credit status, has only 1 card which is paid off every month. I applied the day after so my letter will probably arrive tomorrow.

If you are fit to be given a card with a 5K limit then does it matter if the 0% period is 6 or 18 months?

Sounds like they are only approving a select few for the 18 month deal, still, we may just stooze away the £5000 just to spite them now

MyUserNamesTaken

I got the same, after being told over the phone that I'd been accepted for the 18 month deal. Credit Limit upto £3K, 6 months interest free on BTs. What I don't understand is this: if they are going to give you 0% interest on BTs for a set period of time, why does your credit rating affect whether you get 6 months or 18 months?

Oh, I have one credit card (Nationwide Visa) which is cleared every month and an Ikea card which has only been used once and was cleared as soon as the bill came in. Other than that, I overpay my mortgage by double the amount I need to each month, and have recently wiped off £7K in one lump payment from it. The bank only owns 20% of my house, the rest being all mine. My credit rating is fine and I'm well over the 10K income limit for the platinum card.

Anyway, I've accepted the card they've offered me, as I need a mastercard to pay for my world cup tickets (buggers won't accept visa). I have hardly anything to transfer over to CapitalOne, anyway, so the time limit doesn't really affect me. Maybe that's why they turned me down for the 18 month one, but gave me 6 months? They won't make any money from me because I don't stay in debt long enough.

Lisa45

I got the same reply this morning, turned down for the 18 mth 0% deal, but guess what, I can have the 6 mth 0% deal !!!!! If they are prepared to give me a card with a 5k limit surely it doesn't matter what "deal" it's on, or am I just being naive ??

My credit rating is excellent, I think they have just been a bit canny and have thought "blimey, where have all these 18 mth applications come from, we won't make any money out of all these, let's offer them a 6 mth deal instead".

Think we might find lots of similar offers of 6 mth deals ......

daveboy

I'll join the "get stuffed, but you can have 6 months at 0% because we underestimated the number of people applying" letter this morning.

It hastily made it's way over to the bin.

It seems Capital One have yet again got peoples backs up. At least I cost them a bit of money

gremlin

Me Too!


Applied for the 18 month deal - got the 6 month 0% going up to 17.9% after.

The letter also recommended that I get a copy of my credit report, but I did this a couple of weeks ago and it all came back good. No defaults, no lates, etc. Only 2 credit cards (one that I was transferring a balance from).

Agree with you Lisa45 seems to be a standard letter for some applicants, Capital One have cottoned on that they are more likely to make money off the 6mth applications than the 18mth.

Wish I hadnt bothered now

skye

has anyone actually got the 18 month card?