Question about Alternative Card & Multiple Applications

Torak

Hi All,

Some credit background:

• I am a 2012 graduate starting my first 'proper' job.
• Salary is above £40k
• I have had a phone contract for nearly 2 years
• I have spent semi-regularly on a student credit card for about a year and a half
• I have never missed any payments on either the credit card or the mobile phone contract
• I am currently living with my parents (and plan to remain so for the next year or so)

I have tried applying online for a Capital One Mastercard, been rejected and approved for an alternative with 0.5% cashback, £1000 limit & 34.9% APR which I have taken (since my credit file had already been searched).


However I see on the Capital One website that the "Capital One Classic Extra" seems to be exactly the same card, but also makes mention of an annual £10 bonus (the same card reccomended in the 'easy-to-get' section of the MSE Cashback cards article) which was not mentioned when I was offered the other card.


I have a few questions.


Firstly, will I be able to ring up Capital One and transfer to the Classic Extra deal without another credit check?


Secondly, I wanted to apply for another card. Will it hinder my credit rating? (I understand that too many applications brings down your credit rating, but I have been accepted for another card in this instance, so will that be negated?)


Thanks in advance.

BugsyBrowne

I personally think more then 2 applications in 6 months kills your credit rating IMO so 1 or 2 think you'll be fine the 3rd yes/no.

Torak

BugsyBrowne wrote: »

I personally think more then 2 applications in 6 months kills your credit rating IMO so 1 or 2 think you'll be fine the 3rd yes/no.

Thanks I'll bear that in mind. Is it worth now closing my student credit card then? (I've been told that they don't affect your credit rating anyway?)

BrandNewYear

Torak wrote: »

Hi All,

Some credit background:

• I am a 2012 graduate starting my first 'proper' job.
• Salary is above £40k
• I have had a phone contract for nearly 2 years
• I have spent semi-regularly on a student credit card for about a year and a half
• I have never missed any payments on either the credit card or the mobile phone contract
• I am currently living with my parents (and plan to remain so for the next year or so)

I have tried applying online for a Capital One Mastercard, been rejected and approved for an alternative with 0.5% cashback, £1000 limit & 34.9% APR which I have taken (since my credit file had already been searched).


However I see on the Capital One website that the "Capital One Classic Extra" seems to be exactly the same card, but also makes mention of an annual £10 bonus (the same card reccomended in the 'easy-to-get' section of the MSE Cashback cards article) which was not mentioned when I was offered the other card.


I have a few questions.


Firstly, will I be able to ring up Capital One and transfer to the Classic Extra deal without another credit check?


Secondly, I wanted to apply for another card. Will it hinder my credit rating? (I understand that too many applications brings down your credit rating, but I have been accepted for another card in this instance, so will that be negated?)


Thanks in advance.

what on earth? How old are you?

BrandNewYear

Does Capital One check Experian or Equifax? I think I might treat myself to one of their cards

BugsyBrowne

BrandNewYear wrote: »

Does Capital One check Experian or Equifax? I think I might treat myself to one of their cards

Experian...

BrandNewYear

BugsyBrowne wrote: »

Experian...

I've already got 47 hard searches on Experian. May hold off for a bit:eek:

BugsyBrowne

BrandNewYear wrote: »

I've already got 47 hard searches on Experian. May hold off for a bit:eek:

47 searches yeah probably around 45 to many.

Experian_company_representative

Search footprints don't show the outcome, so the one that led to an acceptance would not be negated from scoring. These things are always relative, so a few searches are unlikely to have a material impact on your credit rating if everything else suggests a safe bet.

Can be useful to keep older accounts open as some credit scoring systems reward long borrower/lender relationships. Don't let that stop you shopping around for better deals though, just avoid chopping and changing all of your cards regularly.

James Jones

guesswho2000

BugsyBrowne wrote: »

Experian...

And also Equifax, every single time I've taken one out.