Got declined for a 5% capital one card

ironlady2022

Hi

I wanted some advice. I have 4 credit cards with a total credit limit of £4500. My gross annual income is 22k. I usually spend on my credit card and pay in full.

Back in June/July I applied for the Santander 123 card and got turned down. A few weeks after, I got accepted for the Aqua 3% cashback card.

Last week, I applied for the capital one 5% cashback card and got declined.

Times may have changed but when I worked in a bank 4500 against an income of 22k wasn't bad at all. Why have I got these declines? Is having 4 cards classed as 'too many' or is having an Aqua card influence credit decisions (as it's meant for people with finance trouble). Or is it too many credit searches in a short period of time (4 months). I have no loans apart from my student loan nor a mortgage.

I want to try applying for the american express one but afraid I should leave it for now.

I have only been turned down once for a credit card, this was back in 2006, and it was a Mars and Spencers one.

If anyone can shed any light, it would be much appreciated.

[Deleted User]

I'd say the following factors would come into play -

- too many cards (lenders may question why you need more, despite the overall limits being low
- too many searches

Although lenders won't see that you have an aqua card, the low limit would be an indicator.

I wouldn't try Amex - I think they are amongst the tougher lenders.

Have you actually checked your credit reports to see if anything new is on there?

lisyloo

Do you by any chance have another Capital One card with cashback on?
This is a qualifying criteria although it's somewhere hidden and not very clear.
I got turned down for this reason.

It's not a decline due to credit report reasons, simply not fitting their internal criteria for the card.

BugsyBrowne

As above but I do know credit searches are an absolute killer on anyone's Jeremy Kyle and when applying for the likes of capital ones 5% cashback card or Amex I would say no searches in 6 months when applying.

december2012

I agree with the other posters.

Too many cards and too many searches will lead to applications being declined I'm afraid (I've found this out myself in the past!)

When I checked my Experian report online it said something about having revolving credit for 10 months or less.

What I would do myself is this: ditch two of the credit cards. Keep the Aqua credit card open for a year and then close it. Also keep open the credit card you've held longest as creditors favour accounts that have been open a long time I believe.

Hopefully this time next year you might then be in a better position to apply for a Santander 123 card.

ironlady2022

Hi,

Thank you for everyone's post. I haven't looked at my credit report as I'm sure it is clean (however I do know things change). The 4 cards I have are;

Aqua 3% card £500 limit (main one)
Halifax Clarity for £5 a month and 0% overseas purchases £2000 limit
Cooperative Member's credit card for 0.5% cashback £500
Post Office (back up for overseas purchases) £1500

I have reduced limits on post office and coop cards recently to make way for a new one. I use to work for Coop bank so think the credit card is out of sheer loyalty to be honest. And yes I was going to ditch Aqua credit card after the 12 months.

I really wanted the 5% as my bf has bought a flat and can imagine big purchases. I think I have almost reached the £100 limit on the Aqua one already!