declined for aqua card, what to do next?

Willing2Learn

MrSilk wrote: »

You can only be declined if you fail their identification checks...

I don't believe that is correct. Cap1 will carry out the same check with CRAs as any other card. It's just the applicant criteria for the product is lower.

Callam_nffc

I have made one for an aqua card earlier but also vehicle finance was applied for in my name, I don't believe insurance counts towards credit but I do pay that monthly

As for previous credit it was just left as delinquent and passed to agencies who I havnt heard anything from for ages

MrSilk

Willing2Learn wrote: »

I don't believe that is correct. Cap1 will carry out the same check with CRAs as any other card. It's just the applicant criteria for the product is lower.

I disagree, If you pay £200 for a £200 limit, what do Capital One have to lose?, if anything, gaining a few more ££ in interest or charges, and if you qualify for their Classic then they will tell you that, on the website it states:

'We use the sum you pay as a security on your account. We need to do this as your current credit rating means we can't accept you for credit otherwise. However, once you have a Secured Card you'll be able to start improving your credit rating.'

Aslong as you have not been declared bankrupt in the last 12 months, you should be fine. Trust me.

Callam_nffc

Capital one are sending me out a credit agreement to sign and return, I'm assuming this means I was accepted for the secured card lol, it just said I had been accepted on the first stage

MrSilk

Callam_nffc wrote: »

Capital one are sending me out a credit agreement to sign and return, I'm assuming this means I was accepted for the secured card lol, it just said I had been accepted on the first stage

Well done did it state how much deposit you had to pay?? it would have told you on the last page

Callam_nffc

No I didn't see that

Callam_nffc

Just phoned capital one to enquire why I hadn't been informed how much my deposit was and it turns out that although my application was "accepted" online, it turns out I wasn't accepted for the card

Makes you wonder what the hell your meant to do to right previous wrongs

DCFC79

Callam_nffc wrote: »

Just phoned capital one to enquire why I hadn't been informed how much my deposit was and it turns out that although my application was "accepted" online, it turns out I wasn't accepted for the card

Makes you wonder what the hell your meant to do to right previous wrongs

Maybe start paying off who you owe money too.

Willing2Learn

DCFC79 wrote: »

Maybe start paying off who you owe money too.

If there are current debts which I'm not sure about...

MrSilk wrote: »

I disagree, If you pay £200 for a £200 limit, what do Capital One have to lose?

What do you disagree with? I posted that "Cap1 will carry out the same check with CRAs as any other card. It's just the applicant criteria for the product is lower.". That is a factual statement. It is totally wrong for you to suggest that "You can only be declined if you fail their identification checks". Cap1 make it very clear that all applications are subject to credit checks

They require far more than a simple id check and stand to lose far more than £200 if a customer goes into arrears of £200 for purchases, cannot pay accruing interest or fees (which in effect can take the account substantially over £200). They may then sell the account to a Debt Recovery Agent at a loss if the customer doesn't satisfy the breach of agreement, becomes defaulted and subsequently terminated.

Willing2Learn

Callam_nffc wrote: »

Just phoned capital one to enquire why I hadn't been informed how much my deposit was and it turns out that although my application was "accepted" online, it turns out I wasn't accepted for the card

Makes you wonder what the hell your meant to do to right previous wrongs

Don't make any more applications to anyone else as you already have too many searches on your file.

To confirm a few things as you haven't given much info before and your report does appear to be tatters:

• Have you been declared bankrupt or had a CCJ against you in the last few years?
• How many accounts are in default are on your credit report in total?
• Are all the defaulted accounts showing as settled or satisfied?
• What is this "mkdp" account on your report and what is its status?
• Do you currently have any accounts in arrears?
• Do you currently have any accounts showing late payments in the last 12 months?