Capital One

rach!_3

We have been "advised" to get a capital one card, to give ourselves a better credit rating.
We were told that we will probably be offered one where we will have to pay £200 and get a £200 limit, my question is do we get this £200 back? because i hadnt realised until my partner just worked it out, unless we get it back then we are paying £200 to borrow £200 to pay back with interest.
So we are basically paying £400 plus interest, so do we get our £200 back? is it like a deposit? as we are thinking about not doing it if we dont.
thanks everyone in advance
rach xxxx

Mozette

Capital One's Classic card is for people who don't have a very good credit rating http://www.capitalone.co.uk/web/raid/templates/cardlist_temp_10_001.jsp?page_id=13002&context_id=2&pageId=13002 There are cards where you prepay, but as far as I know, that just means that in effect you pay before you spend. There are fees, but not to that extent.

jojo1978_3

Capital One no longer offer the secured guaranteed card, which is the card you are talking about.
Apply for the classic card, you don't have to pay a deposit, and if you get accepted and run the card well, i believe you get an increase in the credit limit in the 4th month. Think the credit limit normally starts at £200 on this card, particularly if you have little or no credit history.

rach!_3

so does this mean its harder to get one than before? as my partner has just informed me that he was offered one when it was the £200 deposit thingy and he didnt take it cos he thought it was some kind of rip off.
i just hope we will still be accepted as we could really do with a credit score boost, lol

jojo1978_3

its all dpendant on your credit score, but you have nothing to lose.

danny1978uk

I think you will find that you will be accepted no problem, I got one about 3 Years ago when i was just coming out of Debt and needed to build my Credit Rating back up. The one thing you should note is that apparently they do not up your limit until after you have had the Card 48 Months... I know this sounds a long time but in the 3 years i was with them, i never missed a payment, never went over and they still wouldn't increase the limit.

This is worth getting aslong as you are paying off the money on it every month due to the high APR.

Good Luck

jojo1978_3

danny1978uk wrote: »

I think you will find that you will be accepted no problem, I got one about 3 Years ago when i was just coming out of Debt and needed to build my Credit Rating back up. The one thing you should note is that apparently they do not up your limit until after you have had the Card 48 Months... I know this sounds a long time but in the 3 years i was with them, i never missed a payment, never went over and they still wouldn't increase the limit.

This is worth getting aslong as you are paying off the money on it every month due to the high APR.

Good Luck

Thats not the case anymore with their new classic card

https://www.capitalone.co.uk/web/raid/templates/formdual_temp_10_001.jsp?page_id=10400&context_id=2&step=1&product_id=2400

"Credit limit increase - simply use your card*, stay within
your credit limit and make your payments on time and we
will increase your initial credit limit on your 4th statement "

gemz700

Be careful with Capital One - they have a call centre in New Delhi and when you phone them for something, they either dont do it or get it wrong. I was charged loads because i phoned to change the billing date and they didnt bother doing it. I made loads of calls and was charged a few hundred pounds for late payment - i managed to get it back but it was a bit of a nightmare.

I have heard that you can easily get accepted for a contract mobile phone and these boost your credit rating in the same way as long as you pay your bill on time.