Capital one credit limit increase

FireMS

I got a letter today saying that my credit limit would be going up from 500 to 1000 this is a sign that my credit file is good right?
I haven't got any missed payments ccj's or whatever

In a few months time i wanted to apply for a mbna credit card , are they hard to get accepted for?
I recently turned 19 so i don't have a very long period of credit history but for the amount of history i do have i would say my credit file is good.

What would you say the easiest card from mbna to get is?

You-kip

FireMS wrote: »

I got a letter today saying that my credit limit would be going up from 500 to 1000 this is a sign that my credit file is good right?
I haven't got any missed payments ccj's or whatever

In a few months time i wanted to apply for a mbna credit card , are they hard to get accepted for?
I recently turned 19 so i don't have a very long period of credit history but for the amount of history i do have i would say my credit file is good.

What would you say the easiest card from mbna to get is?

No one will know what their easiest card is but what I will tell you is they are all easy if you have a decent credit history of managing credit lines for a long period of time.

Gold_bullion

It's more likely that they are cautiously (and probably automatically) steadily upgrading their minimum limit to one that's a bit higher for someone with a relatively young credit record. Bear in mind that at your age this account may be the only one on your credit reference file, other than your bank account (assuming you have one). A "good" credit record is one that is built up over many years with very few, if any, missed payments, and to some extent you can only get this by having multiple agreements over the years that you manage well.

Is there any particular reason why you favour MBNA? I don't think they are thought of as a particularly "hard" bank from which to obtain credit (the opposite if anything) so I would have expected that fringe benefits such as "cashback" or an interest free period on purchases might have been the primary driver for you?

CKhalvashi

Gold_bullion wrote: »

Is there any particular reason why you favour MBNA? I don't think they are thought of as a particularly "hard" bank from which to obtain credit (the opposite if anything) so I would have expected that fringe benefits such as "cashback" or an interest free period on purchases might have been the primary driver for you?

They're also known to be a lot more generous with their limits.

CK

FireMS

I actually have a few credit agreements i have a barclaycard , Aqua , mobile phone contract , also have a catalog account as well as the cap1 and recently got approved for an argos card.

The main reason i wanted to get a mbna card is because of the 0%

Gold_bullion

Oh ok, so you want to run up with or transfer a debt to MBNA on 0%?

Bear in mind that when the interest free period ends, MBNA has one of the highest interest rates of any "regular" credit card out there - last time I looked on my £29k limit card with them it was 34.9% I think or very similar.

Their philosophy is to offer lots of tempting deals over the years to presumably try to hook you into paying their extortionate rates once the cheap interest rate period ends. They led the way several years ago with true 0% deals (without balance transfer fees) but now are no better than the rest in terms of what they offer.

There are many other cards out there at present that offer 0% deals with much lower reversionary interest rates once the initial period ends, many of which are sub 20%.

Maestro.

Gold_bullion wrote: »

MBNA has one of the highest interest rates of any "regular" credit card out there - last time I looked on my £29k limit card with them it was 34.9% I think or very similar.

My MBNA fluid card has 15.9% on purchases. 34.9% is well into sub prime rates, are you sure it hasn't been increased, you've read it wrong or it factors in an annual fee?

Gold_bullion

From the MBNA site two minutes ago, the balance transfer, card purchases, cash and money transfer rates on my account are all 2.5292% per month, which is an APR of (1.025292)^12 per year, which is 34.9493586% to be exact, or 34.95% round figures. Sorry - I was a bit under. There is no annual fee.

As it happens I'm not complaining as the cheap deals keep coming from MBNA and I'm currently investing a fair chunk of that credit limit (borrowed at 4%) in shares which already have made way more than that with 9 months of the deal to go.

I don't "cycle" this card because of the high C/L (which would take years to rebuild), hence the legacy high standard rate.

guesswho2000

Gold_bullion wrote: »

A "good" credit record is one that is built up over many years with [STRIKE]very few, if any,[/STRIKE] no missed payments, and to some extent you can only get this by having multiple agreements over the years that you manage well.

Slight correction above.

MBNA do have some good cards with a range of offers, including purchases, balance transfers, airline miles and whatnot, however what they do have a reputation for is raising the rate for those who carry a balance (as would appear to be "gold bullion"'s case - £29k limit but 34.9% interest suggests greed rather than risk, on the card company's part).

By all means take advantage of their offers, but be wary of carrying a balance with an MBNA issued card.

guesswho2000

Maestro. wrote: »

My MBNA fluid card has 15.9% on purchases. 34.9% is well into sub prime rates, are you sure it hasn't been increased, you've read it wrong or it factors in an annual fee?

Rate jacked. MBNA are the king of this practice my Virgin card, when I had it, started at 10.9, ended at 34.9!

My Platinum and AAdvantage MBNA cards are currently on their typical rates; hopefully any rate jack won't matter, I'll be closing the platinum once the 20 month 0% expires, and the AA is for airline miles!

iAMaLONDONER

FireMS wrote: »

I got a letter today saying that my credit limit would be going up from 500 to 1000 this is a sign that my credit file is good right?
I haven't got any missed payments ccj's or whatever

In a few months time i wanted to apply for a mbna credit card , are they hard to get accepted for?
I recently turned 19 so i don't have a very long period of credit history but for the amount of history i do have i would say my credit file is good.

What would you say the easiest card from mbna to get is?

You seem to be in a very similar situation to me!