Will Capital One Accept me?

southernstudent

Hey everyone, I've applied for a Capital One credit card which has a 34.9% APR.

Bit of background:

Being forced to take a year out of university and therefore won't be receiving my student loan which is what I was relying on. I have a flat which I rent and pay for quarterly - next payment is 1200 on 1st October and I absolutely need to pay it, so I have applied for the Capital One credit card. I will hopefully be working starting in September/October and won't be getting my first wage until at an estimate November 1st which is obviously too late.

I have a bad credit rating due to a £1000 overdraft which I maxed out on a student account. This got passed onto debt collection agencies which have been contacting me for the past year and three months ago I finally agreed a repayment plan of £1 per month.

Stupidly, I forgot to pay it the first month and left it during the subsequent months.

Therefore, I basically have a debt of £1000 which I haven't paid at all.

What are the chances of being accepted? This is the only thing that has affected my credit as far as I know. Thanks.

Jcts

I think you've got no hope. Seeing as you've got a large default that you've not even started paying back, plus you're only paying £1 (I think you're taking the p*** personally). That's a repayment plan of over 83 years! Also, you have no income at this time so I think you will be declined. I don't even think Vanquis would offer you a card with your report being the way it is and your lack of income

southernstudent

Jcts wrote: »

I think you've got no hope. Seeing as you've got a large default that you've not even started paying back, plus you're only paying £1 (I think you're taking the p*** personally). That's a repayment plan of over 83 years! Also, you have no income at this time so I think you will be declined. I don't even think Vanquis would offer you a card with your report being the way it is and your lack of income

As it still stands, I havent officialy been told that I will be taking the year off and therefore student finance are still going to pay me in september. I cant tell student finance that I am taking a year out until the uni confirm this in writing which wont be until another 2-3 weeks (at which point I probably, but not for sure, wont be entitled to a loan/grant).

Therefore I have stated my income on my application as the income that I would be receiving from my student loan.

So, because I have stated that I have an income, in spite of my £1000 debt, am I still screwed, or does this give me some hope?

Thanks

willLeeds

You might only get a £250 credit limit if you are accepted.

Jcts

I don't think you will be accepted full stop, regardless of salary. Plus filling out information that you know is false is fraud and very serious. Lastly, if by some miracle (and it would be miracle) you do get accepted, I would also imagine your limit would be £200 so not enough for your £1200 rent

sharpy2010

Youve got zero chance of getting it, and if you do then that company can kiss goodbye to their £1200, which you've no intention and no way of paying back.

carousels

Hey there,

Hate to disappoint you, but the chances of you getting accepted are slim and that's saying something because Vanquis have been known to accept pretty much anyone.

And even if you DO get accepted, there is no way that you'll be given a credit limit to cover the £1200. The most people get with Vanquis as their starting limit is £500.

Vanquis was my first credit card and I started off with £500, and even with perfect payment history, it took me over a year before they increased my credit limit to their maximum of £3000.

However, with no salary right now, you'd be very unwise to blow £1200 on ANY sub prime credit card, because the interest would be very, very high.