Capital One Problem Please Help

bowlingo

Hi all,

I recieved Martins Tart alert last thursday telling me my Morgan Stanley 0% Introductory period is running out in 6 weeks.

On Friday I applied for a Capital One platinum card on the application I told them I had another Mastercard card i.e Morgan Stanley I also told them im a self employed electrician and I gross £35000 per year and my other household income (wifes benefits) is £6000.

I phoned Capital One today to be told my application has been rejected they of course couldnt give me any further reason for this.

I am 110% sure I have a perfect credit rating and have never made a late card payment or defaulted on a loan etc im very confused as to why I would get a knock back on another credit card.

I have been transfering a £2000 debt for about 3 years now i.e tarting and need to transfer the now £2150 debt to another card before I am smashed for horrendous interest charges my Morgan Stanley.

Please can anyone give me any possible reason why I would be knocked back and whats the best thing to now do as due to Capital One doing a credit check on me in the last couple of days im assuming this will now go against me.

Thanks in advance
Alex

butterfly72

I'll be interested in the responses. My OH has just been rejected for this card. He also has never defaulted on payments etc, doesn't have any loans.. has considerable savings and earns a fair wack. I think he's going to get his credit file and see what the problem is and appeal if its unfair. (then of course ask Capital one to amend it assuming all is good) Its really annoying that they wont tell you what the problem is.

bowlingo

That sounds promising its not just me then!

In 5 years or so of using credit cards ive never been rejected so im hoping its not me thats at fault.

I find the idea of getting a credit history check done rather daunting as it all seems so confusing!

Thanks
Alex

bowlingo

Can anyone help me with this please. Sorry 2 seem pushy im just worried

Gorgeous_George

Maybe they (the credit card companies) are catching on to this deporable practise (tarting). A regular turnover of cards would be a clear indicator that the cardholder was a tart.



GG

Jess1983

Hi bowlingo:

Are all your obsolete credit cards completely closed down?

Something that happens very often with accounts that are no longer used is that people forget to close them down. Check with all the card providers you've had so far to see if your account is completely closed.
That means checking if all the cards on the account are expired and/or closed and if the actual account number has been closed down.

The easiest thing for you to do is probably check your most recent credit file and have a look at what is on there.
It usually takes longer than 6 months for a particular credit facility to be taken off a credit file, so if you've had a few cards of the pay couple of years it could be that this is affecting your credit rating.

Capital One should also have provided you with at least A reason why they didn't accept you. It could be anything ranging from having a low credit score to being overcommitted to someone you were once financially linked with having bad credit rating somewhere


J

JohalaReewi

Unfortunately, Capital One (and any other CC company) are under no obligation to give anyone a credit card. They are perfectly within their rights to refuse one for whatever reason they want. Good credit record or not.

bowlingo

Thanks for your replys.

I applied for a RBS card last night and phoned them today. They are saying I will recieve a letter in the next 7-10 days a they require further information I asked them what extra info they need and there saying a copy of my bank statements and a utility bill?

Ive never had to go through this before so im assuming it might be another knock back?

Thanks
Alex

jojo1978_3

bowlingo wrote: »

Thanks for your replys.

I applied for a RBS card last night and phoned them today. They are saying I will recieve a letter in the next 7-10 days a they require further information I asked them what extra info they need and there saying a copy of my bank statements and a utility bill?

Ive never had to go through this before so im assuming it might be another knock back?

Thanks
Alex

It could just be because you are self employed and they need to see proof of your income.

Sandeze

Hello all,
I just sent a post about Capitol one this morning see http://forums.moneysavingexpert.com/showthread.html?p=5649012&posted=1#post5649012
as I applied 2 weeks ago and an hour later the application came through the door, sorry to hear you got turned down.
Regards.

inmypocketnottheirs

Beware about making too many applications for credit. Your credit file will retain any searches made by lenders for six months. More than two applications will make you look desperate.

I would also advise that you get a copy of your credit files from Experian and Equifax, just to check there is no adverse information showing against you. Do not just assume that everything is fine.