Ocean Finance Credit Card - new Subprime card from Cap1

Rich7111

Did search the forum, couldn't find it, I found a new sub prime credit card - Ocean Finance Credit Card (don't think I can add a link) as new, but go to ocean finance website, click credit card

As someone rebuilding credit, I gave it a try, got several defaults from 2010-2011, but no late/missed payments in the past 2/3 years, kept up everything, anyway, I got the ...

One of our team will now perform additional security checks, which typically take 7 working days. In a small number of cases we may need more information to complete your application – if so, we'll write and let you know.

So probably declined, anyone had any experience? I have a Capital one classic card (nearly 5 years now) no late payments, had £100 (then increased to £300) after 4 months, nothing else, I pay £60 per month via DD (and have been spending up to the limit) until 2 months ago when I decided to not use it, just to try and help towards holiday.

I am just looking to improve credit rating now for the remaining 12/24 months before defaults fall off.

Got accepted for o2 (iphone) and EE (iPad) last month and took a gamble and applied for a Llyods current account the month before that and was shocked when approved with full debit card etc, so score must be improving?

Apart from keeping up the payments now and not applying for anything else in the next 2 years (when the defaults will fall off), is there anything else I can do to improve my credit rating (I know we don't have a score) I am just looking at being grown up for a change and being able to handle money (something I haven't done too well before).

Anyone got the Ocean Finance Credit Card? If so, what's the limit like?

thebritishbloke

Could be because you have a card with Capital One already. Just wait for them to get back to you.

Is there a reason you haven't just set up a DD to pay off your card in full every month? You'd save a lot of money on interest.

planteria

http://www.oceanfinance.co.uk/credit-cards/

Credit limit from £200 to £1,500
One interest rate for all transactions
Could help you rebuild and improve your credit rating providing you pay your minimum payment on time
Manage your account online
Add up to 3 additional cardholders to your account, and keep track of your family’s spending
APR 34.9% APR representative variable

Rich7111

thebritishbloke wrote: »

Could be because you have a card with Capital One already. Just wait for them to get back to you.

Is there a reason you haven't just set up a DD to pay off your card in full every month? You'd save a lot of money on interest.

Didn't think about that, probably a decline then (i know cap 1 can be funny if you already hold a card) we'll see what happens

To be honest, I never thought about making the full payment, I just never wanted to pay the minimum payment, so paid a flat £50 until 2 months ago when I increased it to £60 just to try and clear the balance quicker (but thanks) I will do that.

MrSilk

Just a dressed up Capital One card, just like the Very.com credit card that's offered by Capital One.

Same with the Argos card that's a dressed up vanquis.

Stereo

Rich7111 wrote: »

Didn't think about that, probably a decline then (i know cap 1 can be funny if you already hold a card) we'll see what happens

Not necessarily, there's only restrictions if you're applying for some Capital One cards. If it's through a 3rd party (like Luma for example) there won't be a problem.


Plus if you're accepted you should be able to consolidate the two cards into one, effectively increasing your limit on your current Cap One card.

planteria

"should", Stereo? have you actually managed to get CapitalOne to do this? i have merged MBNA and Barclaycard limits over the years, but i have never managed to get CapitalOne to do this. they have told me that it is not possible.

Stereo

planteria wrote: »

"should", Stereo? have you actually managed to get CapitalOne to do this? i have merged MBNA and Barclaycard limits over the years, but i have never managed to get CapitalOne to do this. they have told me that it is not possible.

Yeah, it never used to be possible (I worked for them for 5 years). However I just recently merged by Cap One cashback card with my Luma card, doubling my total available credit. I spoke to a girl a couple of weeks ago at Cap One and she told me they've started to give their customers the option (which I already knew anyway)...