How certain that I've been approved?

Louloubelle1978

Hello, and sorry for advance to what may seem like a silly question, but...

I have slowly been building up my credit worthiness for the past year after being down right stupid in my early 20's (I'm in my mid 30's now!).

I managed to get a 24 Studio catalogue which I've looked after and paid in full monthly, with its limit increased regularly.

8 months ago I managed to get a classic Lloyds current account which I moved to silver, then turned to Club Lloyds which I run very well - have all my direct debits and salary paid in monthly. 6 months ago I opened a business account with Barclays

I also have 2 contracts with 3 (one for me and one for my partner) in my name which I never missed a payment for the past 8 months, as well as Sky for the past 1 1/2 years.

Anyhoo, I now wanted to see if I am worthy enough now for a credit card that can further build my rating - I have applied previously and always been declined. Yesterday I received an email for Aqua Start, and thought lets have a go - and I got what appeared to be instant approval Said I should receive my card and pin within 7-10 days. Also received an email saying congratulations on being successful.

Boyant with this I decided to try Vanquis, but got an instant No:(

This morning I applied for a Capital One Classic (did the precheck and said I had excellent chance of getting the secured one, but decided to try my chances on the Classic:)) and got an instant Congratulations, make space in your wallet as you will be receiving Pin and card in the next 7-10 days:), but no email confirmation - is this normal?

Are these really instant confirmed acceptances/yes's? I guess I don't really want to get my hopes up as I am used to big fat no's when applying for a credit card!

And if they are, any idea on what limit I may be lucky to get?
Thanks in advance

[Deleted User]

That'll be a yes.

But you'll have to wait on the limit.

Louloubelle1978

Cheers zx81 - That's put my mind at rest!

Being the ever pessimist, I hope they don't change their mind now!

Kim_13

They won't change their mind now. They send the PIN and card separately for your security, which is why it may take 7-10 days to get the card (the PIN comes first.)

Capital One will probably send you an email once they've set your account up, with your online account login details. I was able to log in and find out my limit from there before my card arrived.

They have changed their systems and don't send out as many confirmations as they used to - none for debit card payments any longer.

I can't help with Aqua Start as I've never had one, but the Capital One is a sub prime card so it comes with low limits. It'll depend on your income and how good they rate your credit (hopefully good, as you've got a few more credit accounts than I had when I applied.) In my experience, the limit will be lower than your Studio 24 limit. £200 seems to be a common one, but I got £500.

shaneshaneshane

I would stop applying for credit now for a while, if you keep making credit applications it will further damage your credit rating, what I would suggest is now start spending on your new CC when they come through and pay it off in full each month by managing your money.

Keep at it for a while, never miss a payment and (again) try and pay it off in full each month, your very likely to be on a very high APR

Louloubelle1978

Thanks Shane and Kim - really informative and helpful

Yep, not going to apply for anything else now - will wait for these to come through and use them for small purchases and pay in full monthly (like how I'm running my Studio Account. Hopefully in a another year or so of doing it I will finally be credit worthy again! X

phild145

Got cards from both Aqua and Capital One about 3 months ago.

Aqua gave me a £300 limit. Capital One gave me a £1500 limit

Louloubelle1978

Called Aqua as I saw that the Aqua Start only has a limit of £300 - should've applied for their normal or rewards one. Ah well, aparently I can't change it. They won't tell me my limit either.

Spoke to a nice chap at Capital One and he confirmed that I am fully accepted, that the account was opened yesterday, that my limit is £200, pin has been sent, and I should receive my card no later than 8th Jan to allow for Christmas and New Year. Super helpful so far, quite liking Capital One!

Fruit_and_Nut_Case

Louloubelle1978 wrote: »

...quite liking Capital One!

They sometimes seem to have a lot of people moaning about them in these parts but they do have their use. Congratulations.

Kim_13

Louloubelle1978 wrote: »

Called Aqua as I saw that the Aqua Start only has a limit of £300 - should've applied for their normal or rewards one. Ah well, aparently I can't change it. They won't tell me my limit either.

Spoke to a nice chap at Capital One and he confirmed that I am fully accepted, that the account was opened yesterday, that my limit is £200, pin has been sent, and I should receive my card no later than 8th Jan to allow for Christmas and New Year. Super helpful so far, quite liking Capital One!

It's possible that you would have been rejected for the rewards one, as they're harder to be accepted for. Use the cards for a year or whatever and then close one to try for a rewards card (assuming they still exist, as there's some kind of investigation going on.)

Hopefully you'll get your card before then. I got mine around that time after applying on 30th December last year.

[Deleted User]

Congrats OP I received email confirmation from Capital One the day after applying, online login details emailed 4 days after applying, the PIN 5 days after applying and the card the day after that.