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Capital One
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I recieved an email asking me to sign up to manage the account online before i got my card and pin.0
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I received a welcome email tonight telling me that I will get my online login details etc soon etc etc. this was 48 hours after applying online. Hope this helps others wondering what the timescales are. When you are trying to rebuild your finances and are used to getting rejected the waiting period can be daunting!0
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I am considering opening a Capital One card account. Not because I really need any access to credit, mainly just to build up a credit rating. Am a bit nervous about applying and then being refused which will impair my already low rating.
My Noddle rating is only 1/5 (572) and the only nasty on the account is a £57 default for British Gas from a few years ago, which I will pay off this month.
I went on the 'Cards Matcher' section of the Noddle website and it states I have 'excellent' eligibility for three cards, each with up to £1,500 limit:
Capital One Classic Platinum - 29.8% APR
Capital One Classic - 34.9% APR
Luma - 35.9% APR
Just opened a J D Williams Catalogue account (£175) without any issues but I imagine that is an easier account to open than a credit card?
Otherwise I have a £300 overdraft on my main bank account which is fine according to Noddle. Two mobile phone accounts which are both paid on time and another two personal bank accounts with no credit facilities. Again all of these are 'up to date' according to Noddle.
I know that applying for credit is not as black and white as it should be, but am I worrying too much here? Should I just apply? Or wait a few months more while I order and pay for some catalogue shopping and clear the one small default first?
Sorry if this sounds daft, credit is just very new to me. The fact I don't have any means I can't have it...0 -
One application wouldn't harm, as long as you intend to pay it in full each month. Certainly better than buying things from expensive catalogues.0
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Deleted_User wrote: »One application wouldn't harm, as long as you intend to pay it in full each month. Certainly better than buying things from expensive catalogues.
Cheers zx81 :beer:
Have already done the (yes it is expensive) catalogue, so guess that won't hurt. Placed an order with new account discount for a couple of cheap bits and will pay that straight off.
Will give the card application a go tomorrow and update the thread. Probably just paranoid that if I can't get minimal credit there I can't get it anywhere!0 -
I applied for the 'Capital One Classic Platinum' today and the screen says APPROVED which is a good start. No mention of credit limit or what I am actually approved for which takes the shine off the APPROVED bit somewhat :huh:
They also said...
Log in details will be emailed in a few days
PIN by post in 3-5 working days
Card by post* up to 7 days after the PIN
*Apparently when the card arrives by post it will include a letter with the credit limit.0 -
i also got the same message dont worry they normally send all the paperwork out in the post within a week / 10 days0
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Make sure you got approved for the card you actually wanted.0
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badgers_musing wrote: »I applied for the 'Capital One Classic Platinum' today and the screen says APPROVED which is a good start. No mention of credit limit or what I am actually approved for which takes the shine off the APPROVED bit somewhat :huh:
They also said...
Log in details will be emailed in a few days
PIN by post in 3-5 working days
Card by post* up to 7 days after the PIN
*Apparently when the card arrives by post it will include a letter with the credit limit.
Update....
The PIN arrived on the 13th of April, so only 4 days after application.
On-line account details/password also arrived by email on the 13th and that confirmed my (£200) credit limit which is fair enough given my lack of credit history. I only really need £200 a month at most so probably for the best.
Just waiting for the card to arrive now, which should (according to their schedule) arrive by the 20th.
So far all goodMake sure you got approved for the card you actually wanted.
Good point. I applied for the Platinum which has a lower APR than the Classic card. Will update the discussion when it arrives.0 -
badgers_musing wrote: »...Good point. I applied for the Platinum which has a lower APR than the Classic card. Will update the discussion when it arrives.
Looking at the Capital One website
http://www.capitalone.co.uk/creditcards/credit-card-range.jsf
it appears they only currently offer Platinum credit cards (which makes a bit of a mockery of the term, if you ask me)
And either of the ones you could have been granted seem to have representative APRs of 34.9%, but you will need to refer to your own credit agreement to see what they have actually agreed for you.
Perhaps of more importance is, whatever Cap1 offer you, if you are thinking you will be paying the extortionate interest rates, you are probably already on that slippery slope.0
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