Capital One application refused - any advice on appealing?

mouse_potato

brodie4 wrote: »

Hi all 1st post,but I received a letter from Capital One today saying that my application has been provisionaly accepted,and that I just have to send of 2 forms of ID for them to look at.Does anyone know what the usual starting off credit limit is from them?

For their Classic card the usual starting credit limit is £200.

I've been with them for 4 months and have just had my credit limit increased to £500.

YorkshireBoy

melbury wrote: »

I got a letter from Capital One today turning me down for the cashback card.

Apologies for stating the obvious, but you are aware that this card has a very high scoring requirement? In particular, do you meet the following...

1. You currently have a card with a credit limit of at least £5K - which is currently being reported to the credit reference agencies.

2. You have held a credit card for at least 5 years - and documentary proof is available from a credit search.

3. Your existing credit card balances are less than £10K - which can be checked via a credit search.

Can you see now why they suggest you obtain a copy of your credit report?

Perhaps I am being stupid but I don't understand what there could be on my file that would be detrimental. Do these companies make mistakes then?

Yes.

pusscat

Mr P was turned down for a Capital One Platinum - he has a perfect credit score, earns plenty and pays the balance off in full every month. He has held cads for years, has high credit llimits and no exisitng balances.

we are total card tarts and were just looking for the cashback - he also go the standard letter about checking credit record - we know his is perfect so it was just a commercial decision - they will not make any money out of us.

Out of interest he holds the Egg card and had just cancelled the Conran one when the cashback stopped - maybe Cap1 watch what Martin recommends and make their scoring reflect that - I guess they don't want loads of card tarts applying for this card as it will cost them!

We could not be bothered appealing - costs more in our time than we will ever make on the cashback!

Interesting that there are plenty of us out there who seem to have had this issue with Cap1......

Puss
xx

YorkshireBoy

pusscat wrote: »

Mr P...has a perfect credit score...

Interesting statement. What's a perfect credit score? 1000 out of 1000 on Experian for example? I've never seen that before. Could you explain further why it's so "perfect"?

...they will not make any money out of us.

Of course they will. Granted, they may lose money during the first 3 months, but then from month 4 they only pay 1% (which is still good) whilst they're charging the merchants 2-3%. In effect, they're splitting the profit with you...and there's always the chance that you'll fall foul of some T&C's and they can then make even more.

...maybe Cap1 watch what Martin recommends and make their scoring reflect that

:rotfl:

Are you serious? I know the guy is popular (or not as the case may be), but come on!

Just out of interest...you say you are card tarts. Do you always close down cards when you've finished with them? Maybe Capital One saw a little too much available credit when they searched your file?

lucielocket_2

Is it me or does there seem to be a trend with people being turned down for the platinum capital one card, who always pay off the balance?

I have just been accepted for one, and I dont pay off the balances on my other cards each month, generally its just the minimum but they have give me a limit of £9000!!!!:eek:

CharliesAngel

melbury wrote: »

Well they can stick their card!!!!

Indeedy... especially when they offer you £100 pound credit limit as long as you pay them a deposit of £100!!! And then the interest rate is 34%.

pusscat

Blimey, are you quite sure there was nothing else you wanted to pick up on whilst you were at it?

YorkshireBoy wrote: »

Interesting statement. What's a perfect credit score? 1000 out of 1000 on Experian for example? I've never seen that before. Could you explain further why it's so "perfect"?
No - not on a public forum.

Of course they will. Granted, they may lose money during the first 3 months, Correct but then from month 4 they only pay 1% (which is still good) whilst they're charging the merchants 2-3%. then they are making money from the merchants. In effect, they're splitting the profit with you... not if I don't continue using the card after the first 3 months....they still have the fixed costs of running my account and there's always the chance that you'll fall foul of some T&C's and they can then make even more.:rotfl:I think not.:rotfl: :rotfl:

Are you serious? No I was joking. I know the guy is popular (or not as the case may be), but come on!

Just out of interest...you say you are card tarts. Do you always close down cards when you've finished with them? Varies Maybe Capital One saw a little too much available credit when they searched your file?Doubt it.

are you a Capital One call centre agent? :rotfl:

Puss

YorkshireBoy

pusscat wrote: »

Blimey, are you quite sure there was nothing else you wanted to pick up on whilst you were at it?

Your post was very inviting.

I really would be interested to know what makes a "perfect" credit rating though...genuinely. How about generalising, rather than going into specific detail?

are you a Capital One call centre agent?

Not for all the tea in China would I do that job!