Just applied for a CC with £1200 balance transfer but only got £200 credit limit?

BeckieChan

Hi.

I just used the eligibility calculator on MSE and it said I'd have a 90% chance of getting this Capital One credit card when I also mentioned a £1200 balance transfer. So I went through and applied for it (again mentioned the £1200 balance transfer on their form) and got the card, only to then see they've only given me a £200 credit limit!

Surely the '90%' score on the calculator is wrong then as I've not got what I asked for. Still waiting on some form of confirmation email from Capital One. Perhaps the credit limit is £200 on top of the balance transfer? There was very little information on the final screen, all it said was £200 credit limit.

Any advice please?

CLAPTON

90% means 10% chance of failure

in any event the calculator is only guessing based in imperfect information

jonesMUFCforever

Take the card - use it for daily spending and pay it off every month - wait a few months and ask for a higher limit (and a new BT offer).

KRB2725

The same thing just happened to me. I got the card with a £200 limit, I didn't use it and have just closed the account.

I'm sure they will increase it soon if you do as recommended above, but I had another option so didn't bother.

john1002

Capital one are very strict on credit limit increases, so it could be 12months plus before you get an increase.

John

Lashley

Use it, pay it off each month.

They increased mine to £700 the other day from £200. Only had the card 8 months.

fdsre

Hi BeckieChan,

Unfortunately (as far as I am aware), the MSE eligibility calculator only does a soft search on the credit file whereas CapOne will have done a full check and take into account any further information you provided. The £1,200 only needs to be provided to 51% of customers - sounds like you fell into the other 49%. You really now have only two choices - use the card sensibly and in a few months CapOne may increase your limit or decline the card within 14 days so it doesn't show up permanently on your credit file (decreasing the score).

Hope this helps.

YorkshireBoy

fdsre wrote: »

The £1,200 only needs to be provided to 51% of customers - sounds like you fell into the other 49%.

I think you've misunderstood 2 things:

1. It's the advertised "representative" interest rate that needs to be given to at least 51% of successful applicants.

2. The £1,200 balance transfer was requested by the OP during the application. Coincidentally, this is the same value used by lenders when calculating APRs.

InsideInsurance

APR is the total cost of borrowing £1,200 for 12 months including both fees and interest. At least 51% of people with the product must be offered this APR.

There is no requirement for any particular credit limit but a set amount has to be used in the calculation to deal with cards that have an annual fee. Indeed the Natwest Black card used to moan about it as the high fee -v- low amount resulted in it having a 59% APR when it was aimed at mid net worth individuals

rehanmalik3030

Firstly if you want to know what you credit limit before you card and pin arrive then simply call Capital One on 08444 812 812

Secondly once you have your card call and ask Capital One to MANUALLY review your credit limit.