Accepted by Capital One

A4445

Ok...I've had serious credit issues in the past, declared bankrupt in Dec 09 discharged Dec 10. I also had a BRU that was satisfied in Apr 14..plus all the defaults that go along with this.

I thought I'd give a go at appling for a Capital one bad credit cards and they approved me imeditley with the maximum £1500 credit limit! Does anyone else think that's crazy? I was expecting an automatic decline or if they did say yes a max limit off £200!!

jonesMUFCforever

Is the crazy part that you applied after your previous history?

A4445

No I want to rebuild my credit, I've learnt a hard lessen plus I'm older and wiser....Capital One seem over generous with a starting limit of £1.5k?

oscarbuster

I applied for a Capital One 'bad/no credit history' card in August.

I don't have any CCJs, have never been declared bankrupt, don't have any defaults and have always paid my credit accounts on time paying more than the minimum amount.

I am on the electoral roll and have lived at the same property for nearly 7 years- have a current account that is roughly 2 years old and I am not over extended with credit. I also have a regular income.

YET when Capital One approv

oscarbuster

YET when Capital One approved me for their card they only gave me a £200 limit. I have now had the card for 4 months, I pay in time each month and pay more than the minimum and yet when I recently asked for a credit increase they refused my request. Apparently I need to have the account 6 months first.

I think it is interesting when someone (by your own admission) has had quite severe financial problems in the past can get a higher line of credit than someone who in essence hasn't put a foot wrong in terms of the financial world.

Are you crazy for taking the card and its limit? No- but you are crazy if you repeat the same mistakes as previously.

Good Luck!

Consumerist

OP, you don't say how long ago you were approved but if it was pretty recently, you might find that they modify their offer to reflect your history.

A4445

I applied for the card on the 23rd of October and the card came around a week later, it's the standard APR 34.9%. I applied for a Barclaycard initial as well that was approved £400 limit standard APR 34.9%

I never plan to carry a balance on them, just a small purchases each month and pay it off, it's a means to an end to improve my bad credit to be able to have a mortgage some time in the future.

I agree that it must be frustrating that someone with such bad credit gets accepted for £1500 and someone with no bad credit, but limited credit only gets £200 limit. I don't understand it myself.

andyfromotley

If i was you i'd call them and reduce it to £200 just to make sure that your new approach to using credit is working for you.

dresdendave

oscarbuster wrote: »

I pay in time each month and pay more than the minimum.
!

Unless you have a 0% deal, you should be paying in full every month, not paying a bit more than the minimum. If you can't afford to pay in full then the last thing you need is an increase in your limit.

chuckley

they're probably hoping you'll crash and burn so they can cash in.

A4445

chuckley wrote: »

they're probably hoping you'll crash and burn so they can cash in.

Haha your probably right! They won't be getting a penny interest out of me! Still I'm happy that they've given me a second chance!