Capital One credit limit increase?

Moggles_2

coldoasis wrote: »

Be careful. I had one of these a few years back. Ran it fine for a year. Phoned them up and was told yes cancel the card we'll refund your security deposit and apply for a classic card. Which i did and was DECLINED.

Thanks for your feedback

Sounds as though you were badly advised. Capital One will not consider applications from former card holders in the 6 months following closure. This has been the bank's policy for as long as I can remember.

It's safer to switch credit cards before you ditch and it's almost always better to apply to a competitor, rather than the same lender, IMO.

coldoasis

Hi Moggles

Unfortunately i was in the situation that no one else would touch me with the proverbial barge pole

As mentioned in my other thread only just been considered safe enough to be given a Vanquis

worse still is when irecently updated my credit expert report with new address details it wiped out all my previous account experience including the 12 green zeros i had with Capital One.

On the plus side it also wiped out a couple of defaults so now it just looks like i am new to credit with just a contract phone to my name

Oh well you win some you lose some

just got to keep the vanquis and the creditbuilder card full off green dots and in a years time i can go mainstream

goonasuk

Moggles wrote: »

Capital One will not consider applications from former card holders in the 6 months following closure. This has been the bank's policy for as long as I can remember.

I closed my account at the end of August, by end of September I have applied for another account at a more favourable rate been declined but been offered an alternative card, got a letter through asking me to sign all the paperwork for the card.

They may well have changed their policy.

Moggles_2

goonasuk wrote: »

I closed my account at the end of August, by end of September I have applied for another account at a more favourable rate been declined but been offered an alternative card, got a letter through asking me to sign all the paperwork for the card. They may well have changed their policy.

No, that was a mental lapse on my part & thanks for your feedback.

Capital One will not reconsider applicants that have been turned down in the previous six months, but the bank accepts former customers more or less straight away, as you say.

That said, it's risky to rely on an assurance over the telephone and close down a card in the hope of a better deal from the same lender. Cap One in particular practices a rate-for-risk policy. There's no guarantee you'd get the card or the credit limit hoped for.

It's almost always better to apply to a competitor, rather than the same lender, IMO. Unfortunately, it seems the OP, coldoasis, did not have this option.

Innocent_Guy

I applied within 6 months and was accepted

Daisy_Duck

coldoasis wrote: »

worse still is when irecently updated my credit expert report with new address details it wiped out all my previous account experience including the 12 green zeros i had with Capital One.

On the plus side it also wiped out a couple of defaults so now it just looks like i am new to credit with just a contract phone to my name

Your previous account experience will not have been wiped out. If you changed your account details online then it is now only showing the things linked to your new address.
The same thing happened to me and I phoned them asking them where it had all gone to. The lady explained that when I was looking at my file it wasn't linking my old addresses but it was all still there. She linked them back together for me and they all popped up.
If you apply to a lender they will see all of your info, not just the recent stuff, as you will presumably given them your previous address(es) which they will use when they search.
So... the good news is the green dots are there and will show... bad news is that the defaults are still there too!

bingy_burge

To be honets if I owed 16k and 7k my parents you I wouldnt be applying for new credit cards. Its seems you are just going be stuck in sub-prime heavy debt.

Whether have a classic card or progress they are both subprime and offer high interest rates (Albiet the progress will improve if you borrow on it) if you are 16k in debt the only thing you should be using a sub prime card for is to build up your credit history by put a manageable amount on the card and clearing it in full each month.

If you getting hung up about the slighly less subprime card it would seem you haven't learnt your lesson and you poor parents have fed yet more moeny to a bottomless pit.