Would Capital One consider this?

chunx

I currently have a Vanquis card with a £3.5k limit. I hold a Capital One Card with £450.00 limit and a Luma Card with a £500.00 limit.

The APR from my Vanquis card is 49.9% having been reduced from the 59.9% but still very high.

My Capital One APR is 34.9% APR as is my Luma Card.

I use my Vanquis card for large purchases (mainly for Section 75 protection too) and pay this off in full at the end of the month.

The Capital One card is used regularly and I either pay off in full or large payments well above the minimum. The Luma card has only been used on a couple of occasions and has a zero balance currently.

Would Capital One consider (or have they done so in the past) transferring my Luma credit limit to my Capital One card, to give a combined credit limit of £950.00 rather than the £950.00 across the two cards? I really don't want to have three credit cards.

Vanquis have been very good to me when I had very poor credit and took a chance on me and the limit does come in useful. However their APR is ridiculous and I would benefit more from Capital One providing me with a large limit on just the one card? Not sure how they would do it or if they can but obviously 34.9% APR is better than 49.9% APR and the £950 limit would otherwise suffice my needs.

Any help, suggestions or ex-evidence of would be most appreciated.

[Deleted User]

Perhaps. Ask them.

chunx

Deleted_User wrote: »

Perhaps. Ask them.

I have sent them a secure message and they normally give a response within 72 hours but I just wanted to know if anyone has made this sort of request before?

Candyapple

I would imagine they would say no, given that although Luma is owned by Cap One, they are 2 separate products.

Is there anything stopping you requesting a limit increase from Cap One?

chunx

Candyapple wrote: »

I would imagine they would say no, given that although Luma is owned by Cap One, they are 2 separate products.

Is there anything stopping you requesting a limit increase from Cap One?

There are links on the Capital One account management where you can click to sending a request for a credit limit increase but I really don't want Capital One thinking that I am looking for additional credit, when in effect, I am just trying to reduce the credit limit spread from 2 accounts to 1, hence not talking additional borrowing.

My Capital One card limit was increased 7 statements ago and has been maintained well, as with all my other credit so I may go down a credit limit increase if there is no other way and close the Luma card but since getting it (£500 limit) I have only put three transactions on the card, partly because I don't want to be paying three payments rather than two (or one if the Vanquis card has been cleared.)

Has anyone used the Credit limit increase button and gone through the procedure?

concernedSaver

Vanquis have been very good to me when I had very poor credit and took a chance on me

Wrong. Credit cards are a financial product, which companies use to make a profit, some of them are just targeted differently. They weren't good at all: they gave you a little bit of credit, hoping that giving you money to spend would result in you making just the bare minimum payments and a lot of interest for them.

chunx

concernedSaver wrote: »

Wrong. Credit cards are a financial product, which companies use to make a profit, some of them are just targeted differently. They weren't good at all: they gave you a little bit of credit, hoping that giving you money to spend would result in you making just the bare minimum payments and a lot of interest for them.

I see your point but will agree to disagree. :beer:

I know their borrowing facility came with a high price but if it wasn't for the likes of Vanquis, Aqua and Capital One a lot of people would have very little or no borrowing facility at all. We all make mistakes and need to climb back on the ladder somewhere.

A4445

Yes you can:T

I'm having my ocean finance card capital one card consolidated, you just need to call them. They will consolidate on the next statement date of the card you wish to keep. It's all done in one call.

chunx

A4445 wrote: »

Yes you can:T

I'm having my ocean finance card capital one card consolidated, you just need to call them. They will consolidate on the next statement date of the card you wish to keep. It's all done in one call.

Cheers A4445, that's good news. Thanks for the posting, I'll give them a call. :j

A4445

No problem, I've used the online increase limit option it said I could have an extra £250 and that was available straight away.

chunx

A4445 wrote: »

No problem, I've used the online increase limit option it said I could have an extra £250 and that was available straight away.

Was that before or after you combined your cards.

I have spoken to Capital One and they confirmed what A4445 has said. Unsure why but they class it as a consolidation and takes 2-3 days to complete. The Luma card will be closed and the available credit limit is moved to the Capital One card. The word consolidation they use would normally (and did) makes me thinking of consolidating balances/debts when the Luma had no balance on it. However, combining the two will give me more flexibility.