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Capital One - 2nd Card

edited 30 November -1 at 1:00AM in Credit Cards
156 replies 29.4K views
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  • Well the only reasons it states otherwise is ID or Fraud issues - clearly ID isn't an issue as I owe them 4k. Fraud can have a very loose definition - for example some places (e.g. casinos) will include things like "bonus abuse" to be Fraud. In reality it's taking the p**s, or "gaming the system" but certainly not Fraud.

    Of course Fraud can also be things like false name/address, fake employment details etc - but none of those apply to me.

    So I think they've ruled it out for the former - "bonus" (introductory rate) abuse.

    They finally responded today to say they take my concerns seriously blah blah blah, we'll be in touch.

    If they don't want people to have 2 cards, they shouldn't offer a second (e.g. Vanquis will outright decline if you hold 1), let alone "pre-approve" you for a second!!!

    Even if they are technically correct to withdraw the application on subsection whatever of their T&Cs, it could be deemed misleading - so I'll go to the FOS (£550 charge for Cap1) and also the ASA because they advertise about their pre-approval on TV. If there are circumstances (other than ID or fraud) where it can be withdrawn, then their adverts are misleading.

    Luckily, I should get a nice bonus from work just in time of the original expiry date, so can pay the card down - but it's the principle of the decline that's upset me so I'll be following it through

    Other than hitting every single Bank switch incentive..ive not entered any false info and again i held the Cap1 card a while and no change in job or income (income was/is higher than i originally thought by 5k).
    Still cant get why they would pre-approve then Approve on application but 2 weeks later decline.

    Think i"ll raise this with FOS simply as you say its the principle...wouldn't mind but got other main stream cards all paid on time and never missed,so Cap1 loss.
  • edited 6 April 2018 at 12:52PM
    Samsung_Note2Samsung_Note2
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    edited 6 April 2018 at 12:52PM
    Thought id just add a quick update.

    Capital one offer a free Credit report and report directly what Equifax tell them.

    Having been declined a 2nd card after being pre-approved and passing the credit check..i was then told (when i chased them) i was declined.

    Very odd as credit file is stable or slightly improved since last Card application...only a few days ago when checking my Credit file with Capital one CRA it would appear i have two old CCJ"s (both settled and drop off report in October this year and April next year) one for £36600 and £25100,only issue is they are only £361 and £251.

    Just phoned Cap1 CRA and they insist that they only display exactly what Equifax sends them,which is rather odd as so do Clear score and Clear score shows all the correct information..lol.

    Guess who Cap1 use for credit worthiness...Equifax....No wonder after both pre-approval and hard credit search i was then later declined.:mad::mad::mad::mad:

    Whilst ive closed my Cap1 account in protest of being treated this way and i wouldnt touch them with a barge pole (only wanted the 6 months 0% balance transfer) im now going to raise a complaint as obviously yet another hard credit search isnt doing my file any good.
  • [Deleted User][Deleted User] Forumite
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    MoneySaving Newbie
    They would look at Equifax not their own reporting system.

    The incorrect data on the Capital One Creditwise site has nothing to do with your declined application.
  • !!! wrote: »
    They would look at Equifax not their own reporting system.

    The incorrect data on the Capital One Creditwise site has nothing to do with your declined application.

    Well they must have come across something in credit file as they declined after pre-approval and later hard credit check.

    Why would they check Equifax when they all ready have my credit file on there own system...the wrong information credit file.

    Also as they state they only transfer what equifax tell them..so thats also wrong as equifax shows correct amounts.

    Id say ive found the issue...lets see what the out come of complaint is when its escalated.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    995 Posts
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    They sent me the same response - my CCJ shows as something like 270k, and also that I have two missed payments - not that I can find these on Equifax direct (free trial) or clearscore!

    My Equifax score has absolutely dived recently though (404 to 14), which I'm currently disputing with Equifax. They insist moving house "causes a temporary drop" - but I moved over 6 months ago, and I've moved before to a 10 point drop, not 400 point!

    Escalating Cap1 to FOS next week (since they keep sending Final Response letters rather than actually investigating). Equifax are going that way too if they don't come up with something more useful than "your score is systematically generated and can't be manually overridden".

    Remember - GDPR day soon. I'll be DSAR'ing Cap1 and Equifax first thing on the Friday morning!! Hopefully FOS will have forced their hand before that, just under 7 weeks..... and counting
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    Why are you fretting over a made up number?
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    995 Posts
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    Although I'm not a fan of credit scores, for obvious reasons - Capital One DIRECTLY use the score in their underwriting checks.

    I'm approved until they see my "made up number" has gone down. Nothing 'bad' has been added to the report - infact it's all better than what they had on their records (less debt, longer at address, less searches etc etc).

    While mainstream lenders don't use the score and to a large extent it doesn't matter, sub-prime use it as a benchmark.
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • !!! wrote: »
    Why are you fretting over a made up number?

    Whilst the number is most likely made up..it certainly gives a good indication of your general credit file.
    I've watched my made up number slowly but surely increase month on month as my credit history improves.

    So yes its not the most important part of your report but it does give an indication...hence why so many people take notice of it.

    People stated very loudly that no institution see"s your credit score...maybe they dont,but how would you or me know that for sure unless we work directly in that field...i dont do you.?
  • [Deleted User][Deleted User] Forumite
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    MoneySaving Newbie
    But lenders cannot see your !!!8220;score!!!8221;.
    Only you logging into your account with the CRA can see it.

    They have their own internal scoring system which is completely different to the one used by the CRA!!!8217;s.

    Bankrupt people get a score of 999 following bankruptcy - how is that a good judgement on ones ability to manage money?
  • !!! wrote: »
    But lenders cannot see your !!!8220;score!!!8221;.
    Only you logging into your account with the CRA can see it.

    They have their own internal scoring system which is completely different to the one used by the CRA!!!8217;s.

    Bankrupt people get a score of 999 following bankruptcy - how is that a good judgement on ones ability to manage money?


    See that's odd as im an ex bankrupt and my score was nearly none existent...its slowly improved inline with my credit file improving.

    Credit companies internal scoring might differ than that of a CRA but where does the information come from...Yes the CRA.

    Fact is the score is there as an indication...every CRA ive looked at my score has gone up or down inline with my credit report.
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