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Capital One - 2nd Card

edited 30 November -1 at 1:00AM in Credit Cards
153 replies 28.2K views
2456716

Replies

  • A4445A4445 Forumite
    1.1K posts
    I called Cap One last month to consolidate both cards but it wasn't done, agent didn't do it properly. It will consolidate the end of this month hopefully. I will run the quick check at the end of the month and see what it says.

    Not quite sure why you would want a large limit as the APR is very high. It would cost a fortune to run a balance.
  • I don't run a balance. But great to pay for large purchases in one go.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    881 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    Hmmm, will be interesting to see if a card is offered next month.... if it is, I may wait a month before going through and see what the new limit is! I guess every 2 months does make you look desperate, but that's a ridiculous jump from 2 to 3 months - there seems no logic in some of these decisions (including Cap1's limit increase 'policy')

    I don't want to run a balance - it's for Car Rental excess. They generally demand something silly like £1,000 pre-auth from a credit card, some get funny about using a debit card - even though that amount in cash is in there.

    Plus an account for several thousand on my credit report will look better and show I'm behaving nowadays
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
  • john1002john1002 Forumite
    972 posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Don't forget each time you apply you will have hard searches on call credit and equifax.

    This could impact you applying for something else or another cap one card.

    John
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    881 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    Very good point. When I applied for my first card, I had Experian & Equifax, which is even worse!!

    I think if that's *all* someone is applying for, then if 3 months is the optimal interval for highest limit, 4 a year isn't a great deal. Even if you then add in a few apps elsewhere, any lower than say 12 a year isn't a great deal (unless you want a mortgage etc).

    What worries me more is all the new & short lived accounts on the credit file (all are going to be combined and shut within 7 months!), but if the limit is decent it's worth doing IMO. If it was £200 I think I'd keep it running longer and try to up the limit on both cards first.

    I want a mortgage Oct 2018, so from Oct 2017 I have to stop applying for things 'for the fun of it' because although Unsecured underwriters don't seem to care, a mortgage underwriter would!!
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
  • A4445A4445 Forumite
    1.1K posts
    After 3 calls Cap One have merged accounts, they said it would be the end of the month but it's already done, tried quick check but it's still coming up with affordability message. I did read online that you have to wait 30 days before you can re apply. Will try again next month.
  • A4445 you must wait two months from the point of your last application. But it's advisable to wait three months.
  • A4445A4445 Forumite
    1.1K posts
    The last application was in January, I believe you have to wait 30days after the merge before you can apply again.
  • A4445A4445 Forumite
    1.1K posts
    I tried the quick check today I'm 100% eligible for their normal card 19.9% and 6.9% on balance transfers.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    881 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    I would say the limit will be pants if you're 'affordability' one day, 100% the next......... but this is cap 1! They are a strange bunch.

    I'm still amazed by my total rejection (unsecured) and flat out decline for secured card..... 2 weeks later, 100% for 6 cards, including 'platinum', 1k limit!

    When you say normal 19.9 what ones that?? I want it but best one I can find is platinum (which I already have) @ 29.84% rep APR??
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
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