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Capital One - 2nd Card

edited 30 November -1 at 12:00AM in Credit Cards
156 replies 28.8K views
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  • m4rcm4rc Forumite
    315 posts
    That would actually make sense, the statement for the one I'm keeping is due tomorrow, so I'm guessing the 15th October is about riht for the next one, and that it's too soon for it all to have been done before the statement tomorrow.

    She did sound confident that it was happening, explained how o wouldn't get this and would get that and mustn't try to use the closed card etc, she also said I'd get a letter clarifying.

    It's only a month to wait so I guess I'll soon find out. The card I'm closing may stop sooner so I'll keep an eye on that online, the statement for that one is due around the 5th of October.

    So 48 hours after it happens I'll check if I can get a new card, how soon can I consolidate those? As you are waiting 6 months I'm assuming you have to have an account open 6 months to make that the one you keep and transfer too?
  • A4445A4445 Forumite
    1.1K posts
    I've got the original classic card £3250 34.9% and the new card £2500 @19.9.

    I've only just consolidate so I'm gonna give it 2momths and then try and consolidate into lower rate card. I won't be applying again a limit of £5750 is plenty. They offer 6.9% no fee balance transfers whenever on the new card so that's quite a good deal.
  • m4rcm4rc Forumite
    315 posts
    Sounds good! I'm doing it as I've had these cards for ages, the older one maybe 3 years, the limit has never increased from £200 even though the Apr is 24.9%. The other card has a higher Apr, so I'm closing that should get the benefit of having a settled account on my file and one ever so slightly higher limit is better than two pathetically small ones. If I can then get them to give me a new card wih at least a thousand I can consolidate again and that will start to make a difference and look like a reasonable card. I guess it all depends how often they let me consolidate and reapply again. Did you just do it once or is it something you've done several times A4445?
  • A4445A4445 Forumite
    1.1K posts
    I had £1500 on the classic card that was increased to £1750. I had an ocean card with £1500 and I combined that for the £3250. Once the ocean card was closed I ran the quick check and I was 100% chance of the lower rate card. Fingers crossed I can consolidate to the low rate card if not I will just get rid of the high APR card as I have other better rate cards.
  • A4445A4445 Forumite
    1.1K posts
    I think Capital One are wiseing up to this they have increased the time you can apply for a second card for 2 months to 4 months.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • m4rcm4rc Forumite
    315 posts
    A4445 wrote: »
    I think Capital One are wiseing up to this they have increased the time you can apply for a second card for 2 months to 4 months.

    The time from when? From closing a card u til you can apply again? I was told you can only consolidate to a card that is older than a certain amount of time, I believe the lady said it was 6 months but it could have been longer. So in theory if you could keep opening cards you could consolidate to the same account over an drew over, but not the other way which was your plan.

    My accounts are meant to be consolidated next week, I was going to try to apply soon after, but you think they will now say I must wait 4 months?
  • A4445A4445 Forumite
    1.1K posts
    I've sent them a message online to clarify, will update when I've had a reply :)

    I was able to open a new account 2 days after the old one closed.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    995 posts
    Fifth Anniversary 500 Posts Name Dropper
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    One screen says you can apply after 2 months ('Help' once your are logged in), another one says 4 months. It's been like that for a while, so maybe there was a transition period but now they are enforcing it? Still haven't bothered updating the 2 month reference though!

    I've had mine 3 months now and it still says affordability fail for me. Will be interesting to see if it does update to say approved next month (4 months). If it does, I'll wait until 6 months anyway - but will be interesting to see if 4 months is the trigger point now.

    My first limit was surprisingly high, so I'm thinking maybe they just went with the max they want to give me.

    Rather than do a worse thing of giving me £200 in July, £200 in Sept, let me combine them in March, then £200 shortly after etc. I'd take forever to even get to the grand I've got that way - so I should be thankful really!
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • This thread is interesting as I have a Capital One card, I have had it for over a year now and when I first applied I was given £1000 limit and then in 5 months they upped it to £1750. I have just applied for another card with Ocean and got approved and they have given me a £200 limit. What I would like to know is, over time will the £200 limit on the Ocean card get upped if I pay on time every month and pay it off in full?
  • A4445A4445 Forumite
    1.1K posts
    Capital one seem to be a bit hit and miss with credit limit increases, some get them some don't you will have to wait 6 months to see if they will increase £200 is a bit rubbish tho
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