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Capital One - 2nd Card

edited 30 November -1 at 1:00AM in Credit Cards
156 replies 28.7K views
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  • edited 26 October 2016 at 8:49AM
    cmc_entertainmentcmc_entertainment Forumite
    338 posts
    Part of the Furniture Combo Breaker
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    edited 26 October 2016 at 8:49AM
    Questions

    I have the cap 1 plat at 29% with a low limit which has not increased at all since opening just over a year ago. Even after asking every 4 months.

    I applied for the cap 1 balance transfer card and got a 1k limit last week. This interest is higher at 34%.

    Could i consolidate the 2 now into the 29% card or should I wait and have a payment history with the new card?

    Also does the new card have to be zero balance to consolidate as i have not spent on it at the moment but have a running balance on the Plat29% card?

    Mtia
    <mythbuster>
    Failure is always an option
    </mythbuster>
  • m4rcm4rc Forumite
    315 posts
    Yea you can just consolidate them apparently, I thought I'd have to wait a while but I'm going to try as soon as the card arrives.
  • I have a Capital One Card and a Ocean card, I have had the Capital One card 18 months and the Ocean card 1 month. I phoned them last night and got them to merge both accounts and close the Ocean account and they said it would take 2 days for it to happen. I am sure I read on here that you have to of had your 2nd account for 6 months before you can merge? When I phoned them they didn't say anything about having to wait, I will see what happens in 2 days :)
  • owletowlet Forumite
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    DarrenW80 wrote: »
    I have a Capital One Card and a Ocean card, I have had the Capital One card 18 months and the Ocean card 1 month. I phoned them last night and got them to merge both accounts and close the Ocean account and they said it would take 2 days for it to happen. I am sure I read on here that you have to of had your 2nd account for 6 months before you can merge? When I phoned them they didn't say anything about having to wait, I will see what happens in 2 days :)


    I only had my second account for a few days & hadn't used it and I merged ok. It took a couple of weeks for the merge to complete though. I've just had a letter to say it's done.
    SPC 8 (2015) #485 TOTAL: £334.65
    SPC 9 (2016) #485 TOTAL £84
    SPC 10 (2017) # 485 TOTAL: £464.80
    SPC 11 (2018) #485
  • Somerset_La_La_LaSomerset_La_La_La Forumite
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    They told me 'no changes' could be made before the 6 month mark.... obviously that was wrong!! :)

    I'm still fail in on affordability - just made my 4th payment, hoping they'll let me have another next week. I won't claim it til 6 months though (and try for a limit increase on my existing card simultaneously.....)
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • edited 5 November 2016 at 6:06PM
    Somerset_La_La_LaSomerset_La_La_La Forumite
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    edited 5 November 2016 at 6:06PM
    These companies struggle to count. Vanquis still think I've applied within the last 6 months (22nd April is more than 6 months by my maths).

    Capital One seem to have the 4 month mark as suggested - but this is still a few days too early for that!

    Just looked at my clearscore (not even on a file refresh date) and I'm pre-approved for

    Cap1 Classic 34.9%, 3 months 0%
    Luma 35.9%, 3 months 0%.

    A few days ago they were all blocked.

    So I went for Cap1 Classic and got the max £1,500 credit limit. Checked my existing Cap1 for an increase before I submitted, and got declined due to it being < 6 months old. Madness. If they'd just add 1.5k to my existing card they'd save costs on postage, a new account setup, CCA etc etc!!

    I'll keep the accounts as is for 3 months, then unsure whether to continue 'as is', or whether to merge/consolidate the 34.9% into the Platinum 28.94%?!?! 2 streams of Credit Card 0's... or 1 large limit less 0's. Decisions decisions!

    Edit: Just applied for Luma straight after to see what happens (it was also pre-approved), got to await decision, then got the 'one of our team need to do extra checks'. Expecting a no, but you never know haha!
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • A4445A4445 Forumite
    1.1K posts
    My new account is only two months old if I try their checker it's says I fail on affordability. I will try again after 4 months and see what it says. I think your luma application will be cancelled as you can only have two accounts.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
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    I'm back to affordability decline now, but I've got 2 active cards. Was expecting a 'max of 2 cards' decline instead!

    Haven't heard about my Luma app, assume it's been declined!

    In online servicing I have two usernames (work address - first card, personal - 2nd card). It's not saying "you have a 2nd account under 6 months" it's just saying "your [i.e. the current] account" is under 6 months.

    Will be interesting to see if it changes in 2 months when I request an increase at 6m - as the Cap1 cards aren't tied up on online servicing (does that ever happen??) - so maybe I've got 2 profiles!?
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • A4445A4445 Forumite
    1.1K posts
    I think it's definitely more than 2 months for a second card. I'm getting the affordability message and my new account have been open for more than 2 months.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
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    A4445 wrote: »
    I think it's definitely more than 2 months for a second card. I'm getting the affordability message and my new account have been open for more than 2 months.

    Yea I had to wait until 4 months (well a few days short of 4!). 4

    Their online banking is conflicting info, but clearly the 2 months needs updating if I can get 'affordability' at 3 months and £1.5k shortly after!!

    My new card arrived today, amazingly quick!!
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
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