Feeling rejected!

kitchen_queen_2

Hello all
This is my first post. I applied for a Cap One card just to transfer a balance to benefit from 0%. To my horror I was rejected. The first time in my life and I have taken it really personally.I applied for my credit files from Experian and equifax and they are both fine. I spoke to their manual review dept and they said I dont meet their lending criteria ? I have appealed twice and had the standard reject letter both times. If they dont want my custom I have to accept that I suppose but I need to know what it was that went against me. I need to transfer a balance which is crippling me with interest but am afraid of applying elsewhere as it will register another search which I know isnt good. Incidentally I bought £500 worth of laminate on Sunday on 10 months interest free and that went through ok. What do you think? I need some advice please. For some reason I cant let it rest and just want to know what went against me.

GreyPilgrim

i wouldn't beat yourself up too much about it. As far as I'm aware my credit score is fine...I've had debt, but not 'bad' debt (not for many many years, anyway). CC and utilities always paid on time, never been over limits with the bank.

I applied for the Cap one card for the cashback scheme and I got turned down too.

bengal-stripe

kitchen_queen wrote: »

I applied for a Cap One card just to transfer a balance to benefit from 0%.....I need to transfer a balance which is crippling me with interest...

Could it be, that you have quite a lot of outstanding debt in relation to your income? (The interest is “crippling” you, but you don’t seem to make inroads into the actual balance.) They might well smell your desperation. So, you might want to transfer a balance, for the CC company you want to open another source of credit (which could be used in addition to your existing commitments).

Don’t forget 0% deals are always difficult to come by. The CCC is not interested in wham-bang-thank-you-mam ‘stoozers’, they want a long-term relationship with someone who makes the company lots of money over the years to come.

kitchen_queen_2

Hmmm..
I may not have explained my situation properly sorry.I have no outstanding debt other than £2K on my hsbc card. I bought a boat off ebay and withdrew the cash off it to pay for it!! Stupid I know!!The interest per month is higher when you borrow cash. I pay £100 per month back which is £50 interest and £50 off the total. I just thought if I got a 0% one the whole £100 would come off the outstanding instead of just half of it

Badger_Lady

Lending Criteria is not the same as credit history. I used to work for a small company whose lending criteria were (roughly):

- Must have a good credit history;
- Must be earning more than £25,000 a year;
- Only available to those aged over 25;
- Must be in the military, civil service, police or health sector;

I know that other companies will look at your current outstanding debts, age, marital status or any number of other criteria. Some will only accept a minority of applicants!

Don't take it personally - you'll find a company that agrees with you :-)

kitchen_queen_2

Thanks for all your replies. A question though...Can you advise me of the procedure re the number of credit checks in a certain time scale? For example I've heard you cant have more than 1 in 6 months or it goes against you as it looks like you are shoppping around for credit everywhere.

I was going to apply to M&S for their &more card which has a discounted rate for the life of the card, but if that will fail too there is no point. I just want to reiterate that I have never been behind/missed/got a default/CCJ etc etc.
Do you think it is just Cap one being like this as I made it clear I only want their card to benefit from the 0%?

sicker

I would'nt bother until you have more than 3 recent checks. Just my opinion from years of card manipulation.

John

riad_2

There's been quite a lot of talk on here about people with fine credit histories being turned down for the Capital One card. I would suggest trying another company such as MBNA's Virgin 15 month 0% on BT's perhaps?

carrliadiere

Hey, they rejected me too! And they rejected my girlfriend! It seems like they reject a lot of people. I've got no real debt to speak of, either - except a student loan. I do have two other credit cards with about 400 on them, but that feels like it's quite small fry in comparison to what they must handle.

It's weird, because a few months later I got an American Express card which I assumed was far more exclusive, and it has a higher minimum credit limit than the Capital One card. I think it's a curiosity of the company, I guess they get a whole load of applications every day.

albanchick

Another Capital One reject here! I applied about 2 years ago with them, wanted to do a 0% balance transfer, didn't think would be a problem as have excellent credit history etc and got the thumbs down - couldn't believe it!

Was then really worried cos thought would it affect my credit rating however when I recently got my credit files from Expedian and Equifax NEITHER have any mention or record of Capital One on there.... thank god!

Think I had a lucky escape!!

wayoflife

Capital one started off, and still are largeley a sub-prime credit lender. This means they 'specialise' in lending to people with less than perfect credit scores i.e. defaults/ multiple missed payments

They have 'broke through' over the last 2 years with seemingly good offers that match the high street credit cards.

However be very skeptical....

First of all they could advertise a certain product and give you something completeley different. This is the case with many people applying for the new cashback card with them. They simply send you the 'classic' card, which has no cashback

I am talking from experience with Capital One. I started with them to build up my credit history and after 13 months of paying off in full they told me I couldnt have a credit increase from a miseley £500!! anyway to put a long story short I closed the card!

I now have many credit cards e.t.c. no problem with anything, bare this in mind;

Their 'lending criteria' may be either way. By this I mean dont be disheartened if you havnt met their lending criteria as you may be too good for them to accept you!

My advice is steer clear of them, there are better and fairer lenders out there. If you need any help with what kind of card just post a reply on here and I can advise you which card I think is the best on for you

Thank you