Declined for Capital One, but v.clean credit history

Retired_I.F.A.

hahaha without reading anything but the first post what you have to realise what you call a perfect credit history is what the lenders call a customer which they will lose money on, so your bound to be declined.

A "perect credit rating" is in their eyes the mug who makes minimum payments and continually asks for his limit to be raised.

mjwraw

You may be right RIFA, but I think I will appeal, just to see what happens. Mind you, assuming the outcome is another decline,they are under no obligation to tell me why they have declined me I guess, even if I speak to them directly ?

jojo1978_3

mjwraw wrote: »

You may be right RIFA, but I think I will appeal, just to see what happens. Mind you, assuming the outcome is another decline,they are under no obligation to tell me why they have declined me I guess, even if I speak to them directly ?

You're absolutely right, every bank has their own internal lending criteria which is confidential, so they do not have to tell you why you were declined-but you have nothing to lose by appealing.

DeLorean

I’ve been refused, whoopee….

I have:
2 Credit Cards
2 Debit Cards
2 Bank accounts (1 personal & 1 business)
I have just taken out a new mortgage on a new house (first time buyer & paid 25% in cash)
I pay all my bills on the dot.
I use my credit cards for personal & company purchases, so spend quite a bit each month.
Both cards are cleared by direct debit each month
I get a penny back for every pound I spend (which adds up to a nice freebie at the end of the year).
I have no over draft facilities & both my accounts & they are always well in credit.
I have never owed a penny to anyone or had any debts (I’m 36 years old).
I’ve never bought anything on HP etc.

And they refused me also :rotfl:

Humm…. So looking at the wider picture, if they were hoping to make some money off me then I’m a very poor candidate.

They frequently send me letters offering me the Capital One card, but I’d shredded them all (I hate junk mail), so had to apply on line.

Their advice was to pay Experian & Equifax to find why I’d been rejected.

Yeah… right!

Forget Capital One, they obviously only prey on people who they feel they can rake a good profit from.

Find yourself a Credit Card company with more ethical values.

P.S. If you pay you credit cards off by direct debit, they only draw the money on the day the payment is due.
That way you get to keep it in your bank account 4~5 days longer than if you did a money transfer or paid by cheque.

Retired_I.F.A.

DeLorean wrote:

I’ve been refused, whoopee….

Now that's the right attitude! :T

eagle

DeLorean wrote: »

They frequently send me letters offering me the Capital One card, but I’d shredded them all (I hate junk mail), so had to apply on line.

Interesting comment. I haven't received one of these for a while, but you'll never guess what I got in the post today....

Yes, you guessed it: a pre-approved special-invitation doo-dah from Capital One. It was for a 0% offer of some sort with my details already printed all over it. I don't do 0% offers and stuff; in fact all I'm interested in from Capital One (if anything), is their cashback card, once I kick Morgan Stanley out of my wallet.

I suppose we could well be in the same boat here - not the exact type of customers they want for a cashback card, but maybe the slightly less worthy they are only willing to give a 0% card to. :mad:

503

I have an exemplary credit history and more than satisfy Capital One's "excellent" credit rating criteria. I applied for their recent 4% cashback card and on line they approved my application. HOWEVER BEWARE!! They sent me the credit card agreement to sign with details of the card which includes a £18 annual fee (they are having a laugh!) and 18.6% apr instead of 15.9%.. In fact they have offered me their Capital one PRIMARY cashback with World Mastercard, not the card I applied for which is the Capital One cashback card. I phoned them to query why I hadn't been offered the card I applied for and they said they rate everyone individually and couldn't discuss why I had been offered the wrong card. I promptly cancelled it. I also expressed my belief that Capital One are trying to deceive new customers, as many people might not have noticed the difference. I have never ever been turned down for any credit card, have no outstanding balances, but I suspect I am not the sort of customer they want to attract. Looking at the other posts on this board I am not alone. I am considering a complaint to the FSA.

GOLFWIDOW_2

Capital One are unbelievable! My husband applied on line for a 9% APR plat card last week. Today received a letter saying that they were unable to give him this card, but we have pre approved for you an alternative Capital One Card with the following features: typical 34% APR WOW, checked on comparison website, this is the card that can be applied for, for people with poor credit scores. He got his credit score done online with Experian and, as we already knew, has an excellent credit score, also got the report, never missed payments on anything ever! He was so incenced he phoned them, and just got the usual, well you can write and appeal etc. Just applied for another card with a low apr and got it. I think Cap One advertise these rates to attract people and then hope they will just take whatever they are offered by them,(definately dubious company):mad: