Capital One and Card Consolidation

in Credit Cards
26 replies 3.5K views
T-G-CT-G-C Forumite
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Hello,

I currently have two Capital One cards, both at the same limit of £200. I decided not to consolidate them both at the time, because the newest one came with 0%, therefore I would have lost the rate if binding to the oldest.

Tomorrow marks 4 months since I received my newest card, meaning I am most likely going to be eligible for another card.

I am hoping that this time I will be offered a higher limit. Since my last application, Vanquis increased my credit limit to £1000 from £250 and no defaults with other lenders.

If I am offered the same credit limit as the previous two cards, £200, I may consider simply obtaining it and then consolidating all three cards together, into one main account.

This would mean a credit limit of £600 (which would take over a year to obtain through increases) and only one Capital One card in my wallet, as multiple looks bad :rotfl:

My question to those who hold the answer;

Can I consolidate all three cards into one (assuming I am approved for the 3rd tomorrow) or is the limit for consolidation two cards only?

Can I request consolidation through the Secure Message service or would I need to phone their customer support team? Do they always accept consolidation or is it subject to approval?

Are there any adverse effects of card consolidation that I should be aware of? I have never done this before, however multiple people have told me it is useful.


Your answers would be highly appreciated.
Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
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Replies

  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    You can probably do two, then request the other one be consolidated following completion of the initial request.

    I did mine through secure message - just provide the card numbers (from and to)

    One card will close and the limit will increase on the one you move the limit to

    I've done this 3 times now and have nearly £3k on one card from consolidations
  • A4445A4445 Forumite
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    I!!!8217;ve done it a few times and now have a card with £7250 @ 19.9%
  • T-G-CT-G-C Forumite
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    A4445 wrote: »
    I!!!8217;ve done it a few times and now have a card with £7250 @ 19.9%

    They only approved £200 for my first two cards, I am hoping for more on the third. I have now requested consolidation for the first two cards, so I should have £400 on one card now.

    I could never use it to build up a limit like yours, as I am building up in £200's at the moment rather than £500 at a time etc.
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  • A4445A4445 Forumite
    1.1K Posts
    They won’t let me have any further cards I’ve probably reached the affordablity limit
  • DobbibillDobbibill Forumite, Board Guide
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    It's always handy to have a second back up card with a different provider.

    Have you tried the eligibility checker to see what other providers you may get a card with rather than just repeating this consolidation process.

    Be mindful that your credit report will only show accounts open for x amount of time if it's the older accounts being closed it's not demonstrating a long standing business relationship with a company/card on your credit file. Will also impact your average age of accounts ;)
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  • NasqueronNasqueron Forumite
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    Do you especially need a high limit? Just given the cards you're talking about, sounds like your credit history is a bit rough and what would the card having a high limit mean? I have a Sainsburys Nectar card, limit was 2k, they bumped it to 3.5k which I rejected but they did anyway and they've bumped it again to 7.5k but I'll never need that much so I'll probably move it back down again unless they have any good BT offers. I realistically spend about 500-600 a month on it in the supermarket and fuel and it's paid off in full each month so having a big limit doesn't really achieve much
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  • T-G-CT-G-C Forumite
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    Nasqueron wrote: »
    Do you especially need a high limit? Just given the cards you're talking about, sounds like your credit history is a bit rough and what would the card having a high limit mean? I have a Sainsburys Nectar card, limit was 2k, they bumped it to 3.5k which I rejected but they did anyway and they've bumped it again to 7.5k but I'll never need that much so I'll probably move it back down again unless they have any good BT offers. I realistically spend about 500-600 a month on it in the supermarket and fuel and it's paid off in full each month so having a big limit doesn't really achieve much

    I would rather have one credit card provider with a massive limit, rather than clinging onto numerous providers with small limits (£200 - £450) which is small fry.

    At the moment I am small fry, but I am hoping to move onto mainstream within the next 2 years. I do not have a bad credit file, but are building one after turning 18 last year.

    The ideal credit setting for me is to have one credit card provider, with a massive limit, one mobile phone contract, two mailing order accounts and perhaps utilities in the future. I would like to move away from having multiple subprime cards with small limits.
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  • T-G-CT-G-C Forumite
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    A4445 wrote: »
    They won’t let me have any further cards I’ve probably reached the affordablity limit

    Do you get the "Affordability" error on the Quick Check?

    How long has it been stuck on that error? Has it been a minimum of 4 months since the last card was approved?
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • zx81zx81 Forumite
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    T-G-C wrote: »

    The ideal credit setting for me is to have one credit card provider, with a massive limit, one mobile phone contract, two mailing order accounts and perhaps utilities in the future. I would like to move away from having multiple subprime cards with small limits.

    The ideal situation is two or three cards with decent limits, mobile and utilities as required and ditch the mail order accounts.
  • T-G-CT-G-C Forumite
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    zx81 wrote: »
    The ideal situation is two or three cards with decent limits, mobile and utilities as required and ditch the mail order accounts.

    You do not like Littlewoods or Very?
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