Capital One and Card Consolidation

in Credit Cards
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  • zx81zx81 Forumite
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    They're just not necessary for building a decent credit history and they're not good in terms of value.

    Credit cards give you much more flexibility and value for money than overpriced tat from catalogues.
  • T-G-CT-G-C Forumite
    591 Posts
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    zx81 wrote: »
    They're just not necessary for building a decent credit history and they're not good in terms of value.

    Credit cards give you much more flexibility and value for money than overpriced tat from catalogues.

    I went ahead with the consolidation, therefore I now have 3 credit cards which are active, all are subprime. Capital One, Vanquis and Aqua.

    Vanquis boosted me from £250 to £1000 in April, which means they are the most valuable on my credit file at the moment. Due to the consolidation (2x £200 cards) is now 1 £400 card.

    Aqua was £450 at the start, but perhaps an increase in the future, when I start to bring my overall credit utilization down, which is one of two massive hindrances for me obtaining good deals and limits.

    I also have one Wonga "Advance Against Income" (never again, believe me it looks terrible for an 18 year old) and then my two mailing order accounts.

    I've had 3 loans with Satsuma Loans, but this doesn't show as a short-term loan like Wonga and is registered on my file as under Provident.
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  • A4445A4445 Forumite
    1.1K Posts
    T-G-C wrote: »
    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?

    Its been like it for 18 months. I believe the most credit they will offer me is £7250. That’s perfectly acceptable. I wouldn’t t apply for another card even if I was eligible.
  • T-G-CT-G-C Forumite
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    A4445 wrote: »
    It!!!8217;s been like it for 18 months. I believe the most credit they will offer me is £7250. That!!!8217;s perfectly acceptable. I wouldn!!!8217;t apply for another card even if I was eligible.

    That is an insane amount of credit, it is no surprise. I wish the Quick Check was more honest about it, as I keep re-filling out the form, as it should have offered me another card by now, its been exactly 4 months since the last approval.

    Rather than banging on about affordability, it should directly tell you whether you're being declined for any further cards with them at present.

    I only aim to consolidate this one to increase my limit on the one card I now have, as I've consolidated the other to make £400 in total. Not quite matching your reach :rotfl:
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  • NasqueronNasqueron Forumite
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    Why exactly do you feel the need to get a huge limit? It won't improve your credit rating to have lots that you don't spend on. I had an Amex from Sainsbury's that they gave me about £13000 on, when I closed it and got the Sainsbury's Mastercard several years later they gave me about £6-7k. When I got a BT card I had lowered my limit on cards to about 4.5k and got a £5k BT card. I pay off in full every month and not had any issue with getting finance when I needed it whether with lower or higher card limits
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  • T-G-CT-G-C Forumite
    591 Posts
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    They have offered me another card but with this condition:

    "We 100% guarantee to accept you for the Classic card if you set up a Direct Debit."

    The previous two cards haven't required a Direct Debit. Does this demonstrate that my risk level is higher than average, hence the requirement to setup a mandate?
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  • [Deleted User][Deleted User] Forumite
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    MoneySaving Newbie
    They seem to request a direct debit be created at the point of application now - I don't think it's just you :)
  • edited 22 May 2018 at 1:16PM
    T-G-CT-G-C Forumite
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    edited 22 May 2018 at 1:16PM
    They lied to me, said on their own checker I was 100% guaranteed to be accepted, on the condition that I setup a Direct Debit.

    After doing so "One of our team will now perform additional security checks which typically take 7 working days. In a small number of cases we may need more information to complete your application - if so, we'll write and let you know.". In other words, i have been referred for manual approval.

    If they start asking for payslip, tax returns and all that income related nonsense, no can do, I am a student and the income I declared on the application form consists of the Bank of Mum & Dad, items I sell on the internet and other things which are only provable with a bank statement. I put on the application form that I am a student, so there's no reason for them to query it, especially since I've been instantly approved for 2 cards in the past.

    It could possibly be because I did the Quick Check like a 1000 times this month before they gave me the green light of acceptance, but technically that isn't an application for credit, but a quotation, so I haven't done anything wrong in that regard.
    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.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    No one lied.

    Just await the outcome.

    What limit were you offered?
  • T-G-CT-G-C Forumite
    591 Posts
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    !!! wrote: »
    No one lied.

    Just await the outcome.

    What limit were you offered?

    Another boring £200.

    In fairness to my comment, when a company states 100% guaranteed and then decides to refer you for potentially being declined, it's a bit of a kick in the teeth.

    I knew something was strange this time, as they required a DD and online eligibility checkers that I normally use to obtain their 0% card gave me a 20% approval rate, despite Capital One saying 100%.

    I just phoned Capital One as an additional measure, however strangely the agent said that the account was opened and the card will arrive within 7 days. The online version stated additional checks were required and may request further information via post.

    I do not know which one to believe, however like I said, if they start messing me around with documents, I'll leave it to sit until expiration.

    It shouldn't affect my other credit account with them. However, hopefully the agent is correct and the new account was approved as promised.
    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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