Capital One - are other people being refused card?

Somerset

As the title suggests, I've just been turned down for the 4% cashback card. I was a bit surprised. I've got a perfect record. on the electoral register, homeowner, salaried etc etc. Perfect candidate I thought !

The rejection letter said I'd failed their credit scoring which was unique to them - anyone know how their scoring is different ? I've checked Experian/Equifax to see if any unexpected nasties - nothing. Or is it just the credit crunch ?

Any others being turned down by Capital One for seemingly no good reason ?

sicker

Go back through the cerdit card posts. Many, many people including myself have been turned down by Capital One, many with excellent credit ratings. Cap 1 seem to be cherry picking. I have just been accepted by Nat West all be it with a 2.5% transfer fee.

John

littlejaffa

Same here, never been refused anything ever, and most of our stuff is with very picky lenders, (mortgage etc) never been sub prime etc etc etc.

From what I've heard if you have more than x amount of credit aleady they will refuse you. So if you already have a credit card or an overdraught that you don't use, or pay of every month so your not in debt, they count it as credit and won't give you more.

Hope that helps

ridgwas5

Sorry posted this in the wrong place first time i have used this forum...
Hi
Has this happen to anyone, last week i applied on line to CITI to transfer two of my Credit Cards, so that i could take up the offer of 5.8% life of balance no fees total amount requested to transfer £7500 this went through find, but a week later i received a letter saying it was refused. Contacted the help desk, reason given was because i already had dept owing on credit cards, i explained that this was the reason i wanted to do a transfer to reduce interest Payments. (catch 22), but was offer the credit card with only £500 limit, not what i wanted.
I took the next best offer and applied again on line to Capital One 0%interest on B/T for 12 months 1.7 fees only 9.9% after, again this went through fine but yesterday received a letter of refusal reason stated credit score.
being concerned as i have never missed payments, I have paid for my credit report and score the result is excellent 999 on a scale of 0-1000. now i am afraid to apply again as these two card applications have left a foot print on my report. What am i now meant to do... can anybody advise.

dc

Somerset,
You are far from being alone, and even if they had given you a card I guess it would have had a miserly credit limit for you.

When they started in the UK they turned down a well paid but bewildered producer of the BBC2 Money Programme. I applied at the same time, with a balance transfer request of £2k to close a card I wanted to end.

They transferred £900 only without telling me so I ended up with 2 cards to pay. I paid Cap1 off immediately and did a second £900 transfer to prove I was creditworthy and they would not budge even after six months my limit stayed put at £1k

It seems they do not want people with good credit ratings and a lot of available credit. The policy doesnt seem to have changed.

Perhaps being an American company explains. Before Barclaycard the first as we know it, true credit card there was only American Chage cards where you paid an annual hefty fee and had to pay the balance off in full every month.

exel1966

I'll give you a credit score of 743 for free !!! It means just as much as the one of 999 you paid for. In other words nothing !!! It's a ploy to relieve you of uor cash.

All creditors will assess applicants on their own UNIQUE criteria and for that reason there is no such thing as a universal credit 'score'.
Most credit card companies DO cherry pick their customers. If you're profile isn't what they're looking for at that time you may get refused. Six months later you may get accepted !!
Again, most card companies are being more carfeul when it comes to debt and refusals are apparently rising along with credit limits being reduced for those who already have cards.
There is no set amount of credit anyone can have before being refused, as it will depend on individual circumstances, but how much available credit you have access to will be a crucial determining factor in whether another creditor gives you anymore.

Just activated a new Cap 1 card !

ridgwas5

Is it worth applying for anymore, or do you think this would also be rejected...i don't want to ruin my credit file.

Lo_zingaro

Just received my approval for the Capital One Cashback card today - and I'm an Ancient Briton - so it can't be the credit cruch.

Somerset

Thanks for all the responses. I'm a bit miffed I'm not a 'cherry' they wanted to pick but so be it.

sicker I did a search before posting but didn't pick up the earlier threads so apologies from me.

I just wonder what their 'credit profile' really is ? Does anyone know ? I've got two credit cards ( one Mbna ex Conran and Goldfish ) with combined limit of 14K. Both always paid in full each month. Plan was to ditch both and replace with the Cap One card to get the cashback.

Any suggestions apart from the Egg card paying 1%? I won't bother doing anything this year, I'll leave it till 2008 as I don't want too many searches on my record. That's the irritating bit - of course anyone is entitled to refuse your custom - but then you get paranoid about too many searches on your record. It makes you look desperate !

greyster

I got rejected... although its not the news I was expecting (last 3 cards approved) I am glad they managed to inform me by letter (after not definitive answer online) within 3 working days.

It means I can hunt a new card. Either Amex although just heard the cashback is annual which makes it less appealing to me or may go for the oyster card for an easy £25. Like the idea of lessening the weight of my wallet by 0.0001g too by eliminating my oyster card.

pimlico1974

It's worth appealing to Capital One for a manual review of your application if it fails on the original attempt, I did this and they subsequently approved my application.
j.