£5000 credit limit for Capital One ?

lionfly

Hi there, do they know your credit limit on previous credit cards? Otherwise how do they enforce this £5000 rule?

I have 2 credit cards, each with £3000 limit. Am I qualified to apply for Capital One?

Do they consider me as 3000x2=6000, or only 3000?

Zebedee69

lionfly wrote: »

Hi there, do they know your credit limit on previous credit cards?

You will have an eye opener when you look at.

www.creditexpert.co.uk
www.equifax.co.uk

Sign up for the free trial and you will see your credit file. You will be amazed what other stuff they know apart from your limits:D

lionfly wrote: »

Otherwise how do they enforce this £5000 rule?

They wont have a rule as such, they will give you what they feel they can make money on while reducing the risk. Its a mathematical equation done on computer with very little human input.

lionfly wrote: »

I have 2 credit cards, each with £3000 limit. Am I qualified to apply for Capital One?

Course you are, if you have a good credit rating (You will find out soon enough when you sign up for Experian and Equifaxes trials) you will be able to apply. Cant guarantee the limit you will get though..... Its subject to status (Wooo I sound like an advert dont I:rolleyes:)

lionfly wrote: »

Do they consider me as 3000x2=6000, or only 3000?

They will consider your available credit. Not in the way you just described but they will tally your incomings with outgoings.

Remember, BR's dont make good customers so if you look like your taking on too much or your on the brink they either wont lend or they will lend a daft amount like 500 quid to minimize their risk.

Once you know your not overstreched thats fine, if you feel your starting to become stretched out take a gander over to the DFW board and post your SOA so they can help. The sooner you can get help the better, hopefully before you get to the stage where the house of cards comes tumbling down.

YorkshireBoy

lionfly wrote: »

I have 2 credit cards, each with £3000 limit. Am I qualified to apply for Capital One?

Do they consider me as 3000x2=6000, or only 3000?

There may be applications that fall through their net, and some that may be accepted after an appeal, but, if taken literally, you fail their definition of an "excellent" credit rating:

"I have a credit card with a credit limit of at least £5000"

Fila_2

Zebedee69 wrote: »

You will have an eye opener when you look at.

www.creditexpert.co.uk
www.equifax.co.uk

Sign up for the free trial and you will see your credit file. You will be amazed what other stuff they know apart from your limits:D

I got a free report last spring from equifax.co.uk It was weird in that it has no mention of two credit cards I own. I also pay internet, phone, mobile bills and it also doesn't have it on the report. The report only shows the credit card searches that were done for me and also shows an old credit card that I had the balance cleared and cancelled more than 1/2 year before I got the report. They list a credit card that was cancelled but don't list the two other credit cards that I currently have?

Zebedee69

Fila wrote: »

I got a free report last spring from equifax.co.uk It was weird in that it has no mention of two credit cards I own. I also pay internet, phone, mobile bills and it also doesn't have it on the report. The report only shows the credit card searches that were done for me and also shows an old credit card that I had the balance cleared and cancelled more than 1/2 year before I got the report. They list a credit card that was cancelled but don't list the two other credit cards that I currently have?

You want to get that sorted...... The more accounts you have open the better.

Bill and stuff rarely show up except mobile contracts with do.