capital one approved different card!

moneysavingwannabe

Hi,

I've just applied for the capital one 0% cc til may 2009.

They have said I can't have this one but offered a 0% til 1st Feb 2009.

Anyone know why this has happened?

I looked at the statements about the best card and as far as I know I met all the guidelines. I have never missed a payment and assume I have a pretty good "credit rating".

I have a 0% from Halifax with a £9,900 limit and had no problem getting this.

Do I need to get my credit reports or are Capital One just awkward????

YorkshireBoy

It's just a credit scoring thing.

You either fell below the scoring cut-off for the other card, or they'd already given the other card to 66% of successful applicants that day/week/month.

To maximise your introductory period duration, make sure you ask for a '28th of the month' statement date.

Megalomaniac

They often do this unfortunately. I suspect it's nothing wrong with your credit report, just Capital One felt it would be better if you had that card, not the one you went for. Annoying, I know, and it's part of the reason why I haven't applied for their cashback credit card. If I didn't get the card I wanted, I would like it to end there, rather than be given a different one and possibly not realising it.

moneysavingwannabe

Hi,

Thanks for your reply.

I'm not sure whether to fill in the form and accept the card now cos my Halifax 0% ends in December and 2 months more won't make much difference.

Tho I suppose they have already done the check???

I can just about pay off my Halifax by December and wanted another card to put wedding costs on which will give me a bit more time to pay it off so I don't have to balance transfer or anything.

Hmm changing the subject all my savings are in ISAs would you pay off the debt at the end of the 0% wiping the ISAs out completely or balance transfer in order to keep the savings??

Thanks again

YorkshireBoy

moneysavingwannabe wrote: »

Hmm changing the subject all my savings are in ISAs would you pay off the debt at the end of the 0% wiping the ISAs out completely or balance transfer in order to keep the savings??

Depends how 'organised' you are, but I'd keep my savings in their tax efficient account.

Run your figures through the stoozing calculator at http://www.stoozing.com/calc.htm to see how much more beneficial managing debt alongside savings can be.


EDIT: I agree that there isn't much time between closing the Halifax card (and waiting for it to be marked as settled with the CRA's) and having to go for another card by the end of Feb 09...but, then again, how else are you going to pay for your wedding?

moneysavingwannabe

Hi,

Thanks again for your replies!

I have applied for a HSBC 0% card for my other half as I already have a longstanding hsbc card so can't go for the 0%.

We could always use this as long as he gets a decent limit. Although I would prefer to be able to pay for things on a cc of my own as I do all the "organising" of money etc! Plus being a girl I will end up doing the rest of the wedding stuff. :rotfl:

I will think about the ISA issue - think I would probably prefer to pay debt off and then start saving again cos we could save up to £7,200 in ISAs a year between us. So would hopefully be able to max that out each year. I can see why it is a good idea to leave money in ISAs but would feel better having paid debt off.

clio

How long do CAP1 keep you waiting for it to be marked as settled with the CRA's ??

moneysavingwannabe

Hmmm..just looked again at capital one form and it says

Unfortunately we are unable to give you this card....However pleased to inform you that we've pre-approved you for a Capital One Platinum cc instead.

That is the one I applied for but it lists 0% BT & purchases til 1st Feb 09.

Not the same as the link from here says!! So think I have been given the card with different terms????

Moggles_2

clio wrote: »

How long do CAP1 keep you waiting for it to be marked as settled with the CRA's ??

With C1, the whole process, from the initial phone call, can sometimes span a couple of months.

clio

Cheers Moggles for reply..

moneysavingwannabe

Ahhhhhhhhh!!!!!!! :mad:

Just phoned capital one they just kept repeating the same quote at me about capital one internal policy or some such rubbish.

Asked if search would affect credit rating and she said no it would leave a footprint. No help at all.

Do capital one just draw you in with good deals and then offer inferior product?? NOT IMPRESSED!!!!!!