Capital One with £200 deposit.

Niteflyer

Hello guys, I applied for a Capital One and got the usual letter......................."Congratulations Mr..................your application was successful................just pay us £200 security deposit and you can have a visa with a credit limit of..............£200!!! blah blah blah.

What I want to know is, IS IT WORTH IT? I mean, I know it rebuilds your credit and such but anyone out there done this? do they report regularly? has it helped rebuid your credit?

Opinions please.


Thanks

Matt

Fedz

I applied, was accepted and paid for the Capital One (Classic) with £200 security deposit.

Within a week I applied for a Barclaycard (Initial), was accepted, no security deposit required and given £1,100 credit limit.

I returned the Capital One card for a full refund

To answer your questions:
Yes it's worth it if you can't get a Barclaycard or even a Vanquis credit card for that matter.
Yes it does rebuild your credit rating. As far as I am aware they write to the CRAs on a monthly basis.

Hope this helps

Niteflyer

Thanks Fedz, I have also applied for a Vanquis card (had probs with Barclaycard in past so can't try them) will wait to see if I get the Vanquis card first. I intend to pay off in full every month so the ineterest on Vanquis is irrevlevant to me really

Thanks

Niteflyer

Any other voews on this?

I just wanna get a few peeps opinions before I say Yay or Nay!

Thanks to those that have replied

aliasojo

Yes this is worth it. It is a pain....but it's worth it. I know of several people who have gone down this route and it has definately been beneficial in building up a credit rating for them.

Niteflyer

Thank you aliasojo

fairmorn308

Fedz wrote:

I applied, was accepted and paid for the Capital One (Classic) with £200 security deposit.

Within a week I applied for a Barclaycard (Initial), was accepted, no security deposit required and given £1,100 credit limit.

I returned the Capital One card for a full refund

To answer your questions:
Yes it's worth it if you can't get a Barclaycard or even a Vanquis credit card for that matter.
Yes it does rebuild your credit rating. As far as I am aware they write to the CRAs on a monthly basis.

Hope this helps

what is the staus of ur credit rating then if you got accpeted for the 2nd card? after the cap one card as i have just been accpeted for the cap one card but with a £200 deposit

Fedz

fairmorn308 wrote:

what is the staus of ur credit rating then if you got accpeted for the 2nd card? after the cap one card as i have just been accpeted for the cap one card but with a £200 deposit

To be honest. Way, way down low. The lowest!

I knew Capital One would ask for the £200. I was totally surprised (but highly thankful) Barclaycard and Vanquis accepted me

Their's a lot of contributing factors to your credit rating, it's done on an individual basis by individual companies based on your answers on the application form, if your on the electoral register, your status and your credit file ...etc.

TheBarclaycard (Initial) is marketed towards people looking to rebuild their credit rating, so I would assume applicants are either new to credit or have had credit problems in the past.

Kind regards

PeeWee

Capital One do report promptlyto both Equifax and experian.

Niteflyer

PeeWee wrote:

Capital One do report promptlyto both Equifax and experian.

Peewee, I sent you a PM, did you get it?