Capital One Credit Card Application Declined (and Appealed!!)

spike274

Hi All,

I applied for the Capital One 4% cashback card but it has been declined. I earn over 40k/year, had credit cards and mortgages for years and never missed any payments. I suspect this has been declined as I have applied for too many cards in a short space of time (probably 4 in about 3 months ish).

The thing is I already have a Capital One card from a few years back (not a cashback card just a standard visa) which I never use but has a limit of £5000.

After this application was refused I wrote to them saying I don't want additional credit, just cashback on my existing credit (but said they can cancel my existing card and issue a new one if its easier for them).

Anyway, just wondering if anybody had any experiences with appealing to Captial One??? Or any ideas on what my chances of a succesfully appeal might be?

Thanks very much in advance for any thoughts.

GunJack

Also, you don't make them any money on your existing account, so the "why should we give you money when you don't make us any?" argument comes into play....

spike274

Thanks for the speedy reply GunJack and yeah, very true.

I did put in my letter: "If approved, it is my intension that my Capital One cashback card would become my primary card for every day spending." but not sure if that will carry any weight or not?

skyrider007

One simple reason why you were declined: you already have an account of them at the time you applied.

Capital One's Terms and Conditions explicitly say that you may only have one account with them at any one time.

I say close your current Capital One card and re-apply in 3 months time and you'll be fine.

dexters_mum_2

Yes only one card at a time, my husband had an additional card on my account but applied for his own and was declined, he enquired as to why and he was it was due to the fact he was an additional cardholder already and was told I'd have to remove him from my account, return the card and authorise him to come off my account.

spike274

Thanks for your replies. In my appeal letter I have said that I'm happy for them to cancel the old card if they can issue my a new cashback card. I will have to wait and see what they say.

Thanks again for your replies.

spike274

Well, Capital One have rejected my appeal and said that it was because I had been applying for too much credit (got AMEX and EGG cashback cards, Barclaycard balance transfer for stoozing and switched current account already this year).

1. Any idea how long before I should appeal again?? (I know I can start a fresh application in six months but would like higher than 1% cashback before that).

2. Is it worth me getting another balance transfer card, switching my balance to that and trying to get cashback on the Barclaycard? Will this make my credit file worse?

3. Any other ideas how to get a decent rate cashback card? (I've already used my AMEX intro period).


(I have cancelled my existing Capital One card anyway so thanks for the above advise on that one).