Capital One - Been accepted - Now what?

Leigh73

Hiya,

I have a pretty poor credit rating - a few (satisfied) defaults from 2003, a CCJ from 2002 (due to fall off in Sep this year) and worst of all a past Bankruptcy from 2003 also (only shows on Experian, and not Equifax)

However, since December of last year, I now have an O2 mobile contract, which I've paid on time each month since then.

Also, since 2004, I've had a Co-op (basic) account, which I only really started using a year ago, and have looked after this account too

I wanted to get a Credit card with a low limit, in order to re - build my credit rating, so I applied for Vanquis and Monument, but was rejected by both!

I then took one last shot at applying to Capital One, for their sub - prime 'Classic' Visa card online about 10 days ago..no decision online, and it was referred.

To be honest, I was expecting another rejection, so imagine my surprise to find an acceptance letter / credit agreement to sign, on the mat two days later! :j

I posted it back to Cap One a week yesterday (Monday 12th May), and so far, I've not received a card / pin or anything back from them..so I'm starting to worry that they've changed their mind, credit checked me a second time, and decided to renege on their acceptance

Any ideas?

How long did it take any of you Capital One 'Classic' card holders, to receive your card, after returning the agreement?

Do they ever change their mind at the last hurdle?

Many Thanks,

Best Regards,

G'night,

Leigh :cool:

Snooze

Leigh, if it helps ease your mind, Capital One took about 3 weeks to send me out my card after signing the bumpf although it was worth the wait with the 5 figure limit they gave me ! :T

Patience!

Rob

Leigh73

Well Done Rob. I just hope you don't pay them a penny in interest!

I don't think Capital One will be offering me a 5 figure limit though, not in this lifetime, given my credit rating..not that I could afford to sustain that kind of limit at the moment anyway! I'm presuming that yours is the 'Platinum' Capital One card, as opposed to my 'Classic'?!

Actually, I received my PIN from Capital One this morning, and on the letter, they tell me, that my card should arrive within the next 5 days, so all's good :-)

I'm guessing they'll only offer me a low (£100 - 200) limit, but I'm not fussed, as I'm only getting it to improve my credit rating over the next year or two, during which time, I can look forward to getting a few more healthy, green 'zeros' on my credit files. Hopefully then, I'll be able to go for a more 'mainstream' card.

All the best,

Leigh.

Leigh73

PS - It's now been 15 days since I applied for the card online.

Snooze

Leigh73 wrote: »

Well Done Rob. I just hope you don't pay them a penny in interest!

I don't think Capital One will be offering me a 5 figure limit though, not in this lifetime, given my credit rating..not that I could afford to sustain that kind of limit at the moment anyway! I'm presuming that yours is the 'Platinum' Capital One card, as opposed to my 'Classic'?!

Actually, I received my PIN from Capital One this morning, and on the letter, they tell me, that my card should arrive within the next 5 days, so all's good :-)

I'm guessing they'll only offer me a low (£100 - 200) limit, but I'm not fussed, as I'm only getting it to improve my credit rating over the next year or two, during which time, I can look forward to getting a few more healthy, green 'zeros' on my credit files. Hopefully then, I'll be able to go for a more 'mainstream' card.

All the best,

Leigh.

:T

All zeros are good zeros! Pay off 90% of your balance each month (and on time) and they'll be throwing money at you when it comes to review time. You've got to fool them into thinking you're a good customer (good to them = making them cash) so don't pay off all your balance each month if you want to get your credit limit increased quickly.

People that pay off the full balance each month don't make them any money, so there's no point in upping their credit limit...

Rob

Careful_with_that_Axe

5 Figure credit limit!
I applied for one of these and it did take a few weeks for the card to come through. They gave me a credit limit of £200 - after I had paid in full for 3 months they increased the credit limit to £500 and that's fine with me as I only use it on the internet or for phone things like car insurance.
Leigh - why don't you just give them a call and ask? I'm sure the only problem might be that it's lost in the post.
0800 952 5452 is the number for new card applications and they're open til 9pm weekdays.
Good luck!

Snooze

Careful_with_that_Axe wrote: »

5 Figure credit limit!
I applied for one of these and it did take a few weeks for the card to come through. They gave me a credit limit of £200 - after I had paid in full for 3 months they increased the credit limit to £500

See my reply above on how to "play" the credit card game.

Leigh - why don't you just give them a call and ask? I'm sure the only problem might be that it's lost in the post.
0800 952 5452 is the number for new card applications and they're open til 9pm weekdays.
Good luck!

Umm, from personal experience I wouldn't recommend that! They have Indian call centres and they're pretty much hopeless in answering non-standard questions. I doubt the card is lost if she's only just received pin. I reckon that she'll have the card by the end of the week.

Rob

skyrider007

Don't worry. It will come soon. Which design did you choose? I've asked for the cool "earth horizon/sun shining" one and received the Tiger card instead. lol

Leigh73

Snooze wrote: »

:T

All zeros are good zeros! Pay off 90% of your balance each month (and on time) and they'll be throwing money at you when it comes to review time. You've got to fool them into thinking you're a good customer (good to them = making them cash) so don't pay off all your balance each month if you want to get your credit limit increased quickly.

People that pay off the full balance each month don't make them any money, so there's no point in upping their credit limit...

Rob

Will do Rob. Sounds like good advice!

It's going to be my first CC in about 6 years, so it's quite a strange, (but great) feeling slowly starting to re-enter the world of (albeit sub - prime) credit - worthy again. Just got to make sure I go steady with this one :cool:

Cheers,

Leigh :j

Leigh73

Careful_with_that_Axe wrote: »

5 Figure credit limit!
I applied for one of these and it did take a few weeks for the card to come through. They gave me a credit limit of £200 - after I had paid in full for 3 months they increased the credit limit to £500 and that's fine with me as I only use it on the internet or for phone things like car insurance.
Leigh - why don't you just give them a call and ask? I'm sure the only problem might be that it's lost in the post.
0800 952 5452 is the number for new card applications and they're open til 9pm weekdays.
Good luck!

Thanks for that 'axe',

I'm only expecting a low limit too. Good for the rating though :T

I must clarify, that I only actually returned the credit agreement to Capital One a week yesterday (Monday the 12th May), and a week and a day later - ie - today (!) I receive my PIN, so that's fine.

I'm therefore not at all worried now about taking delivery of my card..should be with me over the next couple of days, so I don't think I'll pester them on the phone, as it could work against me!

Thanks again,

Leigh :beer: (wishing it was real beer since giving up!)

Leigh73

Snooze wrote: »

See my reply above on how to "play" the credit card game.



Umm, from personal experience I wouldn't recommend that! They have Indian call centres and they're pretty much hopeless in answering non-standard questions. I doubt the card is lost if she's only just received pin. I reckon that she'll have the card by the end of the week.

Rob

Yep, 'axe', I was in two minds about the great 'whether to pay it off in full / keep a (very) small balance on the Cap1 card each month' debate...

However, I'm inclined to go with Rob's suggestion of the latter, rather than the former, as they need to think we're (inadvertantly, although accidentally - on - purpose) allowing them to make money out of us, while they are in fact improving my credit score! :j

What do you think Rob? Out of say a (predicted) £200 limit, should I leave a £20 running balance with them each month?

Many Thanks.