Capital One - Been accepted - Now what?

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

PS - I'm a 'he', not a 'she'!

Leigh73

skyrider007 wrote: »

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

Hiya skyrider,

Thanks for the reply.

I chose the 'lightening' design.

Sorry to hear about their mix - up with your card, I did read about it on one of the other threads. Let's just hope I don't end up with the flippin' pig or monkey on mine!

I reckon all of the designs are a bit naff, other than the 'lightening' or 'space' images..I was going to go for the 'space' design too!

Didn't you say on the other thread, that you called and asked Capital One to change the card design, but they refused?

All the best anyway,

Here's to a new and improved credit rating for all of us,

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!

PS - 'axe',

It did say on my agreement / letter, that so long as I use the card / pay on - time, every time, that they'll increase my credit limit after the 3rd or 4th month I think..can't remember which.

G-G_4

Well done on getting the card

I'm an undischarged bankrupt still, so i'm looking forward to the day that I can build up my credit rating again

x

Snooze

Leigh writes: PS - I'm a 'he', not a 'she'!

:eek: :eek:

:huh:

Snooze

Leigh73 wrote: »

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

Up to you really. I'm not aware of any exact science to it, but I've found that when you leave some balance left in (10-20% in my case) you fairly regularly get letters from them after 3-6 months telling you about your credit limit increase, whereas when I used to pay the balance off in full each month I think I only ever had 2 companies increase my limits, but I'm talking about on limits of several thousand pounds here not a couple of hundred quid so it might be different (although I can't see any reason why it would be).

I think there's a happy medium to be found somewhere. They don't like it when you only pay the minimum and nor do they like it when you pay it off in full so if you only pay half your balance each month you'd probably be their ideal customer and would get inundated with limit increases so they can make more cash out of you! Of course, this method would be good for getting limit increases but it wouldn't be good for your finances as you'd be getting charged their silly interest rates on half of your outstanding balance each month so I usually leave just 10% in there (20% if I'm feeling generous) and this seems to do the trick.

It all depends on how desperate you are for more credit vs how much you can afford to be charged interest on.

Hope I've explained that reasonably well so it's easy to understand. :huh:

:T

Rob

Careful_with_that_Axe

Rob
Thanks for the advice on leaving a small balance hadn't heard that before - it may increase likelihood of Cap1 increasing limit, but will it also not look slightly negative on credit file?
I don't want credit really, but would love to have an M&S card for the vouchers. After repair steps for just about 18 months having paid off all my debts in full, they have just turned me down. Not taking it personally though given current financial climate!
Ta
Jo

neil.b_4

Did you check the interest rate?

I applied for the low interest rate but got turned down, instead they offered the 29% interest.
I took it anyway just to build up the credit rating and was very suprised when it had a £500 limit.
I pay it off in full each month so not worried about the high rate.

Neil

Leigh73

G-G wrote: »

Well done on getting the card

I'm an undischarged bankrupt still, so i'm looking forward to the day that I can build up my credit rating again

x

Many Thanks GG.

You'll get there!

I've been where you are (Bankrupt in '03, Discharged in '05), and I never thought my credit file would recover. As of next year though, it should be looking quite rosy :j

Enjoy your freedom, knowing the nasty debt collectors can't call you any more!

Kind Regards,

Leigh.

Leigh73

Snooze wrote: »

Up to you really. I'm not aware of any exact science to it, but I've found that when you leave some balance left in (10-20% in my case) you fairly regularly get letters from them after 3-6 months telling you about your credit limit increase, whereas when I used to pay the balance off in full each month I think I only ever had 2 companies increase my limits, but I'm talking about on limits of several thousand pounds here not a couple of hundred quid so it might be different (although I can't see any reason why it would be).

I think there's a happy medium to be found somewhere. They don't like it when you only pay the minimum and nor do they like it when you pay it off in full so if you only pay half your balance each month you'd probably be their ideal customer and would get inundated with limit increases so they can make more cash out of you! Of course, this method would be good for getting limit increases but it wouldn't be good for your finances as you'd be getting charged their silly interest rates on half of your outstanding balance each month so I usually leave just 10% in there (20% if I'm feeling generous) and this seems to do the trick.

It all depends on how desperate you are for more credit vs how much you can afford to be charged interest on.

Hope I've explained that reasonably well so it's easy to understand. :huh:

:T

Rob

Thanks Rob.

You explained that perfectly! :T