capital one 0% period question

jonnyb

done a quick search, can't find an answer, so here is my question.

applied for their latest 0% card, purchases and BT's until sept 09.
no auto accept, but then got a letter saying they could not give me that card, but would accept me for a platinum card with 0% BT and purchase until feb 09.

I work for Experian, and understand my credit file intimately. In my opinion, I am either accepted, or not. If I am a good enough credit risk for a limit at 0% for 7 months, why should I not be the same risk for that limit for 14 months ? To me, their headline offer is misleading.

Any ideas or coments ?

I will write them a brief letter to ask that question, and appeal their original decision.

cifpower

Maybe there are only so many people accepted for the top offer? CapOne are known to be very very picky and cherry pick people for the top offers.

clio

Perhaps they work a percetage every week ie 5 out of 10 can get it - the other 5 will be offered their lesser card. and next week same scenario.

Moggles_2

Unfortunately, Cap One operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card from its range, which it deems most suitable. In the worst cases you can be sent a totally unsuitable card, leaving you with a wasted search on your credit file.

It should be banned, but we're stuck with it for the foreseeable. Btw, Barclaycard operates a similar rate-for-risk policy.

jonnyb

Moggles wrote: »

Unfortunately, Cap One operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card from its range, which it deems most suitable. In the worst cases you can be sent a totally unsuitable card, leaving you with a wasted search on your credit file.

It should be banned, but we're stuck with it for the foreseeable. Btw, Barclaycard operates a similar rate-for-risk policy.

Thanks Moggles, but the RATE is not the issue. It is 0% on both deals. The issue is the length of the 0% offer. I would have understood if they had said no to a 0%, and offered me a standard rate.

Moggles_2

Originally Posted by jonnyb
To me, their headline offer is misleading.

Agreed. Please keep us posted.

Very best
M