Help!! CC application on line

rubydoiwannabee

Hi everyone,
I have just applied for a capital one cc with 0% until Sept 2009. I would like to transfer a £6700 balance to enable me to pay it off quicker. I applied online and it didn't give me an immediate decision, should I be worried?

MSE does say you need an excellent credit rating to get one and as far as I know I have.... how can I tell?

Thanks

YorkshireBoy

rubydoiwannabee wrote: »

MSE does say you need an excellent credit rating to get one and as far as I know I have.... how can I tell?

Didn't you read the pre-application information on the Capital One website?...

Excellent

• I have a credit card with a credit limit of at least £5000
• I have had a credit card(s) for at least 5 years
• I have never missed more than 2 payments on a credit card or loan
• I have credit card balances of less than £10,000
• I don't have any previous credit defaults (CCJs, current arrears)

rubydoiwannabee

Yes I did and as far as I am aware I can answer yes to all of them.

nzseries1

I can't vouch for Capital One specifically, but I wouldn't be too worried. Three times I've been told that they will get back to me... two were ultimately rejected and one was ultimately accepted.

I guess only the banks know for sure who they will and won't accept. Hopefully you'll find out very soon!

rubydoiwannabee

Thanks, Do they tell you why you are rejected?

nzseries1

rubydoiwannabee wrote: »

Thanks, Do they tell you why you are rejected?

Nope, I've been rejected for I think 6 cards over the years, and not once have they ever even hinted at what grounds they rejected me on. Even if I call them up they just say something vague and wishy-washy.

rubydoiwannabee

I guess I must have a good not excellent rating, because I was declined the longer deal and offered a 0% until Feb 09. They also enclosed a leaflet on how to check my cr scoring.

Should I accept this card, rather than apply for a better deal elsewhere? I have just opened another bank account as well so will have two recent applications on my file.

Advice please?

clio

If you got a good limit keep it, then transfer your balance and in 6 months the searches will of dropped
off leaving you space to reapply again and get a better deal. after all feb 09 is 8 months away.

rubydoiwannabee

Thanks Clio, that seems like a good plan. Thanks for taking the time to reply.

clio

Ruby
Searches stay on from 6 months to 12 months i thought they were all 6 months, if you have had no more searches lately anyways it would not matter, as the cap 1 search in another 6 months would only mean 1 search and they say 3 or 4 in 6 months is fine before credit file takes a hit. so it is still worth while keeping it, knowing you'll have the luxury of time to spend sussing out a good deal before that 0% ends..