Capital One and Card Consolidation

Deleted_User wrote: »

They're just not necessary for building a decent credit history and they're not good in terms of value.

Credit cards give you much more flexibility and value for money than overpriced tat from catalogues.

I went ahead with the consolidation, therefore I now have 3 credit cards which are active, all are subprime. Capital One, Vanquis and Aqua.

Vanquis boosted me from £250 to £1000 in April, which means they are the most valuable on my credit file at the moment. Due to the consolidation (2x £200 cards) is now 1 £400 card.

Aqua was £450 at the start, but perhaps an increase in the future, when I start to bring my overall credit utilization down, which is one of two massive hindrances for me obtaining good deals and limits.

I also have one Wonga "Advance Against Income" (never again, believe me it looks terrible for an 18 year old) and then my two mailing order accounts.

I've had 3 loans with Satsuma Loans, but this doesn't show as a short-term loan like Wonga and is registered on my file as under Provident.

A4445 wrote: »

It!!!8217;s been like it for 18 months. I believe the most credit they will offer me is £7250. That!!!8217;s perfectly acceptable. I wouldn!!!8217;t apply for another card even if I was eligible.

That is an insane amount of credit, it is no surprise. I wish the Quick Check was more honest about it, as I keep re-filling out the form, as it should have offered me another card by now, its been exactly 4 months since the last approval.

Rather than banging on about affordability, it should directly tell you whether you're being declined for any further cards with them at present.

I only aim to consolidate this one to increase my limit on the one card I now have, as I've consolidated the other to make £400 in total. Not quite matching your reach :rotfl:

They have offered me another card but with this condition:

"We 100% guarantee to accept you for the Classic card if you set up a Direct Debit."

The previous two cards haven't required a Direct Debit. Does this demonstrate that my risk level is higher than average, hence the requirement to setup a mandate?

They lied to me, said on their own checker I was 100% guaranteed to be accepted, on the condition that I setup a Direct Debit.

After doing so "One of our team will now perform additional security checks which typically take 7 working days. In a small number of cases we may need more information to complete your application - if so, we'll write and let you know.". In other words, i have been referred for manual approval.

If they start asking for payslip, tax returns and all that income related nonsense, no can do, I am a student and the income I declared on the application form consists of the Bank of Mum & Dad, items I sell on the internet and other things which are only provable with a bank statement. I put on the application form that I am a student, so there's no reason for them to query it, especially since I've been instantly approved for 2 cards in the past.

It could possibly be because I did the Quick Check like a 1000 times this month before they gave me the green light of acceptance, but technically that isn't an application for credit, but a quotation, so I haven't done anything wrong in that regard.

!!! wrote: »

No one lied.

Just await the outcome.

What limit were you offered?

Another boring £200.

In fairness to my comment, when a company states 100% guaranteed and then decides to refer you for potentially being declined, it's a bit of a kick in the teeth.

I knew something was strange this time, as they required a DD and online eligibility checkers that I normally use to obtain their 0% card gave me a 20% approval rate, despite Capital One saying 100%.

I just phoned Capital One as an additional measure, however strangely the agent said that the account was opened and the card will arrive within 7 days. The online version stated additional checks were required and may request further information via post.

I do not know which one to believe, however like I said, if they start messing me around with documents, I'll leave it to sit until expiration.

It shouldn't affect my other credit account with them. However, hopefully the agent is correct and the new account was approved as promised.