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  • FIRST POST
    • Somerset La La La
    • By Somerset La La La 3rd Sep 16, 11:12 AM
    • 794Posts
    • 284Thanks
    Somerset La La La
    Capital One - 2nd Card
    • #1
    • 3rd Sep 16, 11:12 AM
    Capital One - 2nd Card 3rd Sep 16 at 11:12 AM
    Hi all

    When holding one Cap1 card you can open another once your first card has been open 2 or 4 months (it varies depending where on the site you look!).

    To those that applied for the second - did the eligibility checker work & give you a chance of approval (e.g. 50/90/100 etc)?

    Or did you just go straight to the page and then 'apply now' (skipping the eligibility check)

    Getting a straight answer to whether it will ever work from Cap1 for a 2nd card is like getting blood from a stone. At the moment I fail eligibility on affordability, but am wondering whether I'd get a card if I put it straight through on the apply screen.

    Anyone got any experience?

    If the eligibility does work for 2nd apps, then I'll wait until that says I'll get one...... if not then it's like waiting for hell to freeze over!
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
Page 8
    • Superhoop91
    • By Superhoop91 21st Apr 18, 1:47 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    I will be paying them off in about 4-6 months time.

    But as an example, if I paid 500 on my payday loans and used that for spending in the month instead, I'd save 250 on interest payments of my payday loans and wrack up 85 interest in CC cards presuming it was paid in 4 months.
    • A4445
    • By A4445 21st Apr 18, 2:41 PM
    • 1,084 Posts
    • 557 Thanks
    A4445
    A4445

    It's pre approved on the eligiblity checker, only then do they do a hard search after anyway. Your suggestion is I get both cards (so 3 in total)?
    Originally posted by Superhoop91
    No harm in having 3 cards you really need to get rid of the payday loans ASAP. They will still do a hard search even if pre approved. Once the loans are paid you can concentrate in clearing the cards starting with the highest APR first. Never take a payday loan again!
    • Superhoop91
    • By Superhoop91 21st Apr 18, 2:49 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    Yeah I have no intention of using a payday loan again. Lesson well and truly learnt. Say I take 3 cards in total, is it worth closing the highest APR one once paid off or is having that credit facility there good for my credit file?
    • A4445
    • By A4445 21st Apr 18, 3:04 PM
    • 1,084 Posts
    • 557 Thanks
    A4445
    Yeah I have no intention of using a payday loan again. Lesson well and truly learnt. Say I take 3 cards in total, is it worth closing the highest APR one once paid off or is having that credit facility there good for my credit file?
    Originally posted by Superhoop91
    Id keep all 3 for the time being spend each month and pay in full. The. Hopefully better cards will come along and you can cash in on rewards!
    • Gary_Dexter
    • By Gary_Dexter 21st Apr 18, 3:39 PM
    • 6,989 Posts
    • 4,648 Thanks
    Gary_Dexter
    If you've no intention of paying them off in full then i sincerely cant recommend you taking on further debt.
    • Superhoop91
    • By Superhoop91 21st Apr 18, 3:43 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    Ok sure I'll just pay 3x as much in interest payments. Thanks to those who actually helped.
    • Superhoop91
    • By Superhoop91 21st Apr 18, 3:55 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    Ok so the card I've been pre approved for Cap One is the same interest rate as my current one. Do I use it for the 4 month 0% introductory rate and then look to consolidate the two of them so they are on one card with the credit limit of both combined, therefore I only have one cap one card and maybe one aqua card if I go ahead with that one?
    • Superhoop91
    • By Superhoop91 21st Apr 18, 4:41 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    Ok thanks to all those who tried to help.

    I've just been given a 500 credit limit for a second Cap 1 card so I won't be using aqua. I'll take a cash advance on my current card and use the second card for all my purchases next month as I have 3 months 0% purchases. This allows me to pay the big pay day loan off as I have frozen the interest on the other one. Then I can pay the 500 balance before the 3 months are up. Yes I'll have 95% or more credit utilisation but my total debt will be reduced as well as paying off a payday loan.
    Then from July I can work on my overdraft and 1st CC and see the best way to combine the two cards as my second one is 10% less APR a month.

    I'll seek advice on that issue in a couple of months. It's a great relief and this will save me around 300 roughly on interest payments, maybe more, as well as clearing a big payday loan at the end of the month.
    • A4445
    • By A4445 21st Apr 18, 4:53 PM
    • 1,084 Posts
    • 557 Thanks
    A4445
    It seems you have it all sorted. Try to come up with a plan to be debt fee ASAP. The Capital One Cards still have a bad rate but significant better than payday loans. There can be allot of judgemental people on here so just ignore them. Things happen in life and we cant all always pay our credit card bills in full every month. If everyone paid in full each month there probably wouldnt be credit cards around
    • Superhoop91
    • By Superhoop91 21st Apr 18, 5:09 PM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    Yeah thanks for the help. Yeah I've been sorting myself out the past couple of months after making some big errors in judgements. Yeah I think I can be debt free in 12 months. I was very close to going onto A DMP, thank God I didn't.
    • Gary_Dexter
    • By Gary_Dexter 21st Apr 18, 5:53 PM
    • 6,989 Posts
    • 4,648 Thanks
    Gary_Dexter
    No one is being jugemental - just honest.

    You may well be debt free soon but it will still stuck with you for the next 6 years
    • Superhoop91
    • By Superhoop91 23rd Apr 18, 12:09 AM
    • 81 Posts
    • 15 Thanks
    Superhoop91
    What having a second credit card? Hardly out of the blue that? In a few months I won't need credit cards at all but am helping my short term situation out at the same time. i told you what I plan to use it for and have reduced my debt not increased it. Now I can pay a payday loan off in a week or so time that I thought I'd have until the end of June whilst incurring no interest on how I've funded it. I've also increased my total credit limit trusted in me and now I'll pay this second card off in full before the interest free 3 months kick in, I'll have even better credit utilisation, a higher credit limit and less debt.

    So yeah I think it's worked out better than you're describing. I came here asking for help, advice, some people offered it and others didn't read my previous posts and didn't offer anything useful.

    Good luck to others but back to the original thread, yeah Cap 1 seem a good company.
    • destroycarthage
    • By destroycarthage 23rd Apr 18, 1:32 AM
    • 18 Posts
    • 2 Thanks
    destroycarthage
    Only thing I don't like about the newer Capitol One cards is that they don't black light. Makes it hard to use them offline. ie rental cars, department stores, etc. I've been turned down
    • LeeUK
    • By LeeUK 5th Mar 19, 2:28 PM
    • 6,527 Posts
    • 3,000 Thanks
    LeeUK
    I've had a Cap1 Luma card for about 5 years now. Ran the eligibility checker on the Cap1 website today and it said 100% acceptance for a Cap1 Classic card so applied. 750 limit new card arrives within 9 days.

    Only did it as a spare of the moment thing while logged into Cap1 CreditWise as it was enticing me to apply without marking my credit file. My credit record is still shot though.




    .
    Last edited by LeeUK; 05-03-2019 at 2:32 PM.
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