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  • FIRST POST
    • T-G-C
    • By T-G-C 16th May 18, 3:48 PM
    • 157Posts
    • 66Thanks
    T-G-C
    Capital One and Card Consolidation
    • #1
    • 16th May 18, 3:48 PM
    Capital One and Card Consolidation 16th May 18 at 3:48 PM
    Hello,

    I currently have two Capital One cards, both at the same limit of £200. I decided not to consolidate them both at the time, because the newest one came with 0%, therefore I would have lost the rate if binding to the oldest.

    Tomorrow marks 4 months since I received my newest card, meaning I am most likely going to be eligible for another card.

    I am hoping that this time I will be offered a higher limit. Since my last application, Vanquis increased my credit limit to £1000 from £250 and no defaults with other lenders.

    If I am offered the same credit limit as the previous two cards, £200, I may consider simply obtaining it and then consolidating all three cards together, into one main account.

    This would mean a credit limit of £600 (which would take over a year to obtain through increases) and only one Capital One card in my wallet, as multiple looks bad

    My question to those who hold the answer;

    Can I consolidate all three cards into one (assuming I am approved for the 3rd tomorrow) or is the limit for consolidation two cards only?

    Can I request consolidation through the Secure Message service or would I need to phone their customer support team? Do they always accept consolidation or is it subject to approval?

    Are there any adverse effects of card consolidation that I should be aware of? I have never done this before, however multiple people have told me it is useful.


    Your answers would be highly appreciated.
Page 1
    • Gary_Dexter
    • By Gary_Dexter 16th May 18, 4:00 PM
    • 1,131 Posts
    • 627 Thanks
    Gary_Dexter
    • #2
    • 16th May 18, 4:00 PM
    • #2
    • 16th May 18, 4:00 PM
    You can probably do two, then request the other one be consolidated following completion of the initial request.

    I did mine through secure message - just provide the card numbers (from and to)

    One card will close and the limit will increase on the one you move the limit to

    I've done this 3 times now and have nearly £3k on one card from consolidations
    • A4445
    • By A4445 16th May 18, 5:53 PM
    • 755 Posts
    • 351 Thanks
    A4445
    • #3
    • 16th May 18, 5:53 PM
    • #3
    • 16th May 18, 5:53 PM
    I!!!8217;ve done it a few times and now have a card with £7250 @ 19.9%
    • T-G-C
    • By T-G-C 16th May 18, 6:01 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    • #4
    • 16th May 18, 6:01 PM
    • #4
    • 16th May 18, 6:01 PM
    I!!!8217;ve done it a few times and now have a card with £7250 @ 19.9%
    Originally posted by A4445
    They only approved £200 for my first two cards, I am hoping for more on the third. I have now requested consolidation for the first two cards, so I should have £400 on one card now.

    I could never use it to build up a limit like yours, as I am building up in £200's at the moment rather than £500 at a time etc.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • A4445
    • By A4445 16th May 18, 7:00 PM
    • 755 Posts
    • 351 Thanks
    A4445
    • #5
    • 16th May 18, 7:00 PM
    • #5
    • 16th May 18, 7:00 PM
    They wonít let me have any further cards Iíve probably reached the affordablity limit
    • Dobbibill
    • By Dobbibill 16th May 18, 10:06 PM
    • 3,051 Posts
    • 3,973 Thanks
    Dobbibill
    • #6
    • 16th May 18, 10:06 PM
    • #6
    • 16th May 18, 10:06 PM
    It's always handy to have a second back up card with a different provider.

    Have you tried the eligibility checker to see what other providers you may get a card with rather than just repeating this consolidation process.

    Be mindful that your credit report will only show accounts open for x amount of time if it's the older accounts being closed it's not demonstrating a long standing business relationship with a company/card on your credit file. Will also impact your average age of accounts
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    • Nasqueron
    • By Nasqueron 16th May 18, 10:45 PM
    • 4,492 Posts
    • 2,652 Thanks
    Nasqueron
    • #7
    • 16th May 18, 10:45 PM
    • #7
    • 16th May 18, 10:45 PM
    Do you especially need a high limit? Just given the cards you're talking about, sounds like your credit history is a bit rough and what would the card having a high limit mean? I have a Sainsburys Nectar card, limit was 2k, they bumped it to 3.5k which I rejected but they did anyway and they've bumped it again to 7.5k but I'll never need that much so I'll probably move it back down again unless they have any good BT offers. I realistically spend about 500-600 a month on it in the supermarket and fuel and it's paid off in full each month so having a big limit doesn't really achieve much
    • T-G-C
    • By T-G-C 17th May 18, 10:25 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    • #8
    • 17th May 18, 10:25 PM
    • #8
    • 17th May 18, 10:25 PM
    Do you especially need a high limit? Just given the cards you're talking about, sounds like your credit history is a bit rough and what would the card having a high limit mean? I have a Sainsburys Nectar card, limit was 2k, they bumped it to 3.5k which I rejected but they did anyway and they've bumped it again to 7.5k but I'll never need that much so I'll probably move it back down again unless they have any good BT offers. I realistically spend about 500-600 a month on it in the supermarket and fuel and it's paid off in full each month so having a big limit doesn't really achieve much
    Originally posted by Nasqueron
    I would rather have one credit card provider with a massive limit, rather than clinging onto numerous providers with small limits (£200 - £450) which is small fry.

    At the moment I am small fry, but I am hoping to move onto mainstream within the next 2 years. I do not have a bad credit file, but are building one after turning 18 last year.

    The ideal credit setting for me is to have one credit card provider, with a massive limit, one mobile phone contract, two mailing order accounts and perhaps utilities in the future. I would like to move away from having multiple subprime cards with small limits.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • T-G-C
    • By T-G-C 17th May 18, 10:27 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    • #9
    • 17th May 18, 10:27 PM
    • #9
    • 17th May 18, 10:27 PM
    They wonít let me have any further cards Iíve probably reached the affordablity limit
    Originally posted by A4445
    Do you get the "Affordability" error on the Quick Check?

    How long has it been stuck on that error? Has it been a minimum of 4 months since the last card was approved?
    • zx81
    • By zx81 17th May 18, 10:30 PM
    • 16,802 Posts
    • 17,812 Thanks
    zx81

    The ideal credit setting for me is to have one credit card provider, with a massive limit, one mobile phone contract, two mailing order accounts and perhaps utilities in the future. I would like to move away from having multiple subprime cards with small limits.
    Originally posted by T-G-C
    The ideal situation is two or three cards with decent limits, mobile and utilities as required and ditch the mail order accounts.
    • T-G-C
    • By T-G-C 17th May 18, 10:34 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    The ideal situation is two or three cards with decent limits, mobile and utilities as required and ditch the mail order accounts.
    Originally posted by zx81
    You do not like Littlewoods or Very?
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • zx81
    • By zx81 17th May 18, 10:35 PM
    • 16,802 Posts
    • 17,812 Thanks
    zx81
    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.
    • T-G-C
    • By T-G-C 17th May 18, 10:41 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    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.
    Originally posted by zx81
    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.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • A4445
    • By A4445 17th May 18, 10:46 PM
    • 755 Posts
    • 351 Thanks
    A4445
    Do you get the "Affordability" error on the Quick Check?

    How long has it been stuck on that error? Has it been a minimum of 4 months since the last card was approved?
    Originally posted by T-G-C
    Its been like it for 18 months. I believe the most credit they will offer me is £7250. Thatís perfectly acceptable. I wouldnít t apply for another card even if I was eligible.
    • T-G-C
    • By T-G-C 17th May 18, 10:49 PM
    • 157 Posts
    • 66 Thanks
    T-G-C
    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.
    Originally posted by A4445
    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
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Nasqueron
    • By Nasqueron 18th May 18, 9:20 AM
    • 4,492 Posts
    • 2,652 Thanks
    Nasqueron
    Why exactly do you feel the need to get a huge limit? It won't improve your credit rating to have lots that you don't spend on. I had an Amex from Sainsbury's that they gave me about £13000 on, when I closed it and got the Sainsbury's Mastercard several years later they gave me about £6-7k. When I got a BT card I had lowered my limit on cards to about 4.5k and got a £5k BT card. I pay off in full every month and not had any issue with getting finance when I needed it whether with lower or higher card limits
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