Has anyone got a Capital One credit card? - Advice

stevenoon · 25-10-2007, 20:06

Hi all,

Has anyone got a Capital One Classic credit card - the basic one with the high interest?

I was just wondering how much of an automatic credit limit increase I might be able to expect on my 4th statement? I started off with £500.

I'm not sure if asking this question might be asking for confidential information or not - I thought about it quite a bit before asking and I'm still not sure - If it is then please don't answer and I apologise for asking.

Steve.

paulyoung666 · 25-10-2007, 20:23

Quote:

Originally Posted by stevenoon

Hi all,

Has anyone got a Capital One Classic credit card - the basic one with the high interest?

I was just wondering how much of an automatic credit limit increase I might be able to expect on my 4th statement? I started off with £500.

I'm not sure if asking this question might be asking for confidential information or not - I thought about it quite a bit before asking and I'm still not sure - If it is then please don't answer and I apologise for asking.

Steve.

ask yourself the question , it is a high rate card and you want to extend your credit , i know it is nothing to do with me , but i suspect you could be standing on the edge of a very big hole that you may find difficult to get out of , stand back and take stock of where you are before you go deeper

elke21 · 25-10-2007, 20:29

I think you have a greater chance of winning Euro Lottery than getting your credit limit increased within a few month of getting the card.

Gogfumble · 25-10-2007, 20:33

The capital one classic is Typical 34.9% APR variable.

If I were you I wouldn't even try to increase the limit but I would pay it off ASAP and cut up the card.

marco_madness · 25-10-2007, 20:45

Don't just cut it up, get a lighter and melt it, then cut up the blobs of plastic once it cools.

Then promise yourself you'll never get a credit card that has a similar interest rate to a store card again.

mysticegg · 25-10-2007, 20:57

34.9% is a criminally high interest rate. I agree. I would pay it off as soon as possible and forget about it. If there's something you want, save up. It's a lot cheaper in the long run. I know, i've been there!

stevenoon · 25-10-2007, 21:15

Thanks for the replies.

Unfortunately, I've got a poor credit rating - just arrears - I've got no CCJ's and I've not been bankrupt or subject to an IVA. I'm also on Incapacity Benefit due to long-term illness.

I had to apply twice to get the Capital One card and it's the only credit card or loan I've ever had - I've found it impossible recently to get any form of credit.

I know the card is very bad and understand that it's very easy to get myself in ten tons of trouble with it. I only applied for the card really to use for emergencies and possibly to make small payments for online purchases and then clear the account in full each month. Well at least that was the plan until I got rushed into hospital - I didn't realise my wallet was in my desk and not in my safe - and my brother used my card without my permission a few times - only £150 - but when you're on benefit that's still at lot of money. Needless to say I'm much more careful where I keep it now.

Like I say, I only intend to use the card for emergencies and it looks like I might need a new Sky+ box very shortly, but I'm almost on my card limit - they said my card limit will be increased on the 4th statement which I'm due mid-November but they can't tell me what my new limit will be. I was thinking about putting the Sky+ box - £130 - on the card and then paying it off very quickly.

Steve.

John Dough · 25-10-2007, 21:18

'Vanquis' is nearly 40% and for some people it's these cards or nothing but the companies are doing you NO favours so 'buyer beware' as the saying goes.

Minky_Bum · 25-10-2007, 21:25

I've just applied for one myself. I used to have CCJs & defaults (about 7 years ago) so can't get a normal card. I need this one to start up a credit history again. I plan to pay it off fully each month. I hope they let me have one

Gogfumble · 25-10-2007, 21:25

Quote:

Originally Posted by John Dough

'Vanquis' is nearly 40% and for some people it's these cards or nothing but the companies are doing you NO favours so 'buyer beware' as the saying goes.

I would opt for nothing to be honest.

If you need a 'credit card' for purchase ease/online purchases then get a pre paid credit card.

It may be just me but wanting a credit card limit increased to buy a sky+ box isn't a good idea (in my opinion). You don't NEED a sky+ box and it definitely isn't classed as an emergency. If it breaks you could just go back to the normal box - or if you really want one buy a second hand one from Ebay, you can get them for about £50.

jodpent · 25-10-2007, 21:35

As FeNerd says, no-one needs Sky+. You're on a really slippery slope. If I were you I'd go back to your orginal plan and buy small amounts on the card online and build up your credit rating. In a while you may be able to get a card with a reasonable APR.

Can't you get the the £150 back from your brother?

ResidentX · 25-10-2007, 21:46

These cards are given to people who are considered high risk - normally without credit history or with a problematic credit history. It is only fair that the lenders ask for more interest to give you a card.

You should use it to build a credit rating, rather than rack up debt you can't afford. If you use it each month and then pay it off in full - direct debit is the best way to do this and before long they will pump your credit limit up. Once it is at decent level apply for a decent rate credit card and cut that one up. They are dangerous things and need to be handled with caution.

If you don't feel you can pay back £150, what chance do you have at £500?

shantom · 26-10-2007, 08:29

Quote:

Originally Posted by FeNerd

The capital one classic is Typical 34.9% APR variable.

If I were you I wouldn't even try to increase the limit but I would pay it off ASAP and cut up the card.

Just make sure you cancel the account too, they actually charge an annual charge to your account whether you use your card or not. The best thing was i had already cancelled it about 4 years previously the cheeky sods. I managed to get them to take the charge off.

Hopeless_Savage · 26-10-2007, 09:16

I got my capital one to improve my credit rating. I have about a grand limit on it now, because I make a purchase (never any bigger than £50 really) then pay it off at the end of the month. There is no sense in using such a high interest card for anything else.

iancity · 26-10-2007, 11:24

You can get a sky+ box for nowt off Sky. Just ring them and threaten to cancel, you will be put through to cancellations you go through the blurb I want to cancel, why, too much on, can't afford sky +, always arguing over whats on, better to get rid of it, sky guy says I think we can help you, just a minute....goes off for 20 secs....how would you like a Sky+ box for £40, you say can't afford it he says I think I can do you a managers special just a moment...goes off for a few secs....yep, we have one for free if you want, but you have to sign another 12 month contract.

Go to avforums, loads of threads on this, hundreds have rec'd free boxes, it definatley works !

itsalltelly · 26-10-2007, 11:32

Can I direct the OP and others who are interested to www.moneysavingexpert.com particularly the DFW (debt free wannabees forum?

Yes these cards are for those with poor credit history, hence the high APR, they hae a use, and that is to rebuild your credit rating, but for heavens sake dont start borrowing on them

If fact if you only want it for 'emergencies' then put it in a tuppaware container, filll it with water and freeze it, that way you still have the card for emergencies, but not in your pocket for impulse purchases

FWIW I had such a card for a few years to rebuild my rating, and eventually had a limit of £3,800

, but always repaid in full each month

25-10-2007, 20:06	#1
stevenoon Forum Member Join Date: May 2004 Gender: Male Posts: 1,617	Has anyone got a Capital One credit card? Hi all, Has anyone got a Capital One Classic credit card - the basic one with the high interest? I was just wondering how much of an automatic credit limit increase I might be able to expect on my 4th statement? I started off with £500. I'm not sure if asking this question might be asking for confidential information or not - I thought about it quite a bit before asking and I'm still not sure - If it is then please don't answer and I apologise for asking. Steve.

25-10-2007, 21:35	#11
jodpent Forum Member Join Date: Dec 2002 Posts: 526	As FeNerd says, no-one needs Sky+. You're on a really slippery slope. If I were you I'd go back to your orginal plan and buy small amounts on the card online and build up your credit rating. In a while you may be able to get a card with a reasonable APR. Can't you get the the £150 back from your brother? Last edited by jodpent : 25-10-2007 at 21:36. Reason: typo

26-10-2007, 11:32	#16
itsalltelly Forum Member Join Date: Jan 2005 Location: Dover and Bluebell Hill Services: Pace Twin, DTR735 and Hauppauge Nova Posts: 1,450	Can I direct the OP and others who are interested to www.moneysavingexpert.com particularly the DFW (debt free wannabees forum? Yes these cards are for those with poor credit history, hence the high APR, they hae a use, and that is to rebuild your credit rating, but for heavens sake dont start borrowing on them If fact if you only want it for 'emergencies' then put it in a tuppaware container, filll it with water and freeze it, that way you still have the card for emergencies, but not in your pocket for impulse purchases FWIW I had such a card for a few years to rebuild my rating, and eventually had a limit of £3,800, but always repaid in full each month

25-10-2007, 20:29	#3
elke21 Forum Member Join Date: Sep 2006 Posts: 3,429	I think you have a greater chance of winning Euro Lottery than getting your credit limit increased within a few month of getting the card.

25-10-2007, 20:33	#4
Gogfumble Forum Member Join Date: Jan 2007 Location: Swashbuckling on Melee Island Posts: 9,852	The capital one classic is Typical 34.9% APR variable. If I were you I wouldn't even try to increase the limit but I would pay it off ASAP and cut up the card.

25-10-2007, 20:45	#5
marco_madness Forum Member Join Date: Jun 2004 Posts: 258	Don't just cut it up, get a lighter and melt it, then cut up the blobs of plastic once it cools. Then promise yourself you'll never get a credit card that has a similar interest rate to a store card again.

25-10-2007, 20:57	#6
mysticegg Forum Member Join Date: Sep 2005 Location: Plymouth Services: Virgin XXXL, iMac 24" 2.8GHz, XBox360, Twitter:@mysticegg Posts: 2,144 Blog Entries: 2	34.9% is a criminally high interest rate. I agree. I would pay it off as soon as possible and forget about it. If there's something you want, save up. It's a lot cheaper in the long run. I know, i've been there!

25-10-2007, 21:15	#7
stevenoon Forum Member Join Date: May 2004 Gender: Male Posts: 1,617	Thanks for the replies. Unfortunately, I've got a poor credit rating - just arrears - I've got no CCJ's and I've not been bankrupt or subject to an IVA. I'm also on Incapacity Benefit due to long-term illness. I had to apply twice to get the Capital One card and it's the only credit card or loan I've ever had - I've found it impossible recently to get any form of credit. I know the card is very bad and understand that it's very easy to get myself in ten tons of trouble with it. I only applied for the card really to use for emergencies and possibly to make small payments for online purchases and then clear the account in full each month. Well at least that was the plan until I got rushed into hospital - I didn't realise my wallet was in my desk and not in my safe - and my brother used my card without my permission a few times - only £150 - but when you're on benefit that's still at lot of money. Needless to say I'm much more careful where I keep it now. Like I say, I only intend to use the card for emergencies and it looks like I might need a new Sky+ box very shortly, but I'm almost on my card limit - they said my card limit will be increased on the 4th statement which I'm due mid-November but they can't tell me what my new limit will be. I was thinking about putting the Sky+ box - £130 - on the card and then paying it off very quickly. Steve.

25-10-2007, 21:18	#8
John Dough Forum Member Join Date: Mar 2005 Posts: 24,883	'Vanquis' is nearly 40% and for some people it's these cards or nothing but the companies are doing you NO favours so 'buyer beware' as the saying goes.

25-10-2007, 21:25	#9
Minky_Bum Forum Member Join Date: Nov 2006 Posts: 4,295	I've just applied for one myself. I used to have CCJs & defaults (about 7 years ago) so can't get a normal card. I need this one to start up a credit history again. I plan to pay it off fully each month. I hope they let me have one

25-10-2007, 21:46	#12
ResidentX Forum Member Join Date: May 2003 Location: UK Posts: 401	These cards are given to people who are considered high risk - normally without credit history or with a problematic credit history. It is only fair that the lenders ask for more interest to give you a card. You should use it to build a credit rating, rather than rack up debt you can't afford. If you use it each month and then pay it off in full - direct debit is the best way to do this and before long they will pump your credit limit up. Once it is at decent level apply for a decent rate credit card and cut that one up. They are dangerous things and need to be handled with caution. If you don't feel you can pay back £150, what chance do you have at £500?

26-10-2007, 09:16	#14
Hopeless_Savage Forum Member Join Date: Jun 2006 Gender: Female Location: Derby, England Services: Virgin Media VIP Posts: 2,693	I got my capital one to improve my credit rating. I have about a grand limit on it now, because I make a purchase (never any bigger than £50 really) then pay it off at the end of the month. There is no sense in using such a high interest card for anything else.

26-10-2007, 11:24	#15
iancity Forum Member Join Date: Jan 2005 Posts: 36	You can get a sky+ box for nowt off Sky. Just ring them and threaten to cancel, you will be put through to cancellations you go through the blurb I want to cancel, why, too much on, can't afford sky +, always arguing over whats on, better to get rid of it, sky guy says I think we can help you, just a minute....goes off for 20 secs....how would you like a Sky+ box for £40, you say can't afford it he says I think I can do you a managers special just a moment...goes off for a few secs....yep, we have one for free if you want, but you have to sign another 12 month contract. Go to avforums, loads of threads on this, hundreds have rec'd free boxes, it definatley works !