Capital One a good start for people with no credit history (Capital One)

Member Name: veramck

Product:	Capital One
Date:	13/01/02 (1104 review reads)
Rating:

Advantages: customer friendly staff

Disadvantages: high apr

As someone who has never needed to use a credit card until two years ago, I had never given much thought to applying for one until as a consequence of my job I have to travel a lot. I had always subscribed to the fact that if you didn't have enough money to pay for something then you couldn't afford it. (My fathers saying!!)

So imagine my surprise when I applied to a few credit card companies and had my application declined. When you get a decision from a credit card company that has declined your application they give you the address of the credit reference agency they use. So I duly sent of my £5 and requested my credit report. Which had absoloutely nothing on it, apart from the last 3 addresses I had lived at.

I just couldn't understand how if I had never had any credit problems how I was being refused credit. Well apparently therein lies the problem, if you have never had any credit then the credit card companies will not entertain you it is as bad as having a poor credit rating.

That is until I discovered Capital One, this company specialises in supplying credit cards to those of us who have never had credit or for people with poor credit history's. I applied and was duly accepted for their card, although it comes at a price. The yearly fee is £18 and the Apr is much higher than normal credit card companies, but I suppose this is how they offset their losses when they take on dodgy customers who don't pay their bills.

The other downfall about this card is that the credit limit offer starts of quite low, apparently they range from £200 to £1000. I started of on a credit limit of £600 which after a year I was able to increase to £1000. although not ideal it suits my purpose for work.

Customer service from this company is extremely good there is an automated phone line where you can check your balance, last transactions etc. but if you wish to speak to a customer rep. this is also available very
quickly. They also have their own website where you can keep track on your account.

Initially I had planned to use this account just to improve my credit rating, but I have now applied for their platinum card as I like the service I have received from this company and they really are a lifeline for people like me who find that after 36 years they need to start using a credit card but have no credit history through no fault of their own

Summary: