topic Re: Just got an offer for a Capital One, should I? in Credit Cards

Just got an offer for a Capital One, should I?

wvmedic — Thu, 11 Dec 2008 16:55:30 GMT

I just got an offer for a Capital One card.

It says An initial credit review indicates that you are eligible for this capital one platinum mastercard offer with features chosen to match your current needs.

It has a 200.00 limit with auto increase after use of the card and ontime payments.

My question is can I use this to help in reestablishing my credit and should I do it my current scores are.

TU 520, EQ 550, and EX 555.

I just paid off an auto loan and a loan thru benificial and curently have no revolving credit. So should I do this and risk a inq on my reports or will it even help?

Thanks.

Re: Just got an offer for a Capital One, should I?

Creditaddict — Thu, 11 Dec 2008 16:59:02 GMT

I would take it, it will really help rebuild

Re: Just got an offer for a Capital One, should I?

pgsparx — Thu, 11 Dec 2008 17:10:37 GMT

hi!

i have a cap one and i don't think it's so bad.

i got a CLI to $500 after a few months when orchard only gave me a CLI of $20 :smileymad:

my scores were similar to yours, if not a little lower when i applied and was approved.

Re: Just got an offer for a Capital One, should I?

tonnie39 — Thu, 11 Dec 2008 17:30:10 GMT

My only advice is to make sure that nothing has changed since you were made the offer. Being offered a CC doesn't guarantee approval.

Cap1 is my least favorite lender but given your desire to reestablish your credit and your scores, it may be a good decision to apply for the card.

Be warned that for many of us, the promise of auto CLI have been a myth. I have been a cardholder since 2002 with only 1 CLI that occurred within the same year. I have been stuck at $750 since that time. I have an excellent payment history, an EQ FICO of 713, no baddies, etc..My highest CL is BofA at $10500.

Re: Just got an offer for a Capital One, should I?

wvmedic — Thu, 11 Dec 2008 18:48:17 GMT

The only change since I recived the offer is I have paid off about $3000.00 in debt, car loan and furniture loan.

No other revolving debt.

Thanks.

Message Edited by wvmedic on 12-11-2008 10:48 AM

Re: Just got an offer for a Capital One, should I?

wvmedic — Thu, 11 Dec 2008 19:06:11 GMT

Well I was denied!!!

Re: Just got an offer for a Capital One, should I?

johnsj21 — Thu, 11 Dec 2008 19:15:52 GMT

I got the Cap 1 about a year ago and started at $200 and was at $500 within 2 months...not 3. Haven't had a CLI since then, but haven't asked.

Re: Just got an offer for a Capital One, should I?

RLL1171 — Fri, 12 Dec 2008 04:12:14 GMT

In that respect I only have four major areas of credit Mortgage, Student Loan, Orchard CC (600 LIMIT) and a small loan from Cap1. Everything is in good standing, I have a couple of baddies.

I am deciding whetehr I should apply for another CC...I thought about AMEX, but you guys advise not to right now. I receive that advice but my credit union will probably give me a card. (Virginia Credit Union)...

What do you think? I want to go above 700 by march.

Re: Just got an offer for a Capital One, should I?

hayhayday — Fri, 12 Dec 2008 04:47:27 GMT

RLL1171, i don't know if i would go fro amex. i personally would go for the credit union and bofa(likely 99\500 offer)

Re: Just got an offer for a Capital One, should I?

RLL1171 — Fri, 12 Dec 2008 12:14:49 GMT

I have been seeing that alot lately, in reference to BOA offer 99/500. What exactly is that? Is it a secured card in which you pay 99 for a 500 CL?

Re: Just got an offer for a Capital One, should I?

Changingmantra — Fri, 12 Dec 2008 13:02:00 GMT

Was this an unsolicited offer, or did you submit an application online? If it ware unsolicited, it might be better to just go to their website and do their prequalifying offer. Who knows, you might even prequality for a slightly better card.

Re: Just got an offer for a Capital One, should I?

llecs — Fri, 12 Dec 2008 17:24:40 GMT

RLL1171 wrote:
I have been seeing that alot lately, in reference to BOA offer 99/500. What exactly is that? Is it a secured card in which you pay 99 for a 500 CL?

Yes. It is offered as a counter-offer only if you are denied for an unsecured CC from BofA. You deposit $99 and they'll give you a $500 CL CC. After 9-12 months, they will unsecure it and refund the $99.

Re: Just got an offer for a Capital One, should I?

tonnie39 — Fri, 12 Dec 2008 19:10:09 GMT

Do you know why you were denied?

Re: Just got an offer for a Capital One, should I?

RLL1171 — Fri, 12 Dec 2008 20:49:34 GMT

I haven't been denied for anything yet because I haven't applied. i am scrutinizing everything before i apply for anything. I am protecting my scores as bestt as I can.

Re: Just got an offer for a Capital One, should I?

Pappy214 — Fri, 12 Dec 2008 21:36:31 GMT

I could have told you that! Crap 1 did the same thing to me. I got "pre-approved" and was denied, after they pulled all 3 CR's. :smileymad:

Re: Just got an offer for a Capital One, should I?

wvmedic — Fri, 12 Dec 2008 23:38:08 GMT

Changingmantra, this was an unsolicited offer. I should have waited.

Re: Just got an offer for a Capital One, should I?

wvmedic — Fri, 12 Dec 2008 23:39:36 GMT

tonnie39, not as of yet. They are sending me somthing in the mail.

Re: Just got an offer for a Capital One, should I?

USC08 — Sat, 13 Dec 2008 00:48:02 GMT

Anyone know if you apply for a Capital One under their "Excellent Credit" Tier cards and don't get approved, will they approved you for the next available tier card which is "Good Credit" and so on???

Re: Just got an offer for a Capital One, should I?

RLL1171 — Sat, 13 Dec 2008 02:18:41 GMT

There is a commission involved when you apply for a credit card. Like those people that stand in the airport concourses that solicit the passengers to apply for the card, i asked one of them how much do they get. i was tol the company gets $125.00 per app. Then they split the reward for getting you to apply wheter you get approved or not. It is a business! And now that you have a hard inquiy it drops your score then when you do get approved they charge you with a higher interest rate. In ewssence you are feeding the monster.

My bank WAMU keeps hounding me about this pre-approved card. So the next time I asked how much am I pre-approved for and they stated they had to run my credit first. I then retorted, then "I am not pre-approved then!!" The bank person then stated correct. They get a comission somehow or a bonus. Beware of pre-approvals! It is not like it used to be, they are fishing for a catch.