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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Love PenFed!!!


newportguy wrote:

CreditChampion wrote:

This is false......maybe fo creditors like fingerhut,credit one, and first premier. Capital One actually has some prime products. What do you have against Capital One? You seem to be on mission to tell evey Capital One customer to close their accounts.


I have got to agree. ........Capital One is too big for that to be true

 

Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth-largest customer of the United States Postal Service and has the sixth-largest deposit portfolio in the United States


I kinda gotta disagree, I can't consider any of their cards truly Prime since they don't even show the level of trust for their applicants by pulling all 3. Which would be a good in business sense, but this is not the industry's norm. Also the cards are not close to prime imo, cause of low credit limits they provide, and cards with annual fees, and even the Jimmy Fallon card has 1.5% cash back with no annual fees is decent but still very lackluster compared to true Prime cards. The Venture card for most people is not ideal with $59 annual fee which would require you to spend around $10,000 just to catch upto the the Jimmy Fallon card in rewards for the year. 

 

There are plenty of other better cards that are prime like the Priceline Visa that offers 2% on everything with 5% on priceline purchases for NO annual fee. I try to design my wallet for maximum points/cash back and these cards are in the class of BOA cards, not bad, but not great by far.

 

Prime lenders should show trust in their applicants by giving a decent limit you could work with, and flexible somewhat with credit limits, and actually have a good customer service that doesn't require sending a can we work things out email to the executive office just to get anything done.

 

There are PLENTY of better cards, and especially if you compare the cards to a Amex BCP or a US Bank Cash+ which are top of it's class the Capital one cards pales in comparision.

 

Capital One is great as a steping stone as all sub-prime lenders should be (yes I call capital one a subprime lender) mainly because majority of their business is done with people with questionable credit.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
AF_23
Posts: 288
Registered: ‎02-06-2012

Re: Love PenFed!!!

In theory, all you have to do is lock up the 2 reports you dont want viewed by Capital One. i agree with the practice being distasteful. 

Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011

Re: Love PenFed!!!

I was on the phone with a underwriter from chase and he mentioned that the bank do not like to see capitalone accounts on the customers credit report for the fact that capitalone is a lender for ppl with bad credit or history of being late with payment.Think about it for the moment.Why would capital one get ppls deposit for a secure credit card and then lends at 24% (shark loan)and by the way they do not return any intrest for your money.


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Frequent Contributor
AF_23
Posts: 288
Registered: ‎02-06-2012

Re: Love PenFed!!!


astritaho1979 wrote:

I was on the phone with a underwriter from chase and he mentioned that the bank do not like to see capitalone accounts on the customers credit report for the fact that capitalone is a lender for ppl with bad credit or history of being late with payment.Think about it for the moment.Why would capital one get ppls deposit for a secure credit card and then lends at 24% (shark loan)and by the way they do not return any intrest for your money.


Terrible logic on his part. I doubt that has an effect either because so many get approved with C1 on their reports when applying for AmEx, Chase etc etc

New Contributor
jllunas
Posts: 74
Registered: ‎08-03-2012

Re: Love PenFed!!!

Well all i have to say about capital one is I have 3 accounts with them. A car loan 3.86 interest rate, capital one rewards 5000 limit, 0 percent on purchases until July  2013, and an orchard that was converted to a capital one. Really happy with them.

Transunion 698
Equifax 713
Experian 700
Goal Score 750
HWLBA
Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011

Re: Love PenFed!!!

Capital one is not a prime lender for the fact that prime lenders have high credit limits min with a reg score 5k max 50k

Capitalnone have petti limits like 500 for a month of starbucks coffe


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Frequent Contributor
bluesnowman
Posts: 464
Registered: ‎10-29-2012

Re: Love PenFed!!!

[ Edited ]

I disagree. I know of many who are rebuilding right now or are getting started with their credit, and that is what C1 seems to be good for. AMEX does not want to see companies like First Premier or Creditone on credit report because they are regarded and known as a bottom of the barrel, low-tier bank. C1 does it's job and then is ditched for people who want prime cards from better lenders once their credit has gotten better. 

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
Regular Contributor
mr_postman
Posts: 179
Registered: ‎01-17-2008

Re: Love PenFed!!!


distantarray wrote:

newportguy wrote:

CreditChampion wrote:

This is false......maybe fo creditors like fingerhut,credit one, and first premier. Capital One actually has some prime products. What do you have against Capital One? You seem to be on mission to tell evey Capital One customer to close their accounts.


I have got to agree. ........Capital One is too big for that to be true

 

Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth-largest customer of the United States Postal Service and has the sixth-largest deposit portfolio in the United States


I kinda gotta disagree, I can't consider any of their cards truly Prime since they don't even show the level of trust for their applicants by pulling all 3. Which would be a good in business sense, but this is not the industry's norm. Also the cards are not close to prime imo, cause of low credit limits they provide, and cards with annual fees, and even the Jimmy Fallon card has 1.5% cash back with no annual fees is decent but still very lackluster compared to true Prime cards. The Venture card for most people is not ideal with $59 annual fee which would require you to spend around $10,000 just to catch upto the the Jimmy Fallon card in rewards for the year. 

 

There are plenty of other better cards that are prime like the Priceline Visa that offers 2% on everything with 5% on priceline purchases for NO annual fee. I try to design my wallet for maximum points/cash back and these cards are in the class of BOA cards, not bad, but not great by far.

 

Prime lenders should show trust in their applicants by giving a decent limit you could work with, and flexible somewhat with credit limits, and actually have a good customer service that doesn't require sending a can we work things out email to the executive office just to get anything done.

 

There are PLENTY of better cards, and especially if you compare the cards to a Amex BCP or a US Bank Cash+ which are top of it's class the Capital one cards pales in comparision.

 

Capital One is great as a steping stone as all sub-prime lenders should be (yes I call capital one a subprime lender) mainly because majority of their business is done with people with questionable credit.

 

+1 CAP one to me its not a prime card just my opinoin so dont hate!

 

Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011

Re: Love PenFed!!!

no they actualy are very easy to deal with.I would love everyone here to try penfed they are fantastic lender.Start me at 6500 with 690 fico


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011

Re: Love PenFed!!!

I had 3 accounts with them to for 3 years paid in full every month and they closed them without any explanation.Capital one is getting bad by the day.They are impossible to get any credit limit increase on the account other than some petty increases like 250$.Try us bank or penfed or even usaa they actualy pretty easy to obtain credit


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736

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