12-07-2012 07:09 PM
not really they will ask you to unbloc the credit report before they do anything with your app
12-07-2012 07:13 PM
Capital one I for ppl with credit problems.I dont see how it can be of any use for anything alse other than that If u have fico above 700 YOU DO NOT NEED CAPITALONE CREDIT CARD You are ready for prime credit cards.And please open at least 3 accounts the same time then stop applying for 6 months then 3 more accounts.Thats a proven formula that works all the time with out damaging your fico score
12-07-2012 08:51 PM
PenFed approved me for the Travel Rewards AMEX with $5000 limit. TU at time was 670 with 38 inquires. I still can't believe I was approved!
12-07-2012 09:36 PM
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
Well, as I've posted before, my two Capital One cards have limits of $30K and $15K. Those were the limits they started with, and I never asked for a CLI on them and never got one (although they did reduce the APR without being asked). I think it is just the fact that people starting out, or with credit troubles, are able to get to credit from Capital One (and not from others) and so get toy limits. People with better credit history can get high limits as much as with other issuers.
12-07-2012 11:09 PM - last edited on 12-09-2012 12:03 AM by Shogun
astritaho1979 you do realize that the topic is love PenFed not hate Cap1 right?
Please play nice! Shogun, myFICO moderator
12-08-2012 07:20 AM
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.
I understand but it is a sort of strange argument. So super-prime lenders should maybe not pull any reports to demonstrate trust?
Presumably the reason most lenders don't pull all three is cost. And because most of the base IS subprime (I agree with this, just not with all cards being subprime) Capital One must feel that the extra cost is worth it to minimize risk with the dodgy clients! And once they do this for that segment, they do it for all, because they cannot tell which segment you really are (and may still want all the info even if they could).
And even lenders like Amex will pull additional reports if they view the application as borderline.
The whole process of pulling just one is very strange, a gamble from the lenders viewpoint. Fans of financial responsibility by banks should want all banks to pull all reports all the time!
What I find amusing is that on some threads people have been saying the high lending standards of PenFed and others is great, it's good that people get rejected. Capital One is doing the same sort of thing and getting dinged.
12-08-2012 11:26 AM - last edited on 12-09-2012 12:01 AM by Shogun
Edited for inappropriate content.
Shogun, myFICO Moderator
12-08-2012 11:31 AM
capital denied me long time ago but PENFED gave 42,000 car loan 1.49% 20.5k plat visa 15k Amex defender and LOC 15K gotta love Penfed but nobody beats my boys at Navyfed I have 80K total line all within the last 5 months. Mrpostman is staying in the garden.
12-08-2012 11:31 AM - last edited on 12-09-2012 12:00 AM by Shogun
Post is edited due to inappropriate content.
12-08-2012 11:33 AM
Now thats what iam talking about bro.Straight answer.Ur in good hands with Penfed
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO