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@CreditCrusader wrote:"Congratulations! We think you'll like this pre-qualified card offer"
The preceding headline is what I received when I did a prequal on Capital One's website. I have been itching for their Cash Rewards card for some time, and this one gives 2% cash back at gas stations and grocery stores and 1% cash back on all other purchases.
What are my chances of success? Current FICO scores in the mid 600s. I also have their platinum card and have kept it in good standing for over a year. They haven't allowed me to convert that card, which is what has me wondering about this prequal.
I think you'd be just fine getting it, make sure it's the one for average credit your going for.
@Anonymous wrote:AHHH!!!!
Sorry, but I've been searching for this topic FOREVER lol.
I applied for this card and was also approved for the average credit rating. My credit scores are as follows--
EX-650
EQ- 561 (**bleep**?!)
TU- 638
I liked the perks and it got some really good reviews. On the other hand I've heard deragatory things about Capital One, but I can't find anything too recent on the matter. Only time will tell..
If you don't mind, I have a question to the person above me. I just opened my card and it's the only credit card I currently have. I was approved for $300. I saw you said your score went up 40 points when you had the "available balance of $0" (I already know CP1 doesn't report credit limits) so with that being said, should I just leave it open and never charge on it so it reports "$0" or should I use around 25% of the credit limit and charge $50-75 and pay off each month?
Thanks!
Just FYI Cap-1 does report credit limits to all three CRAs
@LilloEsquilo wrote:So far I'm tempted to close my Barclay's after reading about how paranoid they are (worse than the dictator in North Korea, if someone burns them you better be crying like your dog died or they'll cancel your account and send you to a "credit education camp") and Cap One (no explanation needed, is there?).
I'm going to re-evaluate all of my cards on a periodic basis, and ditch what I don't want or use, and replace them as needed. These companies are constantly AR'ing us, well I'm going to do the same, it goes both ways, and if they don't measure up, they can hit the road too.
+1
BEST POST of the month. When "we" start thinking of credit cards as tools of convenience for "our" best interest, we will be much better off by ignoring the marketing hype and doing what's best for us.
Banks and credit card companies are not our friends, their job is to take the least risk and make the most money off their client base. Our job is to forget the marketed loyalty and look out for best rewards with the best interest rates and best treatment to us. By making the banks compete for our business, we at least hold our own in the game. Yes I know when rebuilding that you have to take what you can get, but once you are in good to prime status use it (your best interest) for your advantage.
That's good to hear about them reporting credit limits (and I hope it's true) because a quick google search shows that people have been complaining about that problem for the past 6 years. They've been showing the amounts OWED but no credit limit.
@Anonymous wrote:That's good to hear about them reporting credit limits (and I hope it's true) because a quick google search shows that people have been complaining about that problem for the past 6 years. They've been showing the amounts OWED but no credit limit.
One thing about the internet is that it repeats old (solved) problems and flat-out errors forever and ever and ever.
It has been at least two years since I've seen a post here about a Cap One card not reporting to all three that didn't turn out to be a different sort of problem, like addresses not matching up or something.
They report. They didn't used to; they do now.
99% chance that your card isn't going to "grow" with you, unless your card is enrolled in Credit Steps. (There are a zillion threads here attesting to that.) If you're rebuilding, your best bet is just to use it regularly and pay it off immediately.
Its main value to your credit goals is to produce a string of clean history each month, so whatever you do, don't ever come anywhere close to letting it report late payments.
As your reports and scores improve in the future, the card will probably have less and less value for you. If so, at that point, don't let it make you crazy, as it does to so many people. Just accept the fact that this card is a perfectly good set of training wheels, CC version, and when the time comes that you no longer need training wheels, take them off and let the card go. It will have served its purpose.
I was considering applying for that card and just closing one of my rebuilder cards with them, but I just had BofA PC me to a Bank Americard Cash Back which I wanted even more No hard pull involved!
No, Capital One does not grown on you. You are better, actually you are much better off applying with someone else. Capital One is very, very conservative with their credit lines.
@Anonymous wrote:AHHH!!!!
Sorry, but I've been searching for this topic FOREVER lol.
I applied for this card and was also approved for the average credit rating. My credit scores are as follows--
EX-650
EQ- 561 (**bleep**?!)
TU- 638
I liked the perks and it got some really good reviews. On the other hand I've heard deragatory things about Capital One, but I can't find anything too recent on the matter. Only time will tell..
If you don't mind, I have a question to the person above me. I just opened my card and it's the only credit card I currently have. I was approved for $300. I saw you said your score went up 40 points when you had the "available balance of $0" (I already know CP1 doesn't report credit limits) so with that being said, should I just leave it open and never charge on it so it reports "$0" or should I use around 25% of the credit limit and charge $50-75 and pay off each month?
Thanks!
Google for
Capital One credit trap
@CreditCrusader wrote:Whoa...scrap that...will be YMMV, as usual...
I just messaged a friend about this...he tells me Cap One actually sent him a mail offer for that card (He has the same platinum card and a similar credit profile to mine)...and when he applied, they shot him down and suggested he apply for their SECURED card!
SO happy I didn't waste a hard pull on these jacka**es in vain...just goes to show you, they are good for a singular purpose - credit rebuilding. Look elsewhere for rewards and other goodies associated with improving credit.
I thought the Capital One No Hassle Rewards Card and Cap One Cash Credit Card (Green Card) were for those with average credit and in the rebuilding phase?