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Capital One Reconciliation

Valued Contributor

Capital One Reconciliation

Just remembered I received a letter several years (4 or 5) back about applying for a Visa card with my union (UFCW) BUT it's with Cap1 now-I don't think it was back then. For this reason, and a couple others I'm strongly considering at some point-not necessarily now-getting back in good with Cap1. I had 3 cards with them YEARS ago when they first started and managed to screw all 3 of them up and they ended up in public collections. The last was paid off in 2009. I'm thinking of apping for a platinum card (where I left off with them)-even though I know it will be denied and possibly have to do a recon. I know this b/c I used their card finder feature and didn't get any pre-qual offers. But I want to ask here first: 1. If I go for it should I apply for secured or unsecured? 2.Do they DEFINITELY do a triple pull when apping? 3. What are my chances of being accepted?  I have a checking acct with them also (since they took over Chevy Chase bank a few years back) and have messed up on it quite a few times-but it's still oopen and currently in good standing. My Fico scores are EX-645  TU-704 EQ-690 and I just opened 7 new accts. within the last month: Sears, Best Buy, Wal-Mart, Pay Pal SC, Discover IT, BP/Chase gas card, and a Visa with my CU.

7 REPLIES
Senior Contributor

Re: Capital One Reconciliation

I wouldn't do it...
If you're approved, you'll most likely get a lower limit- it won't be a progression in your credir building... But that's my op.
My first card was C1 and after 7 years, I still have it. Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Epic Contributor

Re: Capital One Reconciliation

Based on your 7 new accounts doesn't seem like another small card with capital one would be worth it at all unless you can link it for overdraft on your checking or something.  Otherwise I would not apply for anything.

 

Moderator Emerita

Re: Capital One Reconciliation

Yes, they triple pull. Your chances of approval for a secured cc is probably good. For a low limit unsecured- 50/50%. Should you do it? IMO, CA hit it on the head-7 new accts in 1 month plus your chances of getting a low limit cc seems like a waste of 3 inq's.
Valued Contributor

Re: Capital One Reconciliation

Yeah, 3 INQ'S is a BIG-BIG HIT to take for a possible denial or a low limit. But was also thinking since I had 3 public actions with them within the last 8 or so years, If lenders saw I was back in with them again-even with a low limit-it MIGHT take some of the sting out of the old collections. That could almost make it worth if it did (take the sting off). Those 3  old collections with them are the MAIN items on my reports holding me back credit-wise as of right now-so I've been told. Thanks for your opinions everyone.

Super Contributor

Re: Capital One Reconciliation


Credit-hoarder wrote:

Yeah, 3 INQ'S is a BIG-BIG HIT to take for a possible denial or a low limit. But was also thinking since I had 3 public actions with them within the last 8 or so years, If lenders saw I was back in with them again-even with a low limit-it MIGHT take some of the sting out of the old collections. That could almost make it worth if it did (take the sting off). Those 3  old collections with them are the MAIN items on my reports holding me back credit-wise as of right now-so I've been told. Thanks for your opinions everyone.


IMHO if you garden for the next 9-12 months you won't need any secured cards. You have started a relationship with Discover and Chase which if you prove yourself with them to be responsible you will be in a better position for all lenders

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor

Re: Capital One Reconciliation

@myjourney: Yes I am VERY-EXTREMELY greatful to be in with Discover, Chase, AND Citi (with Sears and Best Buy store cards). Although it would have been great if I would have been accepted by AMEX a few days ago also. I guess it's too soon for that-LOL

Highlighted
Super Contributor

Re: Capital One Reconciliation


Credit-hoarder wrote:

@myjourney: Yes I am VERY-EXTREMELY greatful to be in with Discover, Chase, AND Citi (with Sears and Best Buy store cards).


Sit on what you have now and I think you will be good to goSmiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?