Dead end credit cards vs Keep forever credit cards

[shalane85]

I always thought that Capitol One was a pretty decent credit card. Even though I have the annual fee I know at some ( I hope) that I can upgrade to one of their cards with no AF.

I hear so many nasty things about Cap 1 but they've been alright so far with me. My credit is not the best right now but I'm working to clean it up. Thanks to these dead end cards I was able to establish some credit and have a decent fico score by the time I bought my house last year. I will take all the great advice given to me. Escpecially no apping for 2 years. I dont need to anymore, I got my house, my new car, dead end credit cards, what else could I need for the next 2 years?

[Anonymous]

I also have had no problems with Capital One.  In fact their card is one of the best cards I have.  My rate is prime for life (currently at 3.25%) and the credit limit is decent ($10,000).  I also don't have any annual fees.  I decided to get this card about 3 years ago when I got an offer for the prime for life interest rate.  As long as they keep their end of the agreement and keep the rate at prime, I will continue doing business with them. 

[moondog7324]

I would apply for a BOA secured- or join a good credit union and keep depositing 50 a week until you get 1000.00 and ask for a secured card. Junk begets junk-- I would slowly start weeding out anything with an annual fee- (if they don't waive the fee)..

[moondog7324]

Does Crap1 report your credit limit????? I was under the impression they don't- and the result is that your utilization on a Crap1 card is always 100%- to me thats JUNK- if I'm wrong - I still think Crap1 is junk.

Message Edited by moondog7324 on 03-05-2009 11:31 AM

[Guardian]

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@moondog7324 wrote:
Does Crap1 report your credit limit????? I was under the impression they don't- and the result is that your utilization on a Crap1 card is always 100%- to me thats JUNK- if I'm wrong - I still think Crap1 is junk.

Message Edited by moondog7324 on 03-05-2009 11:31 AM

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There was a time that this was their practice and they didn't but now they do as they were forced to do it. They considered it unfortunate, such scum, but yes they are required to report your limits now.

Message Edited by Guardian on 03-05-2009 12:52 PM

[YoungEntrepeneur]

They've been reporting a limit ever since I got the card in May of 2007.

[shalane85]

Please forgive my question, but why do people dislike Cap 1? What have they done that has so many people turned against them? I am young so I dont know.

[Guardian]

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@shalane85 wrote:

Please forgive my question, but why do people dislike Cap 1? What have they done that has so many people turned against them? I am young so I dont know.

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Their credit is subprime, they charge high interest rate, aim mostly for those hurting for credit, they charge annual fees, their customer service is the worst, if not non-existent, they don't grow with you unless they see some benefit in giving you more credit. They do however, tend to have cheaper international conversion fees when you use your card overseas and they do tend to give credit more easily, even if they give really low limits to begin. Hope that helps, I am sure others will have more for you.

[shalane85]

I had no idea Capitol One had the kind of reputation. I didnt even realize that 17% was a high interest rate. I thought I was doing good. Never to old to learn something new.

[haulingthescoreup]

Cap One does have some good cards, and we'll probably hear from some of the members who have them, if they haven't gotten tired of speaking up for C1, lol.

The confusing thing about Cap One to me is that they extend credit to a wide range of applicants, and it's hard to tell if you got stuck with a dud card until you hit the invisible ceiling.

But unless they've changed recently (wouldn't be surprised if they had), they're good for international travelers.