Credit Cards

[PayingTheBills]

It's for a CrapOne card, but I still appreciate this.  I haven't seen a pre-approved offer since 2003 when my credit started circling the drain.  It might also be the last one I get, because I did the opt-out step in the HIPAA Process.  I might even respond to it at the end of the month, after my FICO score bumps up 20-40 points.

It says I get an automatic increase after 3 months if I pay on time and don't go over my limit, and another automatic increase at 6 months. And it says the increase will be at least $700 total.

I recently did a PC from a BoA Student Visa to a BoA Worldpoints Mastercard, so I first would like to see what kind of CLI I am able to wrangle once the card (eventually) arrives.  That is the only CC I've ever had (had it almost 5 years, never late), so adding a second card is going to need to happen eventually anyway.

I am now a firm believer in the gospel of myfico.com. "Let half of your credit cards report a small balance, 1-9%, and pay the other half in full every month."

I can't thank this forum enough for helping me turn things around.  Pretty soon, my credit report won't count against me when I apply for new jobs, it will count for me.

Any thoughts? Should I take thisoffer, or is CrapOne really THAT bad?

[score_building]

sounds like the cap 1 credit steps program, imo it is a v. nice opportunity, congrats!  to me cap1 has workable quirks unlike hsbc who i find completely intolerable -just from stories i don't have their cards.  i have and like cap1, though i got one of their low limit cc's it seems which isn't that exciting.

let less than half of all your installment and revolving accounts report a balance, and for those that do, less than 9% uti.

[PayingTheBills]

Thanks for the reply.  I guess in a forum like this you're more likely to see people complaining about problems with their cards instead of starting threads like "OMG my card is perfect, the rates are reasonable, and the customer service is great!!!1!11!!"

I'll report back later this month after my scores have updated and I'll let you guys know what happened as far as my limit, etc.

Thanks again.

[YoungEntrepeneur]

I would definitely go for it. It's a card that will grow with you compared to other subprime cards. Also, it will open doors to better cards from prime lenders.

[Goalwatcher]

Congratulations!  I just opted back in to see where my increased credit score takes me.  It won't be long before we'll be getting offers for cards other than sub-prime.   And I agree...myfico is a godsend.

[keifer21502]

I have the same type of card from cap1 and i opened it in nov 08 and sure enough, I made 3 on time payments and no over the limits and my CL increased to 1k as agreed when my 4th statement cut.. 3 more on time payments and no over the limits and i go to $1500!!

I find cap1 is great and helpful and I have had NO problems making payments via their website...

Hope this helps!

[PayingTheBills]

cool beans.

Now I'm actually looking forward to replying to the offer at the end of the month.  First, I'd just like to see how much my FICO score jumps from two removed collections and reducing my CLI by 48%.

[wmarat]

Have you bought shredder already?

[PayingTheBills]

I applied last night for the card they offered.  I was approved and will get my card and credit limit in the mail in 7-10 business days.  Thanks for the advice guys!

[score_building]

that's awesome, congrats!!