Hey if the CL is what you want... go for it. I know a lot of people talk about having grand interest rates and all, but that is for people who also have grand credit histories. Those of us who are rebuilding, and if I am correct you have an 01 B/K, have to deal with higher interest rates until we prove ourselves. Personally, I do not take interest rates to heart right now. 1. I do not have many options open to me (you may have more than I do with higher scores and an older B/K.) 2. The interest rate becomes a major problem if you carry over high balances. If you are not going to do that, then interest rates are not of a major concern as you rebuild.
There is a lot of negative things written here about Cap 1, but my experience has been that these comments most often come from people who have had long histories with the company, for example, back in the day when Cap 1 was not reporting CL. Folks who seem to actually enjoy the bank seem to be the ones who are newer card holders.
I have had one for just 5 months and I really enjoy them. Like with any CC, often the type of relationship you will have with the bank is at least 50% determined by how the customer treats the account. I do not make late payments I do not go over my limit, but I am sure if I do, I will catch hell from Cap1. THAT has been very well documented by a lot of people. But at least I know!
Like someone else suggested, you might want to try Chase, Cit, BOA... BUT do know they are NOT B/K friendly.That the age of the B/K and if you included them in it can play a role in the decision is something to which others might be able to speak. My B/K was in 03 and I have not been able to get anywhere near any of these banks.
*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Jaysdad I got them as a first credit card in school, and I was a moron. They treated me as such. They reported my young mischief to their three best friends, TU, EX, EQ. They didn't want me to see other people. They would not report my growth. I had them, and only them. We were monogamous. Well I was anyway.
I grew up and graduated from my foolish ways, after a seven year marathon/penance (not a sprint!!!). They saw my beautiful new scores (>760), slapped on an annual fee, and increased my interest rates. I called them and asked them to reconsider. They said they would. They didn't. Another interest rate increase occurred. I tried again. They said they would change. They didn't. I decided that maybe they didn't love me anymore. I tried one more time, after all, we had been together for 9 years at that point. The same old promises. The end.
Chase and Citi are now showing the love. Yes, I'm no longer a credit card monogamist.
In my case, Capital One loved my mistakes, hated my improvement and tried to squeeze more out of me every chance they could... probably the same as most companies would.. but they were the ones who did it to me!
Now that I've learned to treat my cards like slaves they just don't do it for me. And I can tell you they were bad for me. It may be unfair to capone, but I can't say that about any of the others.. I was exclusive, after all.
Ficos 8/23/08: EX 805, EQ 774, TU 768 Ficos 1/6/09: Ex 813, Eq 779, TU 770
I don't think it's fair to label cap1 as a whole a bad bank. They are giving a lot of us chances to get cards we wouldn't be able to get otherwise. but you can't forget they are a prime lender ALSO.
My parents have had cap1 visa sign with over 16k limit for probably 10 years. I don't think anyone would look at there reports and say cap1, you have bad credit!
I like 5/3, but I think this guy filled you with a bunch of smoke and mirrors to get you to apply, which in the end worked out for you to get you a great prime card.
Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14) You will have to put up Electric Fence to keep me in the garden! Highest Limit: Navy Federal Cash Sigi Visa $50k (AU) Lowest Limit: Target $200 65 Cards and Counting
that's crap lenders only look at your payment history and other factors they do not care who you are banking with. you will never see a decline letter saying" sorry but we have to decline your application because you have a credit card with capital one"
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