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New Cap1 with 5000.00 CL.

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e123
New Contributor

Re: New Cap1 with 5000.00 CL.

I have read so many issues people seem to have with CAP1 that it makes me very leery. I would not use the check if they reported CL accurately.  
Message 11 of 15
VLGaffEsq
Regular Contributor

Re: New Cap1 with 5000.00 CL.

Despite all the "bashing" CapitalOne takes, I happen to be a very happy customer.  They recently helped me merge Visa accounts into one, getting my Visa Platinum credit limit to $4,100 and killing an annual fee. (That was very helpful, plus I recently paid off my auto loan with Cap1 in full when I sold my car, and I never ever had any problems with them).  They do, however, have the issue that everyone hates them for and that is their failure to properly report your true and correct credit limit (rumor is they plan to start reporting this infomation by the end of the year, but who knows...) To get around this with your recent check I would simply do the following: Write the check out in the amount of say $4,850 or even $4,900 and deposit it into your checking account.  Then, in a couple days after it clears, make a full payment (minus leaving abount a $10.00 balance) and you will create an excellent trade line on your credit report AND you'll have an extra 5 K. or so utilization amount which will really help raise your FICO score!
 
I say utilize this account and you will end up with a smile on your face in a month or two when your credit score makes a big jump; go for it!
Message 12 of 15
e123
New Contributor

Re: New Cap1 with 5000.00 CL.

We think a like. You are correct and I will do as you outline. Thanks
Message 13 of 15
MercyMe
Frequent Contributor

Re: New Cap1 with 5000.00 CL.



rbbyrbsn wrote:
Cap 1 keeps sending me those no fee standred apr checks


I got a whole page of them, from Cap 1, and didn't have a clue what to do with them.  Thought I might shred -- but I'll have to read the fine print, first.  As the CL is only $1500, it wouldn't take too much to max it out.
Message 14 of 15
Anonymous
Not applicable

Re: New Cap1 with 5000.00 CL.

When you get these checks read all of the info. I have 5 sitting here right now and some are different.
Use as purchase, transfer @ 1.99% till Feb 2008...3% transfer fee but not more then $50
transfer @1.99% no transfer fee.
These can all go into your own bank account
The one I like is  6.99%  same fee BUT not intro offer.
 
Also if you really want to transfer...call them...I called & got 1.99% no intro. they do not mail these out.
Message 15 of 15
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