topic Re: Capital One GM Power Card Need advice in Credit Card Approvals

Capital One GM Power Card Need advice

Anonymous — Tue, 17 Nov 2015 02:39:58 GMT

Hello Everyone, I am askinga na expert advice on this card, last week i received a prequalified mailer pre-approved for Capital One GM card, so I decided to apply.

I was approved for such a toy limit of 300. I was just appeoved by chase united explorer for 10k.

I dont need that 300 limit card. whats is the best thing to do? will it look bad on my credit with 300 toy limit? since I got prime card limit?

should i activated the card or not, If i dont activate the card will it still show on my credit report with 300 limit?

or should i just accept it and keep it?

any advice pls...thanks a lot

Re: Capital One GM Power Card Need advice

ddemari — Tue, 17 Nov 2015 02:54:49 GMT

the buypower card is infamous for dishing out lower limits.

is this is a card you want, assuming yes because you applied for it but you never know lol.

If it is, then I would just keep it, and in 6 months try to get luv button CLI or other departments in cap1 to increase your limit. wait 6 months though before contacting them, but try the luv button after using the card for a few months.

Cap1 cards do grow! And yes, the tradeline will remain on your credit report for 10 years, even if you just up and close it now.

Re: Capital One GM Power Card Need advice

Anonymous — Tue, 17 Nov 2015 02:58:20 GMT

I applied it because im planning to get a GM car. but it such a low limit. Okay i will just keep it, thanks fo the advice...

Re: Capital One GM Power Card Need advice

ddemari — Tue, 17 Nov 2015 03:10:30 GMT

No problem! you already took the hit and the card is going to report. Use it, make lots of payments on it and you should see a higher credit line over the next 6 months.

Re: Capital One GM Power Card Need advice

someg33k — Tue, 17 Nov 2015 05:50:57 GMT

Wow that sucks.. hard pull for a $300.00 limit. I feel for you..

Cap1 sends me one of those every couple months and they all go straight to the shredder.

Re: Capital One GM Power Card Need advice

UncleB — Tue, 17 Nov 2015 09:27:57 GMT

@someg33k wrote:
Wow that sucks.. hard pull for a $300.00 limit. I feel for you..
Cap1 sends me one of those every couple months and they all go straight to the shredder.

Yeah, same here.

The APR on my mailers is usually 22.99%, which is (much) higher than the rates I have on my existing Quicksilver cards (17.9% and 14.9%). I have no idea why they think I would be interested in a new card with that high rate... but they keep sending the mailers. Oh well, I'll keep shredding... LOL

Re: Capital One GM Power Card Need advice

Country_Feller — Tue, 17 Nov 2015 13:00:08 GMT

Congratulations!!!