topic Re: Cap One Credit Steps?? in Credit Cards

Cap One Credit Steps??

Anonymous — Thu, 07 Aug 2008 06:38:26 GMT

Hubby has the Plat MC with a $1K CL, which I assume is subprime. So I was wondering ... why he's not gotten the Credit Steps spiel from them yet?

He's had his card now for a bit less than a month, BUT we've already gotten the check thingies in the mail. I would have thought the Credit Steps package would have come by now.

Anyone have an idea on what's up????

TIA!!

Re: Cap One Credit Steps??

Anonymous — Thu, 07 Aug 2008 08:21:15 GMT

Mine came with my first statement in a separate envelope.

Re: Cap One Credit Steps??

Anonymous — Thu, 07 Aug 2008 11:55:20 GMT

I got my letter about Credit Steps in the mail about the time I got my first statement in the mail, if I recall correctly.

However, we can be optimistic and hope that maybe it is one of the prime Capital One cards!

Re: Cap One Credit Steps??

Anonymous — Sat, 09 Aug 2008 20:13:09 GMT

FretlessMayhem wrote:

However, we can be optimistic and hope that maybe it is one of the prime Capital One cards!

BF just got a Cap One with $1K starting CL as well. How can we tell if it's the prime or sub-prime?

I told him to be on the look out for credit steps too, but could $1K actually be one of their prime cards?

Here are the terms I remember...$29 AF (due to rewards card, he'll push a lot through it so it should be worth it), 0% interest until Dec. 2008 and I think it was 16.something% after that.

Re: Cap One Credit Steps??

Anonymous — Sun, 10 Aug 2008 14:08:48 GMT

UpUpUp wrote:

FretlessMayhem wrote:

However, we can be optimistic and hope that maybe it is one of the prime Capital One cards!

BF just got a Cap One with $1K starting CL as well. How can we tell if it's the prime or sub-prime?

I told him to be on the look out for credit steps too, but could $1K actually be one of their prime cards?

Here are the terms I remember...$29 AF (due to rewards card, he'll push a lot through it so it should be worth it), 0% interest until Dec. 2008 and I think it was 16.something% after that.

This sounds like a rebuilder card, mostly due to the AF. Are there rewards on his card? All Cap1 rebuilder cards come with AFs, but on the prime level, only their better rewards cards have AFs. My No Hassle Cash card also has a $29 AF and 0% for 12 months, and it's definitely a rebuilder card. Took me almost a year to get from $300 to $1K, and I only managed that by telling them to close my account.

Re: Cap One Credit Steps??

Anonymous — Sun, 10 Aug 2008 15:01:05 GMT

I spent a few days trying to figure out what kind of Cap1 card I have. It started at 3k, ended up at 4.25k w/in 3 months (750 CLI, 500 w/ Credit Steps), but has a $19 AF.

I think I like Cheddar's explanation -- if it has an AF, it's a rebuilder. I can live with that.

My card has already been retired (by me). Great intro rate of 0, but right now its only purpose is for keeping my util in check. Well, maybe I need to take it out for a cheap dinner soon. LOL.

Re: Cap One Credit Steps??

Anonymous — Sun, 10 Aug 2008 15:47:38 GMT

cheddar wrote:

This sounds like a rebuilder card, mostly due to the AF. Are there rewards on his card? All Cap1 rebuilder cards come with AFs, but on the prime level, only their better rewards cards have AFs. My No Hassle Cash card also has a $29 AF and 0% for 12 months, and it's definitely a rebuilder card. Took me almost a year to get from $300 to $1K, and I only managed that by telling them to close my account.

On his card the annual fee is because it is a rewards card. The 0% is only through December

though,he just got the card and they said it was through Dec 2008. They started him at $1K which I was happy with. That's what confuses me, I wasn't sure if he got a crap limit on a prime card, or a decent limit on a rebuilder...

Re: Cap One Credit Steps??

Anonymous — Sun, 10 Aug 2008 16:02:54 GMT

UpUpUp wrote:

cheddar wrote:

This sounds like a rebuilder card, mostly due to the AF. Are there rewards on his card? All Cap1 rebuilder cards come with AFs, but on the prime level, only their better rewards cards have AFs. My No Hassle Cash card also has a $29 AF and 0% for 12 months, and it's definitely a rebuilder card. Took me almost a year to get from $300 to $1K, and I only managed that by telling them to close my account.

On his card the annual fee is because it is a rewards card. The 0% is only through December
though,he just got the card and they said it was through Dec 2008. They started him at $1K which I was happy with. That's what confuses me, I wasn't sure if he got a crap limit on a prime card, or a decent limit on a rebuilder...

This page...

http://www.capitalone.com/creditcards/products/compare/?linkid=WWW_0608_CARD_TGUNS03_CCPCL_H1_02_T_CCPCP

...shows all the Cap1 cards along with their current terms and "credit levels."

The only cards with the characteristics you described are in the "Limited" and "Average" credit rating categories. This is a "less-than-prime" Cap1 card, but it's a good starting limit. Since he started with $1K instead of the standard $300, I think the odds are good that he got the "Average" version rather than the "Limited" one.

Re: Cap One Credit Steps??

Anonymous — Sun, 10 Aug 2008 16:10:57 GMT

Awesome, thanks Cheddar. I think he either has the No Hassle Points Rewards or the No Hassle Cash Rewards. I didn't pay much attention to the rewards program, but all the terms of those two are the same as what he was offered.

I must go let him know how "average" he is...Gotta keep the head from getting too inflated. hehe.

I wonder now how this card will be at getting CLI?

Message Edited by UpUpUp on 08-10-2008 12:10 PM