topic Re: Cap1 question? in Credit Cards

Cap1 question?

Anonymous — Wed, 06 Apr 2011 19:38:50 GMT

I just recently (1 month ago) applied fora secured cc n got approved for the standard 200 limit but wanted more so I raised it to 500 ....just thinking would it be good for my score to applied for an unsecured one with them ...I did the simple pre-qual n they offered the platinum n the cash reward ..should I go for it n get it aswell?? My credit score from eq was 589 n this is my first cc.

Re: Cap1 question?

JayRizzo — Wed, 06 Apr 2011 20:26:02 GMT

No, not now.

First, Capital One will instantly deny your application causing you another hard inquiry on all 3 reports, which is bad, because they have a 45-day waiting period between applications. You just applied last month and trying to re-apply this month?!?

Also, you don't want to jump staight to the gusto and get the Rewards Card because this is not really catered to the <600 scores. You'll need to be over 600 at a minimum, even though it's for "average" credit -- it will more than likely be enrolled into the Credit Steps program.

But for now, I would suggest keeping your secured card in good standing from 6-9 months, THEN go for the No Hassles Rewards card.

What you "should have" done in the beginning was to apply for the "Standard Platinum" card which is the easiest unsecured card to qualify, if it was denied online, you would have received a counter-offer for the secured card. Unfortunately, you applied directly for the secured. It's good, just let it grow for now.

Re: Cap1 question?

Anonymous — Wed, 06 Apr 2011 20:50:17 GMT

@JayRizzo wrote:
No, not now.

First, Capital One will instantly deny your application causing you another hard inquiry on all 3 reports, which is bad, because they have a 45-day waiting period between applications. You just applied last month and trying to re-apply this month?!?

Also, you don't want to jump staight to the gusto and get the Rewards Card because this is not really catered to the <600 scores. You'll need to be over 600 at a minimum, even though it's for "average" credit -- it will more than likely be enrolled into the Credit Steps program.

But for now, I would suggest keeping your secured card in good standing from 6-9 months, THEN go for the No Hassles Rewards card.

What you "should have" done in the beginning was to apply for the "Standard Platinum" card which is the easiest unsecured card to qualify, if it was denied online, you would have received a counter-offer for the secured card. Unfortunately, you applied directly for the secured. It's good, just let it grow for now.

Let me first state that I agree with all of the advice that you just gave the OP. I would NOT recommend applying so soon. But, I just wanted to note that I was approved for this card last October with the beginning scores listed in my sig... go figure!

Re: Cap1 question?

JayRizzo — Wed, 06 Apr 2011 21:13:44 GMT

Yeah, that's right, but you already had credit experience. This is the OP's first cc, so I never advise newbies to go for the gusto. I "do" recall them asking the forum which is the best secured card to apply just about a week or so ago.

Anyways, I based this on the number of applicants that reported they've been denied for the No Hassles Rewards with <600 score in their reviews on MyFico, Credit Karma, CreditBoards, and Finance Globe.

What they've learned and confirmed by Capital One Senior Account Managers, is if someone apply for the No Hassles Rewards and are denied, no further action is taken. But, if they apply for the "Standard Platinum" and denied, they will instantly receive a counter-offer online for the secured card. So, I guess the Standard is one step above secured.

Re: Cap1 question?

vish1 — Wed, 06 Apr 2011 21:42:25 GMT

In addition to this all, I don't see why get 2 cap1 cards. They won't ever grow and that's the limit of cap1 cards you can hold. I did the same thing, got a cap 1 in march 2010 and another in june and finally decided to close 1 of them this february once I moved onto other prime lenders.

I think I tried to apply another cap1 in april 2010 which was less than 45 days from my previous one and I was declined for the 45 days thing but I did not get any inquiry for that.

Re: Cap1 question?

Anonymous — Wed, 06 Apr 2011 22:36:59 GMT

I think the better strategy is to keep adding to the secured card (if you can afford it) and wait at least a year. I think it improves your chances for a better higher limit card.

Re: Cap1 question?

Anonymous — Wed, 06 Apr 2011 23:25:11 GMT

thanx a lot ppl really n yeah i asked like a week and a half ago but since i had already had the offer to join n it said its good for 80 days (the down payment for the cc) i just decided to go for it ..i wish i wouldve known a lil more more about just applying for the unsecured and if anything i was gonna get a counter offer ;( but we all learn from our mistakes.

thanks really im constantly checking the forum n just learning from the discussions that are here.

Re: Cap1 question?

Anonymous — Wed, 06 Apr 2011 23:44:40 GMT

@Anonymous wrote:
thanx a lot ppl really n yeah i asked like a week and a half ago but since i had already had the offer to join n it said its good for 80 days (the down payment for the cc) i just decided to go for it ..i wish i wouldve known a lil more more about just applying for the unsecured and if anything i was gonna get a counter offer ;( but we all learn from our mistakes.

thanks really im constantly checking the forum n just learning from the discussions that are here.

I think the secured card is a better choice (if you can fund it) than a lower limit with credit steps.

Re: Cap1 question?

Anonymous — Thu, 07 Apr 2011 00:21:34 GMT

Another question were do you guys get your other scores or do you just buy the ones that they sell heRe?

Re: Cap1 question?

Anonymous — Thu, 07 Apr 2011 00:39:45 GMT

@JayRizzo wrote:
Yeah, that's right, but you already had credit experience. This is the OP's first cc, so I never advise newbies to go for the gusto. I "do" recall them asking the forum which is the best secured card to apply just about a week or so ago.

Anyways, I based this on the number of applicants that reported they've been denied for the No Hassles Rewards with <600 score in their reviews on MyFico, Credit Karma, CreditBoards, and Finance Globe.

What they've learned and confirmed by Capital One Senior Account Managers, is if someone apply for the No Hassles Rewards and are denied, no further action is taken. But, if they apply for the "Standard Platinum" and denied, they will instantly receive a counter-offer online for the secured card. So, I guess the Standard is one step above secured.

Ah, yes... that could explain it. I hadn't thought of that.

Re: Cap1 question?

MarineVietVet — Thu, 07 Apr 2011 08:53:02 GMT

@Anonymous wrote:
Another question were do you guys get your other scores or do you just buy the ones that they sell heRe?

MyFICO seems to be about the last place left to buy true FICO scores.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it. I haven't been able to find it for a long time.

As far as I know that's it as far as buying FICO scores. Of course lenders have access to all 3 scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Cap1 question?

Anonymous — Thu, 07 Apr 2011 19:38:00 GMT

Yea thnx ..I ended up buying yest the quarterly package n since I had seen my EQ from the free trial I just wrote it down...so it kind of worked n I should be getting my secured cc from cap 1 the 14-18 of this month. N start building

Re: Cap1 question?

trumpet-205 — Fri, 08 Apr 2011 02:16:51 GMT

Capital One does issue prime card (Excellent credit). For those cards it has decent CL.

Re: Cap1 question?

Anonymous — Fri, 08 Apr 2011 03:27:12 GMT

trumpet is correct.

And for what it's worth, I just applied for the No Hassle Cash Rewards card last night and was instantly approved with a $5,000 CL (Excellent credit version). My EQ is 716. No baddies, no lates perfect history on all accounts. I do have some INQ's.

Just thought I would chime in and help other use my app exp. with Cap1 to help them decide whether or not to pull the trigger.