topic Re: Offer from Capital One in Credit Cards

Offer from Capital One

John060675 — Thu, 30 Jun 2011 11:56:40 GMT

I received an email from Capital One stating "thank you for being a loyal member since 2007" and that they are sending me a special offer for a Cash Rewards credit card.

Does anyone know if this is just a mass email or if this means I am prequalified?

Just to let you know, I am just over 600 on EQ and TU. Does anyone know if this qualifies?

Thank you.

Re: Offer from Capital One

Anonymous — Thu, 30 Jun 2011 12:51:19 GMT

@John060675 wrote:
I received an email from Capital One stating "thank you for being a loyal member since 2007" and that they are sending me a special offer for a Cash Rewards credit card.

Does anyone know if this is just a mass email or if this means I am prequalified?

Just to let you know, I am just over 600 on EQ and TU. Does anyone know if this qualifies?

Thank you.

Question 1: Do you have any ccs with Cap 1? If so do you have it since 2007? Is it correct?

Question 2. Have you checked who is a sender? Where it came from?

Re: Offer from Capital One

burntreality — Thu, 30 Jun 2011 13:21:41 GMT

http://www.capitalone.com/creditcards/prequalify/index.php

I used this a few weeks ago and it showed me prequalified for that card. My credit score is lower than yours and I was approved instantly for $500.

Re: Offer from Capital One

John060675 — Thu, 30 Jun 2011 16:34:08 GMT

Question 1: Do you have any ccs with Cap 1? If so do you have it since 2007? Is it correct?

Yes, I have a Cap 1 card with a $1,000 limit. I had 4 old lates on it, but they were removed last month by them. I now show all on time payments.

Question 2. Have you checked who is a sender? Where it came from?

The sender was from Cap 1.

Re: Offer from Capital One

Anonymous — Thu, 30 Jun 2011 21:59:59 GMT

Since you already have a $1k card with them, I would only apply do it if it's the cash rewards card for "excellent credit". Go through the prequal link and click "excellent credit". See what offeres pop up. If the interest rate is 18.9%-23.9% don't do it. It'll probably be lower than your current card. If the rate is 14.9%-20.9%, then it's the one for excellent credit and I'd consider it.

Re: Offer from Capital One

John060675 — Thu, 30 Jun 2011 22:50:55 GMT

Sigh, well I could not stand the invitation. I have been fighting 3 years of credit problems, and I am now just turning it around. I succumbed to the temptation.

I am afraid I was given the dreaded 7 to 10 business day message, which probably means an epic fail. I am not worried about the burned inquiries, since they only last one year. I just was hoping for a positive answer.

Such is life.

Re: Offer from Capital One

Anonymous — Fri, 01 Jul 2011 00:43:34 GMT

You can always recon, although I'm not sure how much good that really does with Cap One. Always worth a shot though, especially if it already cost you 3 HPs.

Re: Offer from Capital One

John060675 — Fri, 01 Jul 2011 00:48:38 GMT

Yeah, I probably will try a recon, assuming I am denied. I think I will call them tomorrow to find out the status of the application.

At least the 3 inquiries will be a reminder for me to take my time in this process.

Re: Offer from Capital One

John060675 — Fri, 01 Jul 2011 21:54:24 GMT

Well, I called the 1-800 number on this forum for application status with Cap 1, and they still have not made a decision. They told me that the decision was still pending.

I suppose I am happy that it was not an instant denial. So, what do you think my chances are? I have never had an application take more than 24 hours for a decision.

Re: Offer from Capital One

Anonymous — Fri, 01 Jul 2011 22:02:03 GMT

Be patient and don't call back right away. It seems to me the more you call and sooner you call, the more likely you are to be denied, as it comes off as desparation.

Re: Offer from Capital One

John060675 — Fri, 01 Jul 2011 22:05:59 GMT

I agree. I think I might call back on Tuesday, so it will give them the holiday weekend and one business day to decide.

Re: Offer from Capital One

John060675 — Mon, 11 Jul 2011 23:48:33 GMT

Well, I have called Cap 1 several times, and each time they say that no decision has been made as of yet. It has been well over 2 weeks since I applied and I was getting frustrated. So, I tried one more time to call them, and the representative stated that the hold up was due to them confirming my identity. They asked me several questions and then stated that the application could now be processed. This was on Friday.

I then called today (Monday) to see if they finally had an answer. The person stated that my application had not been processed as of yet, and that they had to ask a few more questions. Sigh.....so I answered their questions yet again. At the end of the conversation the rep stated that he could not see the decision, but he was sure I would be happy with the outcome. What?

I just do not know what is going on. 3 weeks seems a little excessive for a simple credit card application.

Re: Offer from Capital One

John060675 — Mon, 18 Jul 2011 14:56:32 GMT

Success! I just called and they finally have the account as accepted and I have my first credit card after the financial disaster of the past 3.5 years. It is a little sad though that I only received a $500 credit limit, but it is a start to getting back to the 800 level within 3 more years.

I guess I should be satisfied with it, but I am curious to know if anyone has had any success getting a credit line bump with Capital One upon activation of the card?

Thank you.

Re: Offer from Capital One

Anonymous — Mon, 18 Jul 2011 16:17:11 GMT

Congrats, you will also probably be on the credit steps programs and get amn automatic 250 cli in about 6 months

Re: Offer from Capital One

Guava — Mon, 18 Jul 2011 16:26:15 GMT

Congrats!! As long as it doesn't have AF, it is a big sucess!!!!

Re: Offer from Capital One

Anonymous — Mon, 18 Jul 2011 19:09:27 GMT

@John060675 wrote:
Success! I just called and they finally have the account as accepted and I have my first credit card after the financial disaster of the past 3.5 years. It is a little sad though that I only received a $500 credit limit, but it is a start to getting back to the 800 level within 3 more years.

I guess I should be satisfied with it, but I am curious to know if anyone has had any success getting a credit line bump with Capital One upon activation of the card?

Thank you.

Congrats on the approval! If I understand correctly, this is the Cash Rewards card. I received one last October with a $500 CL, and was bumped up after 6 months to $750.

No, Cap1 is not good about bumping up limits upon request. But, I've made very heavy use of this card. I put ~1400 a month on it, and get around the small CL by PIF at least once, sometimes twice, a week. It has an AF of $39, but since I've had it I've received $150 in cash back checks, so it's more than paid for itself.

FWIW, the Cap1 Visa that I had for years with a $1400 CL was just increased last month to $6400. Another poster on this forum had a similar increase. So, it is possible to get a CLI with them. Here's hoping that these are signs that they're starting to become more amenable to increases.

In any case, you have a good card for someone who is rebuilding. Use it wisely, allow time for your credit to rebuild, and before long you'll be able to have your pick of cards. Good luck!

Re: Offer from Capital One

Anonymous — Mon, 18 Jul 2011 19:11:33 GMT

@silver0187 wrote:
Congrats!! As long as it doesn't have AF, it is a big sucess!!!!

Even if there is an AF, the rewards can more than offset it if used well. So, in either case, I would call it a success for someone in the process of rebuilding.