topic Re: Second Capital One? in Credit Cards

Second Capital One?

Anonymous — Sat, 28 Jan 2012 05:11:41 GMT

So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

Re: Second Capital One?

JustMe77 — Sat, 28 Jan 2012 05:37:35 GMT

@Anonymous wrote:
So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

I wouldn't. Wait until you qualify for a better rewards card. How old are your closed and open accounts? What's your total credit limit and utilization?

Re: Second Capital One?

bichonmom — Sat, 28 Jan 2012 05:47:52 GMT

Is it worth the 3 HP to you? That would be my primary objection to getting a new CC w/them.

I'd also call first to confirm what the offer is. I had an "offer" from them. I don't recall what they called it, but basically it was nothing more than an invitation to apply and get 3 HPs. There was no guarantee of approval based on the softs and credit history w/them. So to me, it wasn't worth it.

Re: Second Capital One?

traveler2005 — Sat, 28 Jan 2012 06:31:47 GMT

My DH has a cash rewards card, started off at 500, then increased to 750. They kept sending him pre approvals for another card, he declined, then we got an email stating that his cash rewards limit had been increased to 1750. I would hold off, maybe you'll get another CLI .

Re: Second Capital One?

LS2982 — Sat, 28 Jan 2012 11:43:25 GMT

@Anonymous wrote:
So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

Is it worth 3 Hard INQ's for a toy limit that wont grow with you??

Re: Second Capital One?

Anonymous — Sat, 28 Jan 2012 12:25:08 GMT

@LS2982 wrote:
Is it worth 3 Hard INQ's for a toy limit that wont grow with you??

100% agreed, I would pass up this offer as it sounds like one of their sub prime card's with the 39AF.

Re: Second Capital One?

Smug — Sat, 28 Jan 2012 12:53:31 GMT

Wait, I did the same thing about a year ago closed it, be cause now I have prime.

Re: Second Capital One?

pizzadude — Sat, 28 Jan 2012 13:19:42 GMT

I would agree to wait either until approve you for a prime card that can actually grow your CL.

Re: Second Capital One?

nuggets321 — Sat, 28 Jan 2012 13:36:02 GMT

I would NOT (personally). Cap 1 doesnt seem to be of much assistance with anything. They are extremely tight when it comes to cli's or anything of the sort. In addition they want to charge you an AF ??? I have one of their cards that doesnt see the light of day other than maybe once/3 months..... even Discover (known to be very conservative) gave me 3k CL and I cant get a CLI from 750 from Cap1 and its my oldest card ? Eh, youre grown up, but I would say that there are much better opportunities out there for you.... just my 2cents....

Re: Second Capital One?

mAndrew1980 — Sat, 28 Jan 2012 13:50:20 GMT

I got the second Cap1 card and now I regret it. I have two toy cards with AF's, bad APR%'s, and horrible limits. It killed my AAoA and hurt my scores as well. It was a rebuilding mistake that I regret now.

Re: Second Capital One?

Anonymous — Sat, 28 Jan 2012 14:06:01 GMT

@mAndrew1980 wrote:
I got the second Cap1 card and now I regret it. I have two toy cards with AF's, bad APR%'s, and horrible limits. It killed my AAoA and hurt my scores as well. It was a rebuilding mistake that I regret now.

9 times out of 10 you have to make a mistake to learn from it.

Sometimes you can learn from others mistakes, and that is what makes MyFico such a good resource, because you can read about others mistakes and learn from their mistakes before you make the same exact mistake.

Re: Second Capital One?

bichonmom — Sat, 28 Jan 2012 19:02:22 GMT

@Anonymous wrote:
@mAndrew1980 wrote:
I got the second Cap1 card and now I regret it. I have two toy cards with AF's, bad APR%'s, and horrible limits. It killed my AAoA and hurt my scores as well. It was a rebuilding mistake that I regret now.
9 times out of 10 you have to make a mistake to learn from it.

Sometimes you can learn from others mistakes, and that is what makes MyFico such a good resource, because you can read about others mistakes and learn from their mistakes before you make the same exact mistake.

+1!

Re: Second Capital One?

Gollum — Sat, 28 Jan 2012 20:30:42 GMT

@Anonymous wrote:
So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

Google for

Capital One interest rate trap

Re: Second Capital One?

Anonymous — Sat, 28 Jan 2012 20:51:46 GMT

@Anonymous wrote:
So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

Would you use the card enough for the rewards overshadow the AF?

Would you plan to keep it for quite a while?

Is the 0% APR until November 2012 (I assume) useful to you?

Are you satisfied with Capital One so far?

I think those are the relevent questions to ask yourself when making the decision..

Re: Second Capital One?

Anonymous — Sat, 28 Jan 2012 22:12:17 GMT

Thanks everyone, I don't think I will apply for the second card. Capital One has been good to me thus far. I have a Platinum card with them 17.9% with a $39 ann fee. They have given me one CLI of $500 at 5 months. My utilization is currently at 56% overall, however it always runs high until my bonus from work comes in. By the end of Feb. I should be at 0-10% utilization.

Re: Second Capital One?

eparker — Sat, 28 Jan 2012 23:59:31 GMT

Yea...i wouldnt do it. REason being, I did it several months ago. I'm thinking they would give me a higher limit on the second card. NOT......gave me the same $500. credit limit. Then several months later increase to $750. Needless to say I'm stuck at $750 on both cards. Waiting to get another prime card with a $5000 or higher, then I will close Crap1 cards.

They would have served their purpose.....