topic Re: Approved! Capital One® Classic Platinum Credit Card in Credit Cards

Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 11:38:05 GMT

Wanted to briefly use the Crap1 card to move around some credit while relocating for work. INSTANT approval with a 645 FICO, 644 FACO score and pretty high utilization. Regret leaving the garden especially for Crap1, but approvals always feel nice. Will be calling back door shortly for a CLI

EDIT: It was recommended to me through Credit Sesame (though I prefer Credit Karma which at least gives a likelihood of approval). Interestingly, CS said I was "pre-approved" though Cap1.com didn't show me any offers. ...Please discuss your experience!

Re: Approved! Capital One® Classic Platinum Credit Card

jsucool76 — Fri, 05 Apr 2013 11:53:13 GMT

Congrats!

What kind of limit did you get?
Also, never trust the credit card offers on CK.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 11:59:25 GMT

Haha agreed...CK's just in it for the referrals, although their personal credit profile information is indeed useful. Got a lousy $500, which you can see is about 1/7th of my largest (AMEX Zync) and 1/4 of my average limit. Hopefully an analyst will bump it up

Re: Approved! Capital One® Classic Platinum Credit Card

VirtualCuriosity — Fri, 05 Apr 2013 12:02:33 GMT

As far as experice with them, I haven't had any issues. Then again I only used them for a short time while trying to get a few better cards. Now it's in the drawer. I have read their CLIs are not frequent, but I haven't tried. I would also say that even though this card isn't the best, I would hardly call them "crap1" if they are useful in any way. In which case it sounds like it is.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 12:34:14 GMT

Valid point. I've just heard horror stories, and as you mentioned they may be a bit inflexible with CLIs...but let's hope they make an exception

Re: Approved! Capital One® Classic Platinum Credit Card

VirtualCuriosity — Fri, 05 Apr 2013 12:48:37 GMT

@elpo9 wrote:
Valid point. I've just heard horror stories, and as you mentioned they may be a bit inflexible with CLIs...but let's hope they make an exception

I am just hoping after mine is open for a year I can PC to one without a AF. I haven't checked into them much more since I got my Discover and Freedom, BUT I think the Venture for rewards didn't sound too bad. If not, I won't keep mine unless I can get them to remove the AF.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 12:51:57 GMT

Totally agree. There are PLENTY of rewards cards even with low APRs (for balane carriers) without AFs, like the Freedom/DISC More we both already have. Such a fan of Freedom!

Re: Approved! Capital One® Classic Platinum Credit Card

Anonymous — Fri, 05 Apr 2013 12:53:32 GMT

Correct. Credit One = Crap1

Capital One may be stingy with increases but it is the only unsecured card for folks with credit problems to rebuild. I started with an Orchard Bank card in 2008, which is now Cap1 and then the Cap1 cash rewards card. The limit is $2500 on the cash rewards version which is pretty decent as it covers all my everyday expenses for the month without getting too close to the limit. I use about 75-85% per month. Those two cards opened the door with Chase for their Freedom. After that began reporting, Cap1 gave me a $2500 BB Store card with no AF. So in total I have $6100 in CL from Cap1 now. That's not bad considering it's Cap1 plus I still have a BK reporting that will delete in August.

So Congrats and congratulate yourself! As you started with one of the more desirable cards for rebuilding. Many folks on here recently have been having a hard time getting approved through Cap1 for both secured and unsecured. There secured cards are nice because you can start out with a higher limit than your deposit as some of the limit is typically unsecured unless you have really bad credit and they require $200 for $200.

Re: Approved! Capital One® Classic Platinum Credit Card

Anonymous — Fri, 05 Apr 2013 12:55:47 GMT

I meant to say Cap1 is the only unsecured card for those rebuilding with major issues on their report that doesn't charge outrageous fees.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 12:56:18 GMT

In that case, I'm surprised and grateful they approved me with such an average score and high utilization. Probably just felt competition from the AMEX, Chase, and DISC on my report

Re: Approved! Capital One® Classic Platinum Credit Card

Anonymous — Fri, 05 Apr 2013 13:07:25 GMT

Probably that was a driver. And Cap1 is currently reviewing their policies regarding CLIs to see what they can do to change without putting their business at risk. They deal with a lot of shady people that are not on this forum that don't want to rebuild. They just take what they can get and blow it. So it's them that is holding everyone back from their CLIs. Right now, they are running CLI, PC, AF removal experiments in the EO, so you may be able to go that route. I'm curious where Cap1 will be by Jan 2014 when the transition is fully complete.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 13:11:08 GMT

Gotcha. I haven't really followed Cap1 lately, so what transition are you referring to? Just business model in general, or are they merging? I know they bought ING's Sharebuilder (which I previously used for about 1.5 years).

Re: Approved! Capital One® Classic Platinum Credit Card

reckedhim — Fri, 05 Apr 2013 13:14:04 GMT

If you want a CLI after having the card awhile, it seems the only way to get one is to contact the Executive Office. However, the success rate of getting a CLI seems pretty high if you go that route. It worked for me.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 13:22:54 GMT

Okay, Backdoor analyst just checked for me, but said my profile right now isn't worthy. I'll try exec next...thanks for the tip!

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Fri, 05 Apr 2013 13:30:14 GMT

Just two FYIs: 800-707-0489 (Senior Escalation Account Mgrs) said it's too soon even with my social: the account number/profile wasn't generated yet, so she can't even see the app to do anything.

More importantly, she informed me that Cap1 CLIs, even customer initiated, are soft inqs! She said I could call any number, from cust support to analysts to take care of that (as a soft) once the card arrives.

Re: Approved! Capital One® Classic Platinum Credit Card

Anonymous — Fri, 05 Apr 2013 13:30:35 GMT

Cap1 acquired the HSBC CC business. They are the ones with the Orchard Bank card. So they are in the process of transitioning HSBC CC customers to Cap1.

Re: Approved! Capital One® Classic Platinum Credit Card

elpo9 — Thu, 11 Apr 2013 23:33:26 GMT

As an update, now that I have the card in hand I called back to senior customer service for a CLI. They weren't able to instant approve (no surprise, worth a shot), but I am enrolled in their 5-month auto increase plan: with 5 months of on time payments, the limit automatically increases 25%. Not to shabby.

Another perk is no foreign transaction fees, which will be great for my upcoming trip to Europe! 8-D

Re: Approved! Capital One® Classic Platinum Credit Card

Anonymous — Thu, 11 Apr 2013 23:42:23 GMT

That's great! And yes you got to love no foreign transaction fees.