topic Re: Question about my Cap 1 card in Credit Cards

Question about my Cap 1 card

MarineVietVet — Wed, 12 Nov 2014 21:56:07 GMT

I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

Re: Question about my Cap 1 card

lg8302ch — Wed, 12 Nov 2014 22:10:15 GMT

@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

I would more ask what the card offers you? Low APR maybe? If not then I would look at other Cap1 cards like QS VS with 1,5% on everything and PC the card. But if it has low APR and you are using that then I would not worry too much about the lower end or rebuild or any... a card is always as good as it fits your spending / needs

Many friends kept telling me .. stay away from Cap1 they are horrible but I did not listen and went ahead and got a very nice card and I am fully happy with my QS Visa Siggy..no FTF, 1,5% cash back on everything, best BT offers....so it is a win for me even with the name Cap1 :

Re: Question about my Cap 1 card

Anonymous — Wed, 12 Nov 2014 22:12:15 GMT

@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

Hmm... really old account. Likely it was a better card years ago but like all lenders card products need churning to stimulate an interest. Had the same card back to 2001 after my BK. Finally I closed the Cap1 since it had an AF. Risk ... if any, is the hit to AAoA. Frankly, I closed seven Cap1 cards and several others and my credit scores recovered. Since you are at max score (won't venture a guess). Cap1 took a chance on me and I had a $200 CL in the beginning.

Re: Question about my Cap 1 card

EW800 — Wed, 12 Nov 2014 22:20:39 GMT

I am looking forward to reading what kind of response you get, as I believe I have the same card - Capital One Platinum Visa, that says No hassle Rewards on the side. I have had it for probably 12+ years, but have never wanted to make any changes to it, as it has an 8.90% interest rate that is not too shabby these days. I have not wanted to do anything to risk loosing that interest rate, although in reality I guess the interest rate does not matter as I always PIF before the statement cuts.

Re: Question about my Cap 1 card

MarineVietVet — Wed, 12 Nov 2014 22:17:21 GMT

@lg8302ch wrote:
@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

I would more ask what the card offers you? Low APR maybe? If not then I would look at other Cap1 cards like QS VS with 1,5% on everything and PC the card. But if it has low APR and you are using that then I would not worry too much about the lower end or rebuild or any... a card is always as good as it fits your spending / needs
Many friends kept telling me .. stay away from Cap1 they are horrible but I did not listen and went ahead and got a very nice card and I am fully happy with my QS Visa Siggy..no FTF, 1,5% cash back on everything, best BT offers....so it is a win for me even with the name Cap1 :

Hi there.

Oh I'm not looking to PC. I have no desire to change anything. Like I said I have all the cards I need.

I only wondered how the "credit world" looks at this particular card.

I don't even know what the APR is. I use it to autopay my monthly water and sewage bill.

Re: Question about my Cap 1 card

MarineVietVet — Wed, 12 Nov 2014 22:23:41 GMT

@Anonymous wrote:
@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

Hmm... really old account. Likely it was a better card years ago but like all lenders card products need churning to stimulate an interest. Had the same card back to 2001 after my BK. Finally I closed the Cap1 since it had an AF. Risk ... if any, is the hit to AAoA. Frankly, I closed seven Cap1 cards and several others and my credit scores recovered. Since you are at max score (won't venture a guess). Cap1 took a chance on me and I had a $200 CL in the beginning.

I guess I didn't make my post nearly clear enough and that's my fault. I would never close this.

Re: Question about my Cap 1 card

Creditaddict — Wed, 12 Nov 2014 22:45:08 GMT

@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

i mean out side of here i don't think people know what capital one offers and how they have these 15 different tiers for about the same card depending on marketing.

however for those that know... MasterCard are usually for rebuilding or under $5k CL and VISA are for the higher tiered Cap1 cards and many times over $5k unless you get into the Sony and such.

but regular non co-branded capital one cards (Visa Signature) you would have a higher tiered card.

Re: Question about my Cap 1 card

MarineVietVet — Wed, 12 Nov 2014 22:51:46 GMT

@Creditaddict wrote:
@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

i mean out side of here i don't think people know what capital one offers and how they have these 15 different tiers for about the same card depending on marketing.
however for those that know... MasterCard are usually for rebuilding or under $5k CL and VISA are for the higher tiered Cap1 cards and many times over $5k unless you get into the Sony and such.
but regular non co-branded capital one cards (Visa Signature) you would have a higher tiered card.

Thank you CA. Interesting.

I guess when I said "credit world" I actually meant the "myFICO credit world".

I've had this so long I can't remember if it started as a MC or not. It probably did.

Re: Question about my Cap 1 card

Marcos8 — Wed, 12 Nov 2014 23:16:08 GMT

I know you said you didn't want to PC but that could be a good option. From the outside looking in the Platinum Cap 1 isn't considered a primo tier product. I also obtained one when my file was not so hot a few years ago and I appreciated Cap1 hanging in there with me. In looking at a credit report I don't think anyone or another lender could tell the difference if it was a low tier card or a top tier card. In my experience with my card though it maxed out its growth potential fairly quickly and my CLI denials from Cap 1 started to state that "this type of account isn't eligible for an increase...etc." About a year ago or so through the EO I did a PC to a Quicksilver card. That allowed me to keep the card open and to retain the account age etc... but it also somehow allowed the account to not be so handicapped and CLI's started to happen on the account again. So I think somehow in their internal system Cap 1 looks differently at the Platinum card as maybe being a low teir card/rebuilder type card which at some point makes it somewhat self limiting. My issue with the Platinum wasn't how other people viewed it, it was more how Cap 1 viewed it.

Re: Question about my Cap 1 card

joltdude — Wed, 12 Nov 2014 23:20:46 GMT

I'd call the Cap 1 platinum of today a subprime rebuilder card. (this is not likely what your card is) Does yours have rewards or an AF? What's the APR? I'm guessing yours grew into a better card over the years.. Only thing I'd consider is a CLI, esp if the APR is in the single digit land. Youve earned it.. And waive the AF if there is one..

Re: Question about my Cap 1 card

Anonymous — Wed, 12 Nov 2014 23:49:13 GMT

@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

You probably picked that card up when interest was still reasonable for folks with poor credit. ~14%?

Re: Question about my Cap 1 card

MarineVietVet — Wed, 12 Nov 2014 23:51:51 GMT

@Marcos8 wrote:
I know you said you didn't want to PC but that could be a good option. From the outside looking in the Platinum Cap 1 isn't considered a primo tier product. I also obtained one when my file was not so hot a few years ago and I appreciated Cap1 hanging in there with me. In looking at a credit report I don't think anyone or another lender could tell the difference if it was a low tier card or a top tier card. In my experience with my card though it maxed out its growth potential fairly quickly and my CLI denials from Cap 1 started to state that "this type of account isn't eligible for an increase...etc." About a year ago or so through the EO I did a PC to a Quicksilver card. That allowed me to keep the card open and to retain the account age etc... but it also somehow allowed the account to not be so handicapped and CLI's started to happen on the account again. So I think somehow in their internal system Cap 1 looks differently at the Platinum card as maybe being a low teir card/rebuilder type card which at some point makes it somewhat self limiting. My issue with the Platinum wasn't how other people viewed it, it was more how Cap 1 viewed it.

I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.

Re: Question about my Cap 1 card

SunriseEarth — Thu, 13 Nov 2014 00:12:44 GMT

@MarineVietVet wrote:
@Marcos8 wrote:
I know you said you didn't want to PC but that could be a good option. From the outside looking in the Platinum Cap 1 isn't considered a primo tier product. I also obtained one when my file was not so hot a few years ago and I appreciated Cap1 hanging in there with me. In looking at a credit report I don't think anyone or another lender could tell the difference if it was a low tier card or a top tier card. In my experience with my card though it maxed out its growth potential fairly quickly and my CLI denials from Cap 1 started to state that "this type of account isn't eligible for an increase...etc." About a year ago or so through the EO I did a PC to a Quicksilver card. That allowed me to keep the card open and to retain the account age etc... but it also somehow allowed the account to not be so handicapped and CLI's started to happen on the account again. So I think somehow in their internal system Cap 1 looks differently at the Platinum card as maybe being a low teir card/rebuilder type card which at some point makes it somewhat self limiting. My issue with the Platinum wasn't how other people viewed it, it was more how Cap 1 viewed it.
I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.

It actually isn't a hassle at all. When I PCed my Platinum Cap One to a QS1, my account number stayed the same. I got a new piece of plastic, possible a new exp date, but nothing else changed.

As for the original question, I consider their base Platinum a rebuilder, simply because that was what mine was. Mine used to be a Household Bank rebuilder with a $300 CL.

Re: Question about my Cap 1 card

MarineVietVet — Thu, 13 Nov 2014 01:56:04 GMT

@joltdude wrote:
I'd call the Cap 1 platinum of today a subprime rebuilder card. (this is not likely what your card is) Does yours have rewards or an AF? What's the APR? I'm guessing yours grew into a better card over the years.. Only thing I'd consider is a CLI, esp if the APR is in the single digit land. Youve earned it.. And waive the AF if there is one..

No rewards and an AF of $20. That AF makes me think it's "looked down upon"

I have gotten them to waive the AF a few times but it's no big deal. I'm not going to fight over about 5 cents a day.

I had to look up the APR. It's 17.9% but I can't recall the last time I paid any interest on this account.

Re: Question about my Cap 1 card

MarineVietVet — Thu, 13 Nov 2014 01:57:31 GMT

@Anonymous wrote:
@MarineVietVet wrote:
I don't get into the nuances of CC's very much because at age 63 I have all the cards I believe I'll ever need and the youngest is almost eight.

My question(s). My Cap 1 card is a Platinum Visa. Is that considered low end? A rebuilder? An "ok" card? Not worth the plastic it's made of? I'm just curious.

I got this account 17 years ago in the middle of my BK and I've never forgotten that Cap 1 took a chance on me.

You probably picked that card up when interest was still reasonable for folks with poor credit. ~14%?

I have no idea what the rate was.

Re: Question about my Cap 1 card

MarineVietVet — Thu, 13 Nov 2014 02:01:11 GMT

@SunriseEarth wrote:

I appreciate the comments.

If I did PC I'd never use it for anything else than a monthly autopay so why the hassle?

My other cards give me all I am interested in and I'm no longer concerned with CL's.

My credit life is very good.
It actually isn't a hassle at all. When I PCed my Platinum Cap One to a QS1, my account number stayed the same. I got a new piece of plastic, possible a new exp date, but nothing else changed.

As for the original question, I consider their base Platinum a rebuilder, simply because that was what mine was. Mine used to be a Household Bank rebuilder with a $300 CL.

Unless I can do it telepathically then yes it is a hassle for me. LOL

Again though I much appreciate the feedback.

Re: Question about my Cap 1 card

Anonymous — Thu, 13 Nov 2014 02:15:02 GMT

It's not one of the "premium" cards out there, but honesty I don't think it matters. If you are in a profession where image is important, then this isn't the best card to portray your credit worthiness or a "premium" or "well off" image. If this doesn't matter to you, or that people depend on your business more than you depend on others, then ignore this. There are plenty of wealthy people that stick to using their debit cards as a credit card, or some basic tier credit card.

From my experience people whom are truly well off care more about the level of service they get than the rewards and image the card gives. Can't say cap1 has the best customer service but if they aren't horrible to you then there's no issues either.

If you don't use the card much, then the AF isn't worthwhile, but at the same time it's just $20.

Re: Question about my Cap 1 card

MarineVietVet — Thu, 13 Nov 2014 02:19:36 GMT

@Anonymous wrote:
It's not one of the "premium" cards out there, but honesty I don't think it matters. If you are in a profession where image is important, then this isn't the best card to portray your credit worthiness or a "premium" or "well off" image. If this doesn't matter to you, or that people depend on your business more than you depend on others, then ignore this. There are plenty of wealthy people that stick to using their debit cards as a credit card, or some basic tier credit card.

From my experience people whom are truly well off care more about the level of service they get than the rewards and image the card gives. Can't say cap1 has the best customer service but if they aren't horrible to you then there's no issues either.

If you don't use the card much, then the AF isn't worthwhile, but at the same time it's just $20.

Thanks for the feedback.

I agree with your comment and it hasn't mattered to me for 17 years.

Re: Question about my Cap 1 card

Anonymous — Thu, 13 Nov 2014 05:38:04 GMT

if you use it to auto pay bills, why not convert it to quicksilver and get cash back rewards on it? then it might actually cover the annual fee

Re: Question about my Cap 1 card

MarineVietVet — Thu, 13 Nov 2014 06:24:00 GMT

@Anonymous wrote:
if you use it to auto pay bills, why not convert it to quicksilver and get cash back rewards on it? then it might actually cover the annual fee

Hi,

I already have three reward cards. That's enough.

I am at peace with my credit profile. How many people can say that?