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oh gosh, u guys scaring me..may i ask or would it make a difference what kind of cap 1 do yall have. i just applied for one and was approve for 500 limit, and im waiting on the card........
@haulingthescoreup wrote:
ladydi, I don't have a CapOne card, but I have to say that after reading waaaaay too many posts, it looks like most of their cards are builder/ rebuilder cards that will take you so far and no farther. If they are still offering the Credit Steps program, and it's an option for you, jump on it! This does let your CL increase at set times as long as you handle your card perfectly. And they do have a couple of excellent cards, with very high potential CL's, but they are for those with excellent credit.
A lot of people get very frustrated with CapOne and others, because no matter how good they eventually become with managing their credit, the cards just won't grow beyond a certain point. But in fact, these cards aren't meant to.
Many of these cards are what I call "training wheels" cards. It's like when you're a little kid, and you're learning to ride a bike. You need those training wheels to help you get your confidence and skills up, and one day, you're a bike rider. When that day comes, it's time to switch over to a real bike. This happens with rebuilder cards. As painful as it might be to close a card and look at losing that history 10 years from now, the fact is that it's not going to match your progress. That's not its job.
So I hope that you wound up with a card that will grow with you over time, but if not, don't start beating up on yourself (or them!) about it. It's a card to help you get started. When the time comes that it no longer really helps you, canceling it will free up the credit limit for someone else on down the road. (trying to be charitable about these lenders, lol!)
u have a good point, and u right at every angle..i have tha no cash hassle plantium card, do u no anything about these cards....
@haulingthescoreup wrote:
ladydi, I don't have a CapOne card, but I have to say that after reading waaaaay too many posts, it looks like most of their cards are builder/ rebuilder cards that will take you so far and no farther. If they are still offering the Credit Steps program, and it's an option for you, jump on it! This does let your CL increase at set times as long as you handle your card perfectly. And they do have a couple of excellent cards, with very high potential CL's, but they are for those with excellent credit.
A lot of people get very frustrated with CapOne and others, because no matter how good they eventually become with managing their credit, the cards just won't grow beyond a certain point. But in fact, these cards aren't meant to.
Many of these cards are what I call "training wheels" cards. It's like when you're a little kid, and you're learning to ride a bike. You need those training wheels to help you get your confidence and skills up, and one day, you're a bike rider. When that day comes, it's time to switch over to a real bike. This happens with rebuilder cards. As painful as it might be to close a card and look at losing that history 10 years from now, the fact is that it's not going to match your progress. That's not its job.
So I hope that you wound up with a card that will grow with you over time, but if not, don't start beating up on yourself (or them!) about it. It's a card to help you get started. When the time comes that it no longer really helps you, canceling it will free up the credit limit for someone else on down the road. (trying to be charitable about these lenders, lol!)
I may be the exception to the rule or perhaps Cap 1 has changed their criteria over the years. Cap 1 is my oldest card. I got it in the middle of my BK back in 1998. It doesn't have a huge CL; only $4000 but that's good enough for me. I've never asked for a CL and if I remember correctly (12 years is a long time) they've only given me a few CL's in all this time.
But they gave me a card when no one else would so I'm not a big Cap 1 basher. Heck I've had both good and bad experiences with all of my CCC's.
Just my 2 cents.
@haulingthescoreup wrote:
I'm glad to know that they still have that particular card going! Every now and again, someone will post about a CapOne card that is up in the $5K-ish range, but they always seem to be older cards. And then there are still the two great cards that they have.
I try not to bash on CapOne (or really, any cards except those from the true bottom feeders), but there are so many frustrated posts by those whose heads are sore from banging up against that $500 or $1,000 ceiling that I try to brace new cardholders for their possible futures.
I'll still never understand why a bank chooses not to have a full range of cards that have different names, are fairly easy to distinguish, and that let you move up (or down!) through the levels as your credit changes.
Anyway, there you go, ladydi! Good luck with your card, and again, if they're still doing the Credit Steps program and you are invited to participate, I would advise jumping on it and accepting.
I didn't mean you specifically. Sorry if I gave that impression. Some make a full time job of bashing. There are other opinions out there about Cap 1.
@haulingthescoreup wrote:
Boy, ain't that the truth!
Oh, well, I'm the same way about some SEC football teams.
Mississippi State University. Go Bull Dawgs!
Just to offer hope my husband got his Cap 1 credit steps card in May 2008. Started with 300.00, went to 500.00 and then he called after 6 months and it was increased to 1000.00. This was back when you could still call and ask! The only other card he has in Orchard that sits at 400.00.. Many collections (all paid) as well as a forclosure and numerous late payments. All the bad stuff is at least 3 years old. November of 2009, Cap 1 increased his credit limit to 6000.00. I have no explanation for this...I do know that he uses this card alot for work travel and had it pretty close to the limit a few times when the reimbursement check did not come soon enough. He also carried a balance alot of the time.
I wonder if it had to do with having only one other open card with a low limit......wish I knew. Just thought I would share.