Cap1 initial credit limits and BTs

[sammyfire2001]

I'm considering applying for a cap1 card and taking advantage of their bt offer.  I would like to know how cap1 initial CLs are  and whether anyone has used them for a BT.  Does anyone have any recent experience?

[blacklotus]

Have you tried the preapproval site.  I just went there and I didn't have preselected offers but they encouraged me to apply for the NoHassleRewards Miles card.  I didn't.

For some reason nothing ever shows up on that preselected site or the AMEX preselected site for me.  But I'm not really dying to get this card- it seems like a very highly rated card though based on the review www.creditcards.com gave it.

Message Edited by blacklotus on 02-24-2010 05:13 PM

Message Edited by blacklotus on 02-24-2010 05:22 PM

[sammyfire2001]

Well I get mail offers almost everyday from them but I was trying to see what other people experiences are before I even bother applying.  I don't want to apply and get a useless cl.

[blacklotus]

IMHO even with a humble CL that wouldn't really be the point in getting this card.  I mean I think its main use is to build credit.  Also CLI's should come with with time.  Also you would be able to upgrade it to a better card after you establish a good payment history with them.

BTW did you get "preselected" or "preapproval" offers in the mail? 

[sammyfire2001]

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@blacklotus wrote:

IMHO even with a humble CL that wouldn't really be the point in getting this card.  I mean I think its main use is to build credit.  Also CLI's should come with with time.  Also you would be able to upgrade it to a better card after you establish a good payment history with them.

BTW did you get "preselected" or "preapproval" offers in the mail? 

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I'm not sure.  What's the difference and how can I tell?

[Anonymous]

Unless you have stellar credit, with existing high CL's that have some age....you will not get a high CL with CapOne.  If you apply short of that, you either get a builder card that won't grow....or you might get a prime card with low CL and they aren't very good with CLI's now.

CapOne is a builder card or it is a card for established credit....everything in between I don't think works well with CapOne...disappointing all around.

If you look at their explanation of the card you are considering, it has a short list of the criteria...take it seriously, because they mean it.

[blacklotus]

TxJohn just wanted to let you know that you have done some impressive work on your credit.  I was also in the subprime area a few years ago.

SammyFire:  A "preselected" offer means you can probably get the card and a "preapproved" offer means you have already qualified for the card and applying is just a formality.

I got a "preapproval" letter in Dec. for the ChaseFreedom Card.  I now have that card in my wallet.

From the advice posted here and my other research if you are trying to limit inquiries on your credit report only apply for "preapproved" offers not "preselected" offers. 

[laz98]

not recently, but i did have 2 balance transfers go thru my capital one card.  pretty easy, actually.  did it all online.  i was very happy with the process.

[lkcrew426]

My husband and I both have capital one cards. They are builder cards. We have both had them over two years (his almost five). Never a late payment, never carried a balance. The credit limits are pretty measley, and they refuse to increase them or upgrade us to another card. Both of our scores were low 600s when we got the cards and are now in the low 700s.

I don't have any BT experience with them, but I get the impression that without extensive high limit experience you aren't going to get a limit worth anything, plus they ratejacked us severely thanks to the credit act (13.9 to 22.9). 

[Anonymous]

CapOne is fairly useless. They gave me a card when nobody else would, but that was a couple of years ago and I've moved on. My starting limit was $300, and I've received precisely one CLI, up to $500 where it currently and will most likely forever sit.