Capital one

[dangphuocloc72]

Yesterday I apply Capital one . not approve , it hit me so bad ( put hard inq on EQ , TU , EX ) , what can I do ? please help . thank you

[Anonymous]

There's is not hing to do.  CapOne always pulls all three bureaus.  Sorry about that.  Bu that's wh you signed on here to find out BEFORE applying.  Would you really have passed had you known before hand?

[Anonymous]

I wrote in your other post that it would be better if you don't sign up for anymore cards at this point. You will ruin your FICO in the short term. Meaning right now, the AMEX you applied for is going to check all 3 of your reports within the next few days. This will help them determine the CL. If you have too many hits....guess what? Better to hold off for at least 6 month, before appliyng for another credit. It will pay off....you will see.

Besides, cap1 is a subprime. you applied for amex and will convert to amex blue which is prime. You don't need no subprime cards after you got an amex blue.

Message Edited by montana on 09-12-2007 01:10 PM

[dangphuocloc72]

oh I see , thanks so much , Could you please tell me what's subprime and prime ? sorry some words I don't understand . from now on I don't apply any more .

[Anonymous]

it's like shopping at Macy's ( subprime ) and Neiman Marcus ( Prime )

So the prime cards are:

Anything unsecured by big 5 retail banks:

BOFA

WAMU

CITI

CHASE

WELLS FARGO

+

Any AMEX besides Skymiles, Hilton Honors and Starwood.

( If you convert to AMEX Blue- it is prime )

DISCOVER

DINERS CLUB INT'L

subprime:

pretty much oaal of the rest such as but not limited to:

Cap1

FIRST PREMIER

Orchard

Household

and anything else that asks for an annual fee, has high APR and gives you too low credit line ( like $300 )

Hope it helps.

P.S. I am sure members of this forum can expand my list because i could have left something out. But I gave this to you as an example.

Good luck all.

[VLGaffEsq]

I'm sorry, but I had to respond to this incorrect information about CapitalOne credit cards being "subprime":  (plus I really hate all the bashing Cap1 seems to get in this forum, mostly because I have been a very satified customer of Cap1 for over eight years).  I have a CapitalOne Platinum Visa card with a $4,500 limit and a 4.9% fixed interest rate for three years (FYI...I got this card when my FICO score was around 718).  This card is anything but SUBPRIME, as you claim.  Cap1 has many credit cards, one you even need a FICO score of 740 to obtain, so please be advised that most of the credit card companies out there have a variety of card programs they will "fit" you into (including Amex), all depending upon your FICO score when you are applying.  I hope this helps...

[Anonymous]

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VLGaffEsq wrote:

I'm sorry, but I had to respond to this incorrect information about CapitalOne credit cards being "subprime":  (plus I really hate all the bashing Cap1 seems to get in this forum, mostly because I have been a very satified customer of Cap1 for over eight years).  I have a CapitalOne Platinum Visa card with a $4,500 limit and a 4.9% fixed interest rate for three years (FYI...I got this card when my FICO score was around 718).  This card is anything but SUBPRIME, as you claim.  Cap1 has many credit cards, one you even need a FICO score of 740 to obtain, so please be advised that most of the credit card companies out there have a variety of card programs they will "fit" you into (including Amex), all depending upon your FICO score when you are applying.  I hope this helps...

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Sorry that you were offended by the Cap1 bashing and you do have a pretty good limit considering their practices.

That being said, just want to point out a few facts about Cap1 that really earns them the subprime label above and beyond the competitiors. Please don't think that any of this is directed towards your cards

Until recently (a few days ago), with the public outcry against Cap1's practices, they did not report credit limits.  The reason this hits them is that many customers who practiced great credit management skills by keeping balances low were not rewarded in the scoring system because limits were unknown. Cap 1 capitalized on the fact that the average cardholder did not know this was damaging their scores by making it appear that the cards were either maxed out or highly utilized.

Cap1 had a habit of issuing multiple low-limit cards to cardholders (especially in their 'subprime' portfolio).  I still cannot find a vaild reason that a cardholder would be approved for an additional 500.00 credit limit but not qualify for a simple credt limit increase of a few hundred dollars.  The effect of this -constantly reaging the average length of credit and keeping those customers stuck in the subprime credit morass by making it look as if they did not have the experience they had, making it more difficult to ensre on-time monthly payments with multuple bills to keep up with and raking in not one, but multiple annual fees from the same cardholder.

Cap one also had a habit of not updating 0 balance accounts for three months or more.  Say a cardholder charged up a large amount in the month.  Paid it off to 0 when the statement arrived and didn't use the card for two months.  That high balance compared to their historical high balance would report for that three month period making it look as if they consistently carried a high balance.  If they used the card before the quarterly reporting period it would make the card look as if it were ALWAYS highly utilized.

How many customers knew these things?  CapOne did and the fact that the average consumer did not know what was going on behind the curtain was what they were banking on to continue to have a grip on the so-called 'subprime customer'.

JMHO

[John060675]

If you think we are bashing them here, just look at the latest Consumer Reports issue.  Unless you think Consumer Reports has an agenda, which obviously they do not, then you will see the truth on Crap 1.

The truth is sometimes hard to accept.

[VLGaffEsq]

I can very easily accept the truth, and according to "Consumer Reports" latest rating of credit card companies, MBNA (now BoA) and Chase are also in the ratings cellar when it comes to credit card.  There are NOT many credit card companies these days, including CapitalOne, and most of the rest, that have anything but negative ratings by theirt customers, according to Consumer Reports. I however, have very positive comments and history, from my years of being a customer with CapitalOne, and the simple fact from my initial reply is that this company supplies the consumers with BOTH "prime" and "subprime" credit cards...and that is the truth.

[Anonymous]

JMHO with the scores you posted Gaff your crdit limit should be much higher.  Yes Chase and MBNA suck rocks right now and you will see different psots about them as well in this forum.