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Just got an offer for a Capital One, should I?

wvmedic
Established Member

Just got an offer for a Capital One, should I?

I just got an offer for a Capital One card.

 

It says An initial credit review indicates that you are eligible for this capital one platinum mastercard offer with features chosen to match your current needs.

 

It has a 200.00 limit with auto increase after use of the card and ontime payments.

 

My question is can I use this to help in reestablishing my credit and should I do it my current scores are.

 

TU 520, EQ 550, and EX 555.

 

I just paid off an auto loan and a loan thru benificial and curently have no revolving credit. So should I do this and risk a inq on my reports or will it even help?

 

Thanks. 

 

Message 1 of 19
18 REPLIES 18
Creditaddict
Legendary Contributor

Re: Just got an offer for a Capital One, should I?

I would take it, it will really help rebuild
Message 2 of 19
pgsparx
Regular Contributor

Re: Just got an offer for a Capital One, should I?

hi!

 

i have a cap one and i don't think it's so bad.

 

i got a CLI to $500 after a few months when orchard only gave me a CLI of $20 Smiley Mad

 

my scores were similar to yours, if not a little lower when i applied and was approved.

Message 3 of 19
tonnie39
Regular Contributor

Re: Just got an offer for a Capital One, should I?

My only advice is to make sure that nothing has changed since you were made the offer. Being offered a CC doesn't guarantee approval.  

Cap1 is my least favorite lender but given your desire to reestablish your credit and your scores, it may be a good decision to apply for the card.

Be warned that for many of us, the promise of auto CLI have been a myth. I have been a cardholder since 2002 with only 1 CLI that occurred within the same year. I have been stuck at $750 since that time. I have an excellent payment history, an EQ FICO of 713, no baddies, etc..My highest CL is BofA at $10500.

 

Message 4 of 19
wvmedic
Established Member

Re: Just got an offer for a Capital One, should I?

The only change since I recived the offer is I have paid off about $3000.00 in debt, car loan and furniture loan.

 

No other revolving debt.

 

Thanks.

Message Edited by wvmedic on 12-11-2008 10:48 AM
Message 5 of 19
wvmedic
Established Member

Re: Just got an offer for a Capital One, should I?

Well I was denied!!!
Message 6 of 19
johnsj21
Regular Contributor

Re: Just got an offer for a Capital One, should I?

I got the Cap 1 about a year ago and started at $200 and was at $500 within 2 months...not 3.  Haven't had a CLI since then, but haven't asked.

 

9/26/08 TU: 528 EQ: 558 EX: 560
11/7/08 TU:584 EQ:601 EX 600
7/21/09 TU:636 EQ:626
12/27/11 TU: 675 EQ:680
Message 7 of 19
RLL1171
New Contributor

Re: Just got an offer for a Capital One, should I?

In that respect I only have four major areas of credit Mortgage, Student Loan, Orchard CC (600 LIMIT) and a small loan from Cap1. Everything is in good standing, I have a couple of baddies.

 

I am deciding whetehr I should apply for another CC...I thought about AMEX, but you guys advise not to right now. I receive that advice but my credit union will probably give me a card. (Virginia Credit Union)...

 

What do you think? I want to go above 700 by march.

FICO 12/9/08 TU 648 EFX 640 EXP 618
FICO 12/17/08 TU (?), EFX 635
FICO 12/24/08 TU (?) EFX 616
FICO 1/21/09 TU (?), EFX 623
FICO 3/3/09 TU 654, EFX 700
FICO 4/9/09 TU 655, EFX 705
Message 8 of 19
hayhayday
Regular Contributor

Re: Just got an offer for a Capital One, should I?

RLL1171, i don't know if i would go fro amex. i personally would go for the credit union and bofa(likely 99\500 offer)
Message 9 of 19
RLL1171
New Contributor

Re: Just got an offer for a Capital One, should I?

I have been seeing that alot lately, in reference to BOA offer 99/500. What exactly is that? Is it a secured card in which you pay 99 for a 500 CL?
FICO 12/9/08 TU 648 EFX 640 EXP 618
FICO 12/17/08 TU (?), EFX 635
FICO 12/24/08 TU (?) EFX 616
FICO 1/21/09 TU (?), EFX 623
FICO 3/3/09 TU 654, EFX 700
FICO 4/9/09 TU 655, EFX 705
Message 10 of 19
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