WAMU or Cap 1

[Anonymous]

Hello Everyone,

I got a preaproval app.  500-7500 CL from WAMU.  I am surprised because when I applied for them earlier this year when I had higher scores, they told me no .. stating that I once had one of thier cards (First Primier or Providian.. one of  these awful cards) that I included in bankruptcy.

My current cards are a 2500 Visa.. nearly maxed, but currently sockdrawed and paying on

Cap 1 Visa 1500 ... just paying down

HSBC Disc. 2200 with 1650 balance... paying off

HSBC MC 1100  with 700 balance... paying off.

Cap 1 denied me for a CLI two weeks ago but approved me for 500.00 new MC.. which I am not sure I should activate.  I called them on Sat. to ask for a CLI before activation and they said no. Should I ask them to combine the two cards?  Someone said they will combine a MC and a Visa

I get this Wamu offer today... and I have read good things about WAMU.. if Cap 1 does not combine.. shoule I try to get the WAMU?  I just want to increase total CL and finally get a card that will grow with me.  Cap has been good about giving CLI (2 within 6 months of having the Visa).  HSBC... NO... WAY.

My Fico is 569, but unfortunately... about 4 of my cards did not report my reduced balances for Sept.  I am hoping that all will report for Oct.  From Aug-Oct. I hae decreased my utilization by at least $600.00.  Hell that should take my Fico over 600.  I have until the end of Nov. to apply.  I understand that I stil can be declined.

So... Cap over Wamu, what do you think?

[Roxlie]

Before I got my WaMu card last year..I received 4 or 5 pre approved offers in the mail..and was declined for each of them.

Unless things have changed, a preapproval doesn't always mean you'll get the card.  If you were declined before, you might not want to burn the inquiry.

Just my opinion..

[wmarat]

I have been twice rejected by WAMU with 700+ scores and no baddies. The pre approval does not mean you'll get a card. On the other hand, it would be nice to get WAMU, only because it eventually will become Chase.

Good Luck.

[ficonovice]

WaMu or CapOne? Kind of like asking how you'd like to die, lethal injection or hemlock.

I'm biased, but they are the 2 companies that I hate the most. WaMu started me at and has kept me at $1,000 despite a perfect history with them and trying every combination of payments possible (PIF, carry a low balance, carry a high balance, use a BT convenience check, etc...).

Ugh, I hate them worse than lepers....

CapOne is probably slightly better in my opinion, but only by a fraction of an inch.

You'll get many different reviews here, with several people loving WaMu (it just hasn't been my experience). CapOne probably doesn't get as much respect as WaMu here, but both companies are basically at the same level and offer many products designed to meet various levels of creditworthiness...they just have never satisfied me in any way.

Good luck!

Message Edited by ficonovice on 10-29-2008 09:15 AM

[first48]

Changing, I would get more information on your capital one card.  I just got approved for my 2nd card 2 weeks ago.  I was approved with a 500.00 limit and the card is enrolled in credit steps.  I called customer service to inquire about the credit steps.  I was told at the 3rd statement if I paid on time for the last 3 months and didn't go over the limit I would be increased 500.00.  The rep then stated if I do the same thing for the next 3 months I would be increased by another 500.00 making the credit limit 1500.00 in 7mths.  My first card I got in September isn't like this one.  It started at 500.00 and is due to go to 750.00 by the third statement but that's it.  So, I would suggest checking into the Cap One card.

[first48]

Changing, I forgot to ask you, what was your starting CL with HSBC Discover?

[Anonymous]

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@wmarat wrote:

I have been twice rejected by WAMU with 700+ scores and no baddies. The pre approval does not mean you'll get a card. On the other hand, it would be nice to get WAMU, only because it eventually will become Chase.

Good Luck.

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@I dunno, Wmarat ... it might be worth trying again. DH was just approved for $2500 with a 120 day late as "recent" as Dec 07, and the scores in my siggie. FWIW, they pulled TU @ 662 (according to THEIR TU FICO thingie).

Do you have a banking account with them? We did open one (checking & savings with a whopping $10 deposit) up immediately prior to apping, so that MIGHT matter???

We haven't got the card yet ... but we're thrilled nonetheless. It's our first "prime" card and we're rarin' at the bit at the thought of it becoming a Chase card next year (that's when they're saying the cards will be branded with the Chase logos and such).

[Uniqua]

Cap1 as I am sure that old Providian charge off is still in WaMu's system!

I happen to like WaMu by the way.

[KingAdrock]

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@Anonymous wrote:

WAMU... told me no, stating that I once had one of thier cards (First Primier or Providian.. one of these awful cards) that I included in bankruptcy.

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If this is true, you should probably forget WaMu completely. WaMu is well known for not liking their ex-Providian customers. If a company they've bought was included in your BK, I doubt they approve you. The game might change when Chase fully takes over WaMu, but until then it's anybody's guess.

Cap One however, loves giving lots of cards and allowing you to combine them. Seems to be their MO. If this is your plan you're quite likely to do well.

[Anonymous]

Thanks Everyone!

I tried to apply online just to see... and the code they gave me was not recognized.  I called to find out more about the card, gut just did not bother to apply. 

First48... My Cap1 Visa was under the credit stetp program.  That is how it went from $500 to $1500 in under 6 months.  Maybe I should just wait with the MC and see where it takes me.  I have not yet received any credit steps info for this card.  It did come under seperate cover for the Visa.

As for the the HSBC Disc.  My starting CL was $1600.  I was later approved for 2 other $300 limit HSBC Discover Rewards cards and combined them with the HSBC Discover Platinum.    I have called HSBC several times seeking CLIs and have been told that they do not honor requests for increases.  The Discover Platinum and MC were preapproved apps.  I think they were originally Direct Merchants Bank cards, those and the MC.

I thought WAMU was one of the banks people on the forums think highly off.  To be honest, I have been very happy with Capital One.  I just thought that maybe this would be my chance to get in with a company that will allow my credit line to grow as my score improves.   But if they are no better that Cap. One, then I can altogether pass on it... especially with these stories of denials.