Which Capital One credit card should I apply for, if any?

[Anonymous]

I recently received two pre-approval offers for Capital One's No Hassle Cash Rewards MasterCard with 0% APR until Oct. 2011 on purchases (then 22.99% variable APR after that), no annual fee, and 1% cash back on purchases.

But from looking though some other posts on this forum, most people who were approved for this card got an $300 initial credit line and I am interested in a card with a higher initial credit limit (rewards not necessary) so that I can transfer some balances from my higher APR cards.

I meet all of Cap One’s guidelines for their excellent credit level…but I was also declined for a Citi credit card last month due to having too many inquiries on my credit reports when I was shopping for car loans and bought a new car two months ago. When I reconned and talked to a Citi CSR, the new car loan wasn’t reporting on my CRs yet at that time.

As of 10/10 (prior to car loan inqs and subsequent purchase)

EQ FICO: 694

TU FICO: 707

Other than having a high utilization on my existing 5 Visa/MasterCard ccs, I don’t think I have bad credit. On the positive side, I have a 13-year credit history, no lates and no bankruptcies or charge offs.

So, should I apply for the Capital One Platinum Prestige card or go for the No Hassle Cash Rewards that I was pre-approved for? I don't want to waste an inquiry (or 3 since I hear that CapOne pulls from all 3 bureaus) if I'm just going to get denied or get approved with a low CL...thanks!! 

[MAstudent07]

In response to your questions, in my opinion, if you choose a credit card from the "excellent range" you will have a good CL. Most $300.00 CL's are for cards in their "Average Credit" credit range. If one or more of your cards has a CL higher than $5,000.00 then Capital One will more likely start you at 7.5k or higher. Furthermore, I don't think inquiries will automatically decline you for Capital One. Good luck and keep us posted.

[john398]

You might want to try the pre approval link you can always decide not to move on after they shyow you what if any has been preapproved

[Creditaddict]

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@john398 wrote:

You might want to try the pre approval link you can always decide not to move on after they shyow you what if any has been preapproved

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I agree, I would not apply for Cap1 if you are not getting pre-approved for it... and if they are only pre-approving you for an "average" credit card, the high util is probably really effecting you

[tengtengvn]

Stay away from CC companies that don't give CLI at all like Cap1.