New Cap1 with 5000.00 CL.

[e123]

I responded to a Cap1 offer in the mail offering a 1 - 5K credit limit. I was skeptical but the offer said pre-approved so I went for it. Card came today with ..............Drum roll.............. 5000.00 limit ! My scores are mid 600's. The card also came with one of those checks you can write, so I was thinking about writing myself a check  for 4500.00 and deposit into my checking account and then pay off the CAP card with the money. I know the max out will hurt at first but I think this will solve the CAP problem of not reporting CL.

[Anonymous]

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@e123 wrote:

I responded to a Cap1 offer in the mail offering a 1 - 5K credit limit. I was skeptical but the offer said pre-approved so I went for it. Card came today with ..............Drum roll.............. 5000.00 limit ! My scores are mid 600's. The card also came with one of those checks you can write, so I was thinking about writing myself a check for 4500.00 and deposit into my checking account and then pay off the CAP card with the money. I know the max out will hurt at first but I think this will solve the CAP problem of not reporting CL.

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I'm no pro at this, but wouldn't they charge you the advance APR, which is usually 20% or higher if you use those checks they send you? I don't know... do what you think is best...

[Anonymous]

yeah i think you have to carefully review the terms if you are using that check...apr must be higher. that's my guess.

[e123]

I have been reading. It looks like I have zero interest on purcahses  until Jan 08. 2.9 % on balance transfers  and no annual fee. I will keep reading.   

[Anonymous]

i wonder if using that check counts as a "purchase"...I do however, would like to see if anybody has an info on this. I normally get those checks with my statement every month too but i never used them.

[e123]

I am not sure if the check is a purchase or considered a cash advance ? Still reading.........

[e123]

I have the answer............ It says  " the attached check will be treated as a purchase according to the terms of your customer Agreement ". It also says  the check cannot be used to pay down or off any CAP1  account.    

[Anonymous]

okay please make the check payable to me.

just playing of course.

[e123]

I have read the fine print and think I will be ok depositing the check and then paying CAP1 off but I still think they are tricking me some how ! I believe I will call CAP1 and ask some questions.

[Anonymous]

Cap 1 keeps sending me those no fee standred apr checks