I just got an offer in the mail from Cap One that says they couldn't give me the card I applied for, but are offering me this one instead - $500 credit limit $29 annual fee 19% interest To someone who can't get a cc ANYWHERE, this sounds pretty good. However, I've never seen this card advertised on Cap One sites. Does anyone have any info on it? ( I think the one I applied for had worse terms than this one)
sounds like their gold card to me. Go for it, if thats the best you can get, thats reasoanble, since they do give you grace period and cap 1 executive offices will be friendly to you after 4-6 months..
I agree with Sam. My first cc post bk was a Cap 1 card. $300 CL secured with a $100 deposit Can't remember what the annual fee amount was. Grace period. Best regards, Mirage
Keep the Cap One card. It was one of my first cards after BK. 5 years later I have the Gold Card with a $5500 CL and an interest rate of 12.8%. I have a classic card also, limit is $2500 with an APR of 14%. They also waived all the fees. I did not ask them for it, either. I saw the limit increases and the lowered rates and just called them to confirm it, then they confirmed it with a letter.
Hi Anna, That Cap One offer you got is actually pretty good. They usually give only $200 limits to begin with. They are a very good company to do business with. After my BK back in Jan 98 they were the first to offer me a credit card. Today I have a Gold visa, classic MasterCard, Kmart MasterCard by Capital One. I have been very happy with them now for three years. Good luck with your new account.
loni | 9 posts since Jun 2001 208.236.89.187 | 11.08.2001 @ 14:14 Keep the Cap One card. It was one of my first cards after BK. 5 years later I have the Gold Card with a $5500 CL and an interest rate of 12.8%. I have a classic card also, limit is $2500 with an APR of 14%. They also waived all the fees. I did not ask them for it, either. I saw the limit increases and the lowered rates and just called them to confirm it, then they confirmed it with a letter. Loni,why don"t you combine your cards and limits into a Cap Plat.card?
Hi Brad, How did you get Cap One to waive the annual fees? Or do you have to call them every year to get them waived? I have three accounts with them, one is no annual fee, the other is $19 and the last one is $29. I tried to get them to waive the $29 annual fee and they said they could reduce it to $9 this year or take a 4 points interest reduction. I took the $9 annual fee because I don't carry a balance on this card. I also have a BK that is over four years old. Do you know if once you reach 5K credit limits on your Cap One cards can you combine them to get a platinum card or not even if you have a previous BK? I have been a Cap One customer for 3 years with a $1650 gold visa, $1200 classic MC, $700 Kmart MC.
jr: the K-Mart cannot be combine with the other cards. The other two can, I think you need at least 5k for a Cap 1 Plat. card. Don't know if the bk will prevent you from getting the Plat. The cards that are to be combine must unsecured. As for myself I only have one Cap 1 account (Classic 2k limit). Request the CA to increase to 5k, no go only got a $300 increase. Asked for Plat. status- no go, must have the bk off the CR. I have 23 months to go for the bk-13 to fall off. I will not be looking to Cap 1 for my Plat. card. Even if they are my first credit card post bk. Best regards, Mirage
Thank's Mirage for your imput. It doesn't really matter if I can't get a platinum card till my Bk gets off my record. As long as the card works and does the job that is all that is important. I still have one prime card (BofA Visa) that I did not include in the bankruptcy. I am surprised they did not close that account. It's funny that when I had excellent credit I did not know what is a subprime lender. I even had a $500 Capital One mastercard along with other prime cards. Now I have control on credit and I am working very hard at rebuilding it.
