I have a $270K home mortgage (11% equity), two Platinum and one Gold card w/ $29,000 total credit line, maybe $800 total balances combined (paid off every month), and a $70K boat loan. I make just over six figures. My risk scores are 668, 677 and 703. I have another 15 closed/always paid/never late trade lines, loans, cards, and/or mortgages going back many years. The ONLY derogs I have are two 6.5 year old paid collections for $58 and $70, and one 6.2 year old $78 unpaid collection. Everything else is crystal clean. I applied @ Cap One for the 'No Hassle' Platinum - looked good. I was declined. Send a PFB letter which good old Mr. Cooke called me on & I asked 'what the #@$%??', I have great credit. He said, basically, no deal. He offered a Gold card with $1000 limit, $49 annual fee, etc. I told him I had $30,000 in Platinum/Gold credit with NO annual fees and 9.9%, 10.9% and 11.9% rates, and didn't need some crappy little card -- I didn't want his mess. Guess what shows up in the mail today? The @#$%ing Gold card with $1000 limit !! (and assuming the annual fee, etc.). What, do they think I'm gonna keep their crappy card and pay an annual fee, simply for the priviledge of carrying a Cap One "Gold" card with a $1000 balance ?? Hell, I had BETTER unsecured credit cards back 3 years ago when I still had my CH 13 BK, half a dozen collection accounts and 15 or so derog tradelines on my reports! What a joke. Calling tomorrow to tell them to quit scamming people. I'll NEVER do business with Cap One -- not after this little TRICKY attempt by them.
I agree, John. I guess they help a lot of people rebuild, but I think they are tricky. And they just love to issue those "toy" cards!!
Not sure why you would apply for the little Cap1 card when you have all that good credit already?? But, I wonder what their problem was?
cap 1 is undoubtly in the business of making money, and subprime. I'm guessing their computers as they call them, did not find your profile to be profitable to them Maybe you should try the Citi BDD, with your excellent income, debt ratio, and tradelines you should be able to at least get a good 30K+ plat select with a very good interest rate.
They tried to scam me back by assuring a Plat card. But then... A monthly fee of $4.00?? Plat card?? I told them the card will just fits tight to where it belong! Herman
The Capitol One "No Hassle" Platinum card is supposed to have a generous credit line, low 9.9% fixed rate and, most importantly, you will NOT be contacted by telemarketers (like what I get with my current Platinum and Gold cards).
John I understanf your outrage....but on to a different issue. What is your story? Just 3 years ago did you have a 13 or where you in a 13? makes a difference you know seeing how it was just three years ago what did you do to turn it all around? just very very very curious.....
Three years ago was when I started learning about credit, and learned why I couldn't get a credit card. I had filed CH 13 four years before that, but didn't know what a credit report looked like, nor the information on it that was NOT accurate (a BK plus 20 derog accounts still listed as PAST DUE instead of INC in BK, collection accounts, even accounts that didn't belong to me). Three years ago I learned about risk scores, the FCRA and FDCPA and cleaning up your credit history. Most items I was able to successfully dispute, pay off and/or con someone into removing for me. The CH 13 BK and half a dozen other derogs finally fell off after the magic 7 years. Most important part of getting myself back into shape was getting a few sub-prime credit cards and a high rate auto loan THREE YEARS AGO. Paid on time, didn't charge much, never any NEW derogs. When the BK and the majority of the last derogs finally came off my credit histories, I had ALREADY built up 3 year of GOOD history, even though it was at high interest rates. As soon as I was above 620 risk score, I was able to get prime cards, A+ rate auto loans/leases and a mortgage on my first house at A+ rate. Learn about your rights under the law and how they apply to your credit history, mortgages, and other types of credit extension. 1. Know your rights -- and flex them! 2. Be persistant. 3. Time is the ONLY factor in certain cases. 4. Negotiate payment for removal 5. Con a little if you can 6. Be persistant (still!) That was my plan. 3 years and I'm 668, 677 and 703 today. I have only three derogs left -- 2 paid collection accounts from 6.5 years ago and one unpaid from 6.2 years ago (all under $80 each). And these are listed as my #1 and #2 score reducers when my FICO/risk scores get generated.
John I appreciate the information and I am very encouraged I am very close to across the board 600's my FICO from the website is 625 but I still have 3 CA student loans I am still fighting. However, I did catch EXP reaging my account and they came correct in ONE day! So you are very on point about knowing your rights!
jshimmer, I couldn't agree with you more on these 6 statements. I wish I stated them. Although it didn't take me 3 years to raise my score, those are basically the same principles I used. We do have rights under the FCRA and FDCPA, but sometimes you have to step back and look at what your objective is and what type of timeframe you set for obtaining it (hence, statement #4). Lawsuits are good for a lot of this, but if your credit report is jeopardized by a $150 collection, work out a payment deal in exchange for a removal instead of dealing with it for 6 months trying to go to court with it...especially if you want to buy a new house in 3-4 months.
