Have Cross Country, Getsmart, Providian Gold, Fcnb..In the last month I have recieved cl increases on all of my accounts. But a few weeks ago on this board I heard that credit card companies are probably going to be raise their qualification standards in the next few months..I really want to get into the Cap One family because I have heard that they are one of the best company to deal with..I applied 2 wweeks ago and I get a letter last night stating that they have approved me for a Secured Card..I have to deoposit $200 before they open my account..Is it worth it or should I just wait a few more months and hope that I recieve a offer in the mail..All of my other credit cards now have reached the $1000 limit. By the way, my credit limit will only be $200 as well. ( Also became a Joint on my mothers Target Visa yesterday $4500 cl)
Ugh, that sounds like a bad deal. What's your score? I got $99 for $500, and I think some here got $49 for $200. I would consider calling Mr. Cooke in the Consumer Advocate's Office, or simply paying the $200 and hope your continued history with them and other creditors can really make it a good deal in 6-12 months.
About a year ago, I was getting all sorts of secured Cap 1 offers. I never took them and finally one day an unsecured offer came for $200. I took that one and at the time my credit repair hadn't even started. Just after that, Providian came unsecured too after many secured offers. I have no idea if they will be raising standards soon but my experience was not to bite till I liked the bait offered. Good luck.
Dinob12, I'd take the offer. That's $200 you can consider saved and earning interest. This gets you in the door with Cap One. Also, after a few months, you can use Planetfeedback.com to get more out of them if you've managed your account well. I started with $200 and now have a $5,900 Platinum Card at 9.9%. They sent back the deposit with interest and I put that in a mutual fund. Just my thoughs. CardKid
Re: Advice needed..Cap One Secured. I would take the offer and get your foot in the door. I was in the same position as you. They offered me the $200 card w/ a $199 deposit! I was like, dang.....my credit isn't that bad, is it? I took the offer. Something got screwed up w/ my account and I was lied to. Reps said that my card was on it's way but it never showed up. I finally fired off a NASTY PFB letter and I received a phone call from Mr. Miller ASAP! I had to fax him a copy of the canceled check that I wrote (so he could use the info on the back to trace my deposit) and in the meanwhile, he set me up w/ an unsecured Silver Card w/ a $200 limit. My deposit was refunded ASAP! Capital One is a good reputable company for someone who is starting off. I had my card for a short time but when Citi gave me $10500 in additional credit, I told Capital One "Adios MF's"!!! They bugged me to return a few times (offered to wave my annual fee and a $100 increase) but I ignored their correspondence. Funny thing is that I haven't received any other offers from them since.
Re: Advice needed..Cap One Secured. I got a secured Cap One offer in the mail yesterday - $99.00 deposit $200.00 limit - $39.00 annual fee. I am going to accept the offer but wondered what success if any others have had with credit line increases in the future if the account is maintained in good standing. I am also curious on anyone's experience with lowered APR and/or waiver of the annual fee at a future point.
Re: Advice needed..Cap One Secured. I Really appreciate all of the advice...I think I will mull it over for a little while though..
Do you have Mr Cookes Number ?? I forgot to mention that when I was about 17 I was a joint on a Cap one card and that had 2 years of perfect payments..I was the one making the payments on the card maybe they would take that in to consideration
Cap 1 was my first cc post bk-13. I don't remember what my limit was but I think it was $200 secure for a $200 cl. This was in 11/96. Today it stands at 2k unsecured with a APR of 16.81% and annual fee. (Mr. Miller helped with the unsecuring) I like the online payment feature and the CA office at Cap 1. I really do hate the stingy cl increases and Cap 1 not reporting your credit line. Since this is my oldest tradeline and with a perfect payment history I will keep this card for another 22 months. Best regards, Mirage
