I am going to call Cap 1 as soon I get all of your advice, so, please, only respond IF you have this card, or have gone thru this: ok, I have a Capital One gold card, very small limit($250). Had it for 5 months. I applied online last week for a Cap 1 classic, thinking it was a shot in the dark. Anyway, they sent me, today, a "CONGRADULATIONS< YOU HAVE BEEN APPROVED FOR A WHOPPING $200 CREDIT CARD". BUT, you need to send in $99 to secure it. PLUS, I read on the back of the form, a $39 fee. So, again, I will be getting a whole, gigantic $61 in credit!! Here's where you come in; some of you mentioned getting a partially secured cap 1, example: $49 for $200 credit, $99 for $400, etc. I need your help, cuz I want to call and see if they will consider upping the offer to $400, for the $99, or take the fee off, OR unsecure it. I also need to know WHY they offer me a REGULAR card, SECURED, when I have their GOLD card. Any tips on what to say, etc, will be great!! Julie
5 months on a gold card should yield a credit increase to $500 if you've been good. Btw, the $99 deposit for the secured card goes into a soda (deposit) account, and does not count against your limit, it is returned with interest only in a form of a check after 1 year of good beheavior. $39 annual fee is charged in first billing cycle, btw.
I suggest you, do not take the offer for the secured card. Also you should wait another month and ask for the increase for the gold card. they will give you a $300 increase for a total credit line of $500. Do not apply to anymore cards until the 11 month and the try some store cards or premiun like chase classic or Aadvantage citibank.
Well, I don't know your credit situation, but if you're just building credit and haven't had derogs in the past you should be able to do much better than that. I started with the $200 for $49 deposit CapOne secured card and after l1-12 months I had 5 accounts (three platinums: Discover, MBNA and Citibank) with a total of about 15k in limits.... I think it also depends on the income, though....
Actually, after re-doing my transunion FOUR times, I just got a new report from them today, somehow, got 3 paid judgements DELETED from my report, my credit is looking better. I have one car loan, 3 credit cards, all with perfect ratings. But, I still have a few baddies on it, and a 4 yr old BK. I called Cap 1, asked if they can do better than $99 for $200, they said no, so, I am going to wait. See if they send me a better offer. Probably not, but we will see. I don't want to seem eager, and take every offer. This offer is crap, so I will wait. Something funny happened when I called, I was transferred to "collections" in Cap 1. I was shocked to find that a FRAUD charge, had been put BACK on my account!! I could not beleive it!! I had my c.c. stolen, back in August. The theif ran up $175 in charges. I have 100% fraud coverage, so they took the charges off, sent me a new card. I filled the form out, in Sept, and forgot about it, thinking everything was fine. When I called tonite, on the secured offer, they informed me that $175 was ON my account, that now I am OVER limit, because they NEVER received the fraud papers I filled out FOUR months ago!! I was shocked! So now I will call to dispute this, tomorrow. Funny, it took 4 months to add the charge. They must have lost my paper. Boy, the problems I am having with them, jeez!!
