Re: Re: Why Avoid Capital One? guess I struck a nerve sorry for that , just trying to give my opinion on this card .....lol looks like a great card might apply tomorrow can't wait for the three hards to hit reports happy thanksgiving to everyone even GEORGE......
Re: Re: Why Avoid Capital One? Will, You need to distinguish between prime and superprime. Not to give Cap. 1 too much credit here, but comparing amex blue with a 15k credit line and 6.99% to any capital one product is not fair. They are not even in the same ballpark. I call that amex product for those with excellenet credit, and therefore superprime which only a few can claim to get an amex card like that. For others, a 10k line at 9.9% is prime even if Cap.1 refuses to report the actual credit limit. This is their loss and they know it, but Cap. 1 is comfortable with that.
Re: Re: Why Avoid Capital One? I have 3 business accounts with AMEX total limit over 100k. My Cap 1 is not a subprime at least I don't consider 4.25% subprime. www.creditsense.com
Re: Re: Why Avoid Capital One? My Cap 1 No Hassle has a CL of 10,000 at 8.9% fixed. But the hoops you have to do to reflect this are NOT Prime. Will is right that if you do not have a true Prime card you may not know what your missing I didnt ! Here is the other thing when I travel or pay for business meetings do I whip out the No Hassle or my AMEX gold or BOFA Platinum. Im sure you can guess Now I have always been somewhat of a defender of Cap1 just because they have been good to me but as you gain true Prime cards you see that Cap1 is more of a Prime Wannabee.
Re: Re: Why Avoid Capital One? 2 or 3 HARD is a "DOWN-SIDE" Having to BT 99% of the balance so you can get your HIGH BALANCE up there is another "DOWN-SIDE" $20,000 or $30,000 max limit is another "DOWN-SIDE" CALLING 2 CARDS INTO 1 CARD---A CLI IS ANOTHER "DOWN-SIDE" BUT YOU GOTTA' TAKE THE GOOD WITH THE BAD...
Re: Re: Why Avoid Capital One? I just couldn't let this rant pass unchallenged. Look - I started with a $500 CL with cap1 this time last year after my Getsmart card turned into get$crewed whan Providian sold its portfolio to eMerge. I saw a $crewing coming and closed my $1000 CL with eMerge immediately and took a $500 line with Cap1. One year and no late payments later I have that same Cap1 card with a CL over $7,000. I still feel that many of the people who rant and rage against Cap1 tend to be Cap1's collection problems. Pay the damned bill on time (they allow you to do it on line, free) and you won't have a problem. Use the card responsibly and your CL will get increased. Yes, I did have to PFB Cap1, but my PFB was as a question, not a complaint. When Cap1 responded I got everything from them that I asked for. Oh, yes - and another aside. Yesterday it took Cap1 three hours to approve me for a $15,000 car loan. Sure makes new car shopping a lot easier with the financing all lined up. Before you rant about $15,000 not being a big car loan, it's all I asked for. Bought the car yesterday and the dealer did slightly better on the APR (5.2 GMAC as opposed to 5.75 with Cap1) PLUS a $4000 rebate on a $12,000 car. So, while I won't be actually using the cap1 loan, it's nice no know that I can get it so quickly at such a good rate. I definitely will be new car shopping again in 2 years, and will repeat this process.
Re: Re: Why Avoid Capital One? I'm with Will on this. This credit card company is horrible. I know alot of you disagree, but I've seen many many posts from folks complaining that Cap 1 wasn't reporting credit limits, doesn't this alone tell you anything ? And whats going to happen when an unexpected situation arises and you'll be late with a payment ?
Re: Re: Why Avoid Capital One? And to add to that...I would avoid ANY creditor, save only for a mortgage company, that pulls 3 hards when you apply for a card. That's crap !!!!!!!!!!!!!!!
Re: Re: Re: Why Avoid Capital One? I say your wrong they are subprime for 90% of their customers and so so with the other 10% flyinggrl or whatever said she or he got 7000 after 1 year with no miss pays I received 38,500 from boa after 1 year no late pays do you see a difference and flyinggrl I have never missed a payment and never had a crap 1 card just hate seeing customers get screwed by anyone , providian ,cross country bank aspire and crap 1 sorry you feel different and if your one of the lucky ones with 4.99% with crap 1 good for you but how many others are getting screwed by crap 1 with annual fee cards at 19.99 intrest..........please.....
Re: Re: Re: Why Avoid Capital One? You got that right. What is it, 19.99% or 23%, I forget. Real competitive. Really. I hate to disagree with you on this one GEORGE, but they are mostly a sub-prime lender. My suggestion if you really have bad credit and need a card ? Join a credit union, and avoid crap one.
Re: Re: Re: Why Avoid Capital One? I would also disagree with "Avoid Capital One!". Many members that contribute to this board currently have damaged credit. Capital One is one of the best credit issuers to people with past credit problems. What is the downside of Capital One? They usually pull 2 Hard inquirys out of the 3 CRA's. If someone already has damaged credit that would not be a reason to stay away. Is it that big of a deal? They do not report the credit limit. That can be fixed by maxing the credit card one month, problem fixed. Or return a big purchase. Is it that big of a deal? What other problems do they have that we do not hear about with other credit card issuers? What is the upside to Capital One? They report to all 3 CRA's every month They take chances on people with damaged credit The APR and annual fees are decent with sub-prime They do not charge a monthly fee They do not charge a processing or setup fee They do give nice credit limit increases They do give auto financing to sub-prime They are BK friendly to those who need it If you can get prime credit cards is Capital One worth it? Some say yes, and some say no. I can say that I have 3 Capital One cards myself and I don't know what I would have done with out them with a BK(7). What are the other choices really? When you can get prime you have alot more credit issuers that will compete against Capital One. There are very few that can compete with Capital One in the sub-prime area though.
Re: Re: Re: Re: Why Avoid Capital One? I have a 14.9% and my girlfriend has a 12.9% and we both have BK(7)'s. Her discharge is not even a year old. I would say it is competitive. Capital One actually does alot of prime lending. How many "no hassle" TV ads have we seen? What is the APR, annual fee, and credit limit area on the No hassle Platnum. I would say they do alot of prime lending.
Re: Re: Re: Re: Why Avoid Capital One? Yeah, but who's to say how many no-hassle cards they have issued ? According to many posts I've seen it is very diificult to get, and the CLs can be really low, I've heard as little as $500, which is sub-prime level. But you made some good points, and considering your girlfriend has 12.9 1 year after BK 7, that is pretty good. From the huge amount of posts I've seen on Cap 1, that is also one of the best. I still believe the credit union is the best alternative for re-esablishing credit.
Re: Re: Re: Re: Why Avoid Capital One? It was revealed last year that 40% of cap.1's cardholders were "subprime" that in of itself makes it a majority prime issuer. Some people on this board do have terms with Cap.1 that are prime If your golden enough that you can afford to move on to prime issuers like Citi, MBNA, BofA, BankOne, Chase, than good for you and enjoy, you've earned it. But some, me included, have prime terms with this company. Once I am able to move on, I will. In the meantime, the only reason to call Cap.1 subprime is because they do not report credit limits, I agree that sucks. BTW, they only pulled 2 bureaus for me, which is exactly what MBNA and BankOne do according to this board.
Re: Re: Re: Re: Re: Why Avoid Capital One? I'd say you're lucky...mine is 15.something (and doesn't budge aside from LIBOR changes) and I don't have anything they could consider as being "derogatory". I've tried repeatedly to get the APR lowered with no result and the credit limit increases are a joke. The card resides in the freezer where it'll most likely stay. I'd rather give Citibank and HH (Corvette) the business...at least they don't have their nose quite as far up in the air (Crap 1 subprime for life)
Re: Re: Re: Re: Re: Why Avoid Capital One? I HAVE CAPITAL ONE 3.90% (BT)/5.90% (PUR) CHASE---CLOSED (BAD NEWS) CITIBANK 3.99% (BT)/4.99% (BT)/6.99% (PUR) MBNA QUANTUM 3.99% (BT) 8.90% (PUR) BofA 4.00% (BT) 13.99% (PUR) BANK ONE UNITED VISA (NO BT) 14.24% (PUR) OVER-ALL CAPITAL ONE IS MORE PRIME THAN CITIBANK--MBNA--BofA--BANK ONE I COULD BE THE EXCEPTION...BUT I DON'T CARE!!! EXCEPT when people tell me I'm WRONG even if I print the FACTS to PROVE THEM WRONG.
Re: Re: Re: Re: Re: Why Avoid Capital One? HH Corvette are you kidding? Household blows... Say what you will. $5000 at 9.9% is prime (Soon to be combined for $9500+). Again, the only thing that pisses me off is that Cap. 1 does not report credit limits.
Re: Re: Re: Re: Re: Re: Why Avoid Capital One? I'd say its almost unfair. I couldn't believe the pre-approved offer that she received last week. I did it online for her and she was instantly approved, 12.9% and a instant account # with experation date. She is only 11 months out of BK(7) discharge, and does not have a high income. The best Cap One I have is 14.9% with $2000 CL, unreal. If she only knew, I do all of her credit repair and cards. I actually can't agree or disagree with the prime area personally, but do see your points along with others in the prime area.
