I've had a gold card for almost 3 years with an a perfect payment record. CL is $2500. They send me an offer for a platinum card with a top limit of $2000 and a $29 fee. Going to call if it's going to be the same tradeline and will probably take it. $29 a year for a few years is a small price to pay to rebuild credit.
Usually, these things border on a scam from them. Ask to transfer your existing card over to the same terms. This is just another way for them to suck $29 out of you. If you get the card and they give you a $200 limit (and they probably will), it will be a score killer. Whenver you use the card, even for $100, you'll be at 50% utilization on it. Hardly worth it.
My current card with them expires 2004. I'll probably wait and see what kind of offer they give me later. I'm also looking at the Chase stockback and Principal Bank cards. If I get one of those than I'll cancel the capitol 1 card.
Re: Re: Cap 1 gave me an offer today Since you say you're rebuilding credit - you don't want to close a 3 yr old card, esp. if it is one of your oldest. 0
Re: Re: Cap 1 gave me an offer today It's the oldest right now. I also have a 6 month old GM card that I use for everything and looking to get another one in the next month. Going to keep using the GM until late this year and then switch to the Chase or Principal if I get it.
So what did you end up getting as a CL? I'm curious because I too received and applied for the Platinum Card yesterday. I have a regular Cap1 card with a 2250 CL on that.
I had a Cap 1 with a $3200 limit and they gave me a 2nd card with a $300 limit. I'll combine them after the mandatory 6 mo. period is up...at least they tell me I have to wait 6 mos.
you can do one of 2 things... accept the card and use it to work up Cap1 (and later combine it with your older card) just use www.planetfeedback.com.. play nice.. ask about having your existing card become platinum instead. the executive dept will call you and help you. You should be able to get at least 1k increase in line, a change to Plat, and a better interest rate. Or... take the card... when you get it.. do the same pfb letter... and when you talk with them try to get a 1k increase and better terms (no annual fee on the new card) on both cards I've found that working up 2 cards is easy.. then combine into 1 later (3-5 years down the road). If you don't get an annual fee rebate right away, use retention. they give that back pretty easily
