Cap 1 Gold Visa question

Discussion in 'Credit Talk' started by Mirage, Apr 2, 2001.

  1. Mirage

    Mirage Well-Known Member

    Wife just got a offer via mail for a Cap one Gold Visa.
    Stats-
    Apr 19.8%, 25 day Grace, $4.00 per month membership fee, and a credit line UP to $1000.00

    She now has a Cap 1 classic, and a Providian Classic. I think see needs at least one more MC/Visa card for the FICO score (currently 632). Do you folks think she should take this or wait for a better offer?

    I will be entering us into the Junum program by the end of the month.

    Best regards,
    Sam
     
  2. GEORGE

    GEORGE Well-Known Member

    WAIT.

    Up to $1,000 can mean $200.
    $48.00 is $48.00 to high...try $0 lots of them...
    19.80% too high...try 8.90%...9.99%...
     
  3. Ron

    Ron Well-Known Member

    Does your wife has any bad credit? I think Cap1 Gold card charge a little bit high for the annual fee. If she doesn't have any negative in her credit report, try to apply for no-annual fee credit cards. By the way, the APR for that card is high and the best rate is 9.9% APR fixed. Today Gold card is just like the classic card unlike ten years ago.
     
  4. Mirage

    Mirage Well-Known Member

    Guys, yes she has bad credit. We are in the rebuilding stage of our lives. I agree the terms are terrible. I think we will table this app and see what else happens. As she this have two cc to work with.

    Best regards,
    Sam
     
  5. Ron

    Ron Well-Known Member

    Mirage,
    Well, I'm sorry to hear that. I knew it is not the best offers.She can take pre-approval offer from Capital One and rebuild her credit history. The terms is not as good as the other credit cards. In about a year or two she can try to apply no-annual fee and get better terms. By the way, how long her negatives off the credit reports? Try to dispute it and to get early off the report just like what I did mine.
     
  6. Mirage

    Mirage Well-Known Member

    Ron, that's the strategy we are taking. Her derogs will not start to drop until 2006. We are thinking about using Junum, so I am reading as much as I can about them.

    She did get a mortgage, but the rate is high, and we wanted to redo the loan this summer. We have been on-time for the last 4 years with our current payments, so progress is made but the thought of losing all those opportunties to save on fees and interest has really made us humble about our credit.

    Best regards,
    Sam
     
  7. sam

    sam Well-Known Member

    i got that card, similar situation. $500 limit , 19.8%.

    Called on second month, reduced fee to $24/yearly, $100 line increase.
     
  8. Ron

    Ron Well-Known Member

    I recieved a pre-approval Capital1 unsecured M/C application with credit limit up to $1000 three years ago .I got approved to $1000 when I had at least 6 charge-off account sin my report. They charged me with $39 annual fee and 19.8% APR. At the same time I dispute the deliquency date of the charge-off account for the shortening time in the credit report and apply for the dept store and gas card like Exxon, and JCpenney.About two year ago, all my charge-off accounts came off from the reports and I started to get approved unsecured Visa/MC from First USA and Citibank. I still keep the account for the credit history for the past three years. Good luck to your wife.

    Ron.
     
  9. breeze

    breeze Well-Known Member

    I have the same card - now at $1,900 limit. No interest rate reduction - yet - hehe. Getting the limit up first. ;)

    They do not report your limit, but at your stage, that's probably not an issue yet. I am using yahoo paydirect to max it out and then pay it down, to show the limit on my report.

    Take it!! it's a start. They're kind of goofy, but they're OK.

    breeze
     
  10. Lisa

    Lisa Guest

    Re: Breeze how does this work?

    I took the offer in hopes of building credit.My first visa,
    been almost a month now I call and they tell me I'm approved and it's on the way.

    but my question is what is paydirect? And how does this help show your credit limit?
     
  11. Mirage

    Mirage Well-Known Member

    Re: Breeze how does this work?

    Breeze, thanks for ALL the answers and advice.

    The wife has a partial secured Cap 1 classic ($100 secured for $1200 cl). She does have a fraud charge on it now, so I am going to see how Cap 1 handles that before I have her sign up for the Gold Cap Card.

    Best regards,
    Sam
     
  12. breeze

    breeze Well-Known Member

    Re: Breeze how does this work?

    yahoo paydirect is a lot like paypal, but I think it's a little better. If you already have a yahoo ID, use it to sign up, and your email will be verified immediately. It's here:
    http://paydirect.yahoo.com

    After you sign up, go to "edit my account" and add your bank a credit card accounts that you want to use. You can change them, don't worry. You have to verify your email addresses (if you use one other than yahoo) and they will send you a snail mail to verify your real residence address. takes a few days. Follow their instructions (it's easy) and they set your limit at $1,000 a month.

    With Cap One, just transfer the money into the yahoo account. You can let it sit there until the transaction processes, and you can see it as "available" in the paydirect account. It will also show up as a charge on the credit card (purchase - not cash advance). Once that is done, you can transfer it back. Voila!! you maxed your card! Highest credit is what Cap One reports.

    I am working on doing more than $1,000. probably use paydirect, paypal, and some others, if I can find them.

    You can also transfer money from bank to brokerage account, or bank to bank directly. I haven't done that (yet).

    Anyway, hope this helps.

    breeze
     
  13. Mirage

    Mirage Well-Known Member

    Re: Breeze how does this work?

    Breeze, thanks for the tips on Yahoo's pay direct. I will look into it. (Don't foget the timimg of the transactions)

    Just tried to explain this to the wife and all she said was "forget the Paydirect, just buy baby formula and diapers".
    0-)

    Best regards,
    Sam "Dadoftwo"
     
  14. breeze

    breeze Well-Known Member

    Re: Breeze how does this work?

    Ummm wifey got it all wrong, teehee. It supposed to *look like* you maxed the card and then paid it down - not really max the card.

    Buy baby formula and diapers some anyway, tho.

    The baby doesn't have a card?? ;)

    breeze
     
  15. Mirage

    Mirage Well-Known Member

    Re: Breeze how does this work?

    Breeze, baby still too young for her cc, but the 4 year old does have a Toys r us cash card.

    Best regards,
    Sam
     

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