Got a pre approval for cap one. Filled it out. Did the paperwork sending back and forth - needed to verify address as I had recently moved. Called today and was told that I have been approved, but they can not tell me the credit limit. They said when I get the card and call to activate it, they will then give me the approval amount. Anyone heard of this?
No. Very strange. Credit limit should be known right away. It's usually the APR that takes a day or 2
I called them again and asked about this. I was told that sometimes this is done, but the person I was speaking with could not give me a reason why. She said it's sometimes part of the marketing? She said that they will ask a few questions, then activate the card and tell me the credit limit. I have been told this is not a secured card, and not a Premier Credit Card Deal. It is unsecured with a $39.00 annual fee. Anyone else have any input?
My guess is your CL will be less than $500.00 Just a hunch on how Cap 1 operates. Best regards, Mirage
OK. Even with that being true, isn't it beneficial for me to take this card for now? The only other card I have is that stinkin' Premier one - which I closed since they charge you for ANYTHING AND EVERYTHING!!!!! I have made WONDERFUL progress on my reports, but still have a few negatives to take care of. My EQ and EX scores hover around 640-660. My Tu score stays down in the high 500's. I don't want to take the hits for inquiries and know that you generally won't get a card anyways with negative TL's still on your report.
Re: Re: cap one - heard of this? Cap One and Providian are good rebuilders to hold onto until you've gotten the rest of the baddies cleared off, then go prime big time. And a $39 annual fee isn't that bad. I cancelled a pair of K-Mart Cap One (one mine, the other the wife's) with 200 and 300 dollar limits that had $72 annual fees. With the new card, I would hope for $500 - $1,000 but have in your mind the low limit on what would be worth having. A $200 card with even only $39 fee isn't too good of a card. But then Cap One was pretty good with raising my wife's CL on the normal Cap One card she had without her asking after a mere 6 months of ontime payments. Just food for thought. ChrisB
Re: Re: cap one - heard of this? Thank you to everyone who helped out on this one. I'll let you know how it goes when it gets here.
Re: Re: cap one - heard of this? they did the same thing with me...i just got a "platinum" mastercard with CapOne about a week ago. 14.99% APR, $49 annual fee and $200 CL. good enough to start building up scores. dilla
I had the same thing happen to me.. I got the invite, Got approved however they did not tell me my limit.. It turns out that when I called to activate the card I got a 300.00 limit.. 9.00 annual fee.. 12.99% APR.. After 3 months of being on time.. My 300.00 limit went to 3000.00 and I still have the 12.99% APR and 9.00 annual fee..
My limit ended up being $200.00. They said with 3 months of ontime payments, it will go up a whole $100.00. WOW! I've heard that they are pretty generous with CL's once you've shown that you can/will pay on time. That is what I am hoping for. I have since been able to get 3 other cards, once with a $1500.00 CL. I figure I'll hold onto the Cap1, and see what kind of CL increase I can get. If it doesn't end up being somewhat generous, I'll sock drawer it. Either way, it's a start!
I don't know where you heard they were generous - they're one of the stingiest card companies around. They're also tricky - they'll send you a pre-approved offer for another card "up to" three, four, or five thousand $$. Then, when you accept the offer, it will be another $200 card with a monthly fee, or something like that. When you try to close it, it won't close because they'll keep billing you for the monthly fee.
If they end up being stingy, then I will eventually close the card. As far as more offers, I have no intentions of getting anymore cards for quite some time. I still have some "cleaning up" to continue with! Thank you for the info though!
