WE've had the K-Mart MC for 3 months now , our credit obviously is not perfect. We have no new negatives, but our scores may be lower because of new accounts, not sure. I asked Cap One if if the qualifications for a Visa are higher than for the K-Mart card, and she said she didn't think so. I don't want to apply for anything else after the 31st, I already have one new account this month so I figure another one won't hurt that much. What do you guys think? Is it worth a shot? I don't want to waste an inquiry if my chances aren't pretty good. Do you think if I qualify for one I will qualify for the other?
I really can't answer your questions. But I do know that if you already have say 3 of their cards then they don't want to give you any more even if it's K-mart.
I'm not sure I'll ever have so many cards it causes me to be turned down for more - I know, poor self-esteem!!!! Thanks for posting Bill.
Thanks, Jeff. I am thinking that it is worth a shot also. I was hoping for some insights or encouragement, which you have given me.
If we're talking about the $200 Visa with the $59 annual fee, I'm confident that the requirements are lower than for the Kmart Master Card. High hopes and best wishes, RichGuy
RichGuy, OOhh that does not sound very attractive. Not sure I want that. I acually do not know what card I might qualify for. Is that the Classic Visa you are referring to? Thanks!!
That's the starter version of the unsecured Visa Classic. You may qualify for a better version, and they have many versions, but they tend to play it safe and offer you a very small card at first. Cap One never looks for a better deal to give you. They always wait for you to prove that you're willing and able to resist their initial offer before they offer you anything else. Even then, it can take a long time to convince them that you mean business. Others having had more positive experiences with Cap One may have different opinions, and in particular know how to negotiate more effectively. I hope you find their advice useful.
My Cap One Visa came with a $200 limit, $39 annual fee and 19.8%. I was not happy with the card at all. If I had not found their executive offices, I would have cancelled the card. Today, one year later it has no annual fee, the interest rate has been reduced substantially and the credit limit is $1000. My point is that of the sub-primes, Cap One is pretty good. They have treated me fairly and I can see that this card has the potential of becoming a good card. I think it is worth getting and I think you have a good shot at one. To better your terms go to the executive offices. They are fantastic. They have helped me with each contact. Customer service is friendly but I haven't found them to be too helpful. Of the sub-prime cards I have two, Cap One and Getsmart. If Getsmart wasn't my oldest tradeline it would surely be gone. I am prime now even though my Cap One is not. I do see that as it ages it can become prime ( unlike some other sub prime cards ) and I am glad that I have it. Hope this is helpful in your decision. Good luck Terri.
Rich Guy and Jeff, Thanks so much for your input! I have one other question - How do I know which card to apply for, and if I choose one I don't qualify for, will they offer another one?
My application was for their classic visa with a minimum $200, up to $500 max. That is the bottom of the heap as far as their unsecured cards go I believe. If you apply for one of their better cards and do not qualify I do not know if they will offer you a different card. My guess is that they would. Just a guess though. I know someone here has the answer to that question.
I definitely think you should apply for the classic Visa. That one can range from the starter card I described all the way up to $2000 or more, 12.9%, and no annual fee. Usually Capital One will simply offer you the card they think you qualify for. If you apply for the platinum Visa, they may still offer you a little tiny classic Visa starter card. Some people threaten to send back the first card they get. Others accept it but try to negotiate the annual fee away. Others take what they get, but then try to negotiate as their payment history and credit history improve. You may be able to negotiate a better deal upon receipt of the card, but only if you are truly willing to send the card back and do without it. Then you have a high probability of getting some of the features you want (like a $500 limit and half the annual fee rebated) but also a high probability of having to close the account. I think it's worth the risk.
That sounds like good advice to me. Hey RichGuy. When I received my $200 card I immediately called CS and they gave me another $100.
Thanks so much Jeff and Rich guy - you have been very helpful. I really appreciate it. I will let you know what happens!
1-800-955-1455 8am - 5pm ET M-F This is the number to the Executive Offices. They are quite helpful. Good luck Terri!
Terri, I believe it is harder to get the KMart card. I recommend you do the following depending on your financial/credit situation: 1) Apply for a secured Visa. You can get $500 credit line for $99 if your credit is good. 2) Apply for the classic Visa. I can't promise anything, but they, and especially 1, sound promising given your situation.
