wing007, I got many pre-approval offers from Cap 1 and they said that guarantee approval for Platinum Card. They give you high fixed APR like 14.99% fixed and $39 or $59 annual fee. My other Platinum cards or regular Visa MC cards that give me lower rate and no annul fee. Read my post and it is tough to get them to raiswe your credit limit or lower my rate. You don't expect any cash back or other rewards by using the card. Cap1 doesn't report credit limit to credit bureaus. Customer service is good and they have on-line payment to pay your account. They posted your payment to your account next business day by usinng their on-line payment. By the way, many people having good history. Cap1 give them subprime terms. By the way, they don't check emplyment and they score your credit to approve the credit. Ron.
Richard612, that's some darn good advice there. I intend to do the same thing - use a card to tide me over until a job and then hopefully pay it off. Ron, from your reply and also from reading other posts about cap1 in this forum, i gather that cap1 tends to offer very low credit lines even to folks that have good credit. If they are this stingy, then wth do they send pre-approvals with upto $7500 CL. I really think this is a bait and switch scam. Anyways, i'm thinking of giving mr.cooke a shot and if that doesn't work then i'll tell them to shove it. Besides that are there any other suggestions? Are the other card issuers this stingy too when it comes to 0% offers? thanks.
Richard612, Beware Household Bank give me $1500 for GM Card even you have a good credit history and Juniper Bank too.($500 credit limit) Ron.
I am a Cap 1 customer for better part of 6 years with a perfect payment and usage history. I requested a Plat. card last Oct and was denied. Did get an increase of $300 and a hard inq. for my troubles. Current cl 3k and only one account. Best regards, Mirage
Mirage, Every six months I called Cap 1 automated system to increase my credit limit and it increase my credit limit without hard inquiry. My Cap1 account currently has $3000 and Kmart MC currently has $5500 for Kmart purchases and $5000 for non-kmart purchases. My brother applied for Cap1 Platinum Card for 9.9% fixed and they gave him subprime terms. He got perfect credit history. The system told him he didn't have enough revolving balance. I never go for the Platinum Cards and they're looking for high balance transfer because they wanted to make money by transferring balances from other credit card accounts. Ron.
Ron, thanks for the comments. I am aware of the 6 month rule for the 300 cl increases. I've done that on a few occasions as my cl is 3k. I just wanted to have the Plat. card as I am tired of looking at that ugly green marble Cap 1 card. Best regards, Mirage
Mirage, Me too. Capital One offered me numerous of times for Capital One Platinum Card. Their term is $59 and 14.99% fixed. It is Guarntee Approved. No, thanks. My other cards has no annual fee, lower rate. I used the card once a month to buy little things and I keep it for account history. They charged me $29 annual fee. Ron.
I'm going to make a small suggestion. You can accept the Cap1 Plat offer and when you get it, immediately pfb for better terms. Now I wouldn't even bother with retention and gradual decreases... if you have good credit go straight to the exec dept and get it all done at once. I'd ask for a loc increase right away, but be prepared not to get it unless you want to throw in a large balance transfer (they love bts)... terms seem negotiable earlier. Get the terms changed to 8.9 or 9.9 fixed (no hassle variety if you can) and get the annual fee waived... then at 6 mos and 1 year intervals go for loc increases. Cap1 is very conservative yes, but once you get your foot in the door they can be great. Note: they're very payment and profit sensitive... so if you're going to leave a balance somewhere do it on the Cap1 Plat... but at 8.9 that's a decent rate to leave balances on...
wing007, Did you mail your application or do it over the phone? And about how long was the total process?
Wing007, When I had perfect credit(back in 1996 had no lates at all) Capital One called me and offered a card. I accepted and they sent me a card with a $3,000 credit limit PLUS they allowed me to do a balance transfer from my other cards for an additional $3,000. Soooo all of my other credit cards were showing zero balance plus I had $3,000 cl with Capital One. What did I do??? Charge up the Capital One card PLUS recharged on every card that had a zero balance. :-( Now...many years later I'm still trying to clean up that mess so that we can get a home this year. Live and learn I guess!
mindcrime, i mailed the application and they sent me the card in two weeks. cfand3boyz , Ha, so it was cap1 that messed up your credit. But, seriously, i hear you. I agree that if you are not careful about your credit, it can come back to bite you later in life.
