Capital One

Discussion in 'Credit Talk' started by Shelby, May 19, 2001.

  1. Shelby

    Shelby Well-Known Member

    I finally received my approval from Cap one today. They offered me a secured card with a limit of $200 with a $199 security deposit. So they're extending me $1 worth of credit??!! What crap! I know my credit stinks but I have other unsecured cards...FNBM and FNCC...I know these are cheesey subprime companies but at least they gave me unsecured cards! I was hoping for a partially secured card from Cap one because from what I have read on this board they seem like one of the better companies to rebuild with but if they are not willing to extend me any more credit than that then I guess I will just stick to the others. I was thinking about complaining via planet feedback to see if they would reconsider their offer.....does anyone think it would do any good? I would appreciate your thoughts.
  2. Mirage

    Mirage Well-Known Member

    I started out with a tad more cl than that ($300 cl). At this point if you want to keep Cap 1 than you are going to have show a little history with them.

    Going the PFP route right now is your choice but I would wait about 7-12 months and see what happens. The waiting period and consistent handling of your account will give you more ammo with Cap 1.

    On top of this advice, the only other thing is that you have this board to guide you. I only received one increase in 4 years but with the help of this board I have received 4 increases and unsecured my account.

    Best regards,

  3. roni

    roni Well-Known Member

    When my credit was crappy I started out with the same offer. I now have $3200 of unsecured credit with them in 1.5 years. I remember your credit not being so HOT Shelby with unpaid debts etc...maybe I am wrong. Nonetheless, I dont see the problem. NOT everyone gets the $49 partially secured card that people brag about at this site. Like I said before MP$40 was successful with PF but that is b/c they took FOREVER to process her application and Mr. MIller unsecured the card kindof as a courtesy. She was very Happy. You can try PF. That is your option. But with bad credit, not sniff at that offer.
  4. amaineman

    amaineman Well-Known Member

    I was lucky and got a $200 unseucerd card 14 months ago, filed chap 7 Oct 1998.

    After 12 months they increased me to $300.

    Last month I complained via planet feedback that my credit line was not enough to travel with; asked for an increase to $1500. My request was granted, I also received a nice phone call from Mr. Miller.

    Worth the effort, they have treated me better than I expected.
  5. Shelby

    Shelby Well-Known Member

    Yes, credit is bad but I do have 2 unsecured cards so I was just wondering why Cap one was being so stingy with their offer. I did compalin through PF and asked them to reconsider my application and their offer. Basically if that is the best they can offer me then I don't really think I need them...I will just sick with what I have to rebuild. I know I can't be picky but it is just that I already have better cards and would have liked at least the same from Cap one. I'll let you know if I have any luck through PF.
  6. LoFico

    LoFico Well-Known Member

    I am in your same exact boat, so maybe I can offer you my perspective. I got the $199 deposit for $200 cl offer in the mail a couple of days ago. I knew it was coming because I called to check the status of my app earlier this month so it was no big suprise. I also have 2 unsecured cards with First Premier (big deal) but more importantly to me is having cards with companies I plan to stay with, companies that I could have a future with. I guess what I'm saying is that I am happy to get my foot in the door. I did write a letter via pfb. I got a call on friday from mr. m and he couldn't do anything for me at that time, but said he would try to find my secured offer and call me back on monday if he could do any better. I was very humble and not demanding in my letter or when speaking with him because I don't want to burn any bridges. He may be able to help me or maybe not, either way I'm sticking with them. I know now that I could have a nice cl with them in a few years. Where will my 2 unsecured cards with First Premier get me in a few years? Maybe I'll be up to a whole $500......yipee! Either way, it may behoove you to look at it long term, as is the case with all of this credit stuff. It's taken me quite a while to earn this knowledge, maybe I can impart it on you with less effort. Best of luck.
  7. roni

    roni Well-Known Member

    NO Shelby, You dont have better cards. I cant speak for FCNN but FNBM is not better than capital one. FNBM has monthly fees etc. Capital has a very low annual fee mine is $29 if I pay it. Capital one has been good to me. Like I said I went from $200 secured to $3200 unsecured in 1.5 years. I think capital one is the best in the subprime world next to FCNB. PRovidian pissed me off this week and I now realize that they are sometimey. When I threaten to close my capital one accounts I get $300-$500 increases thrown at me to keep the account. Providian let me close 2 accounts last week b/c they said that I dont use the card enough and refused to lower my 23.99% APR. YOu better think this over. Wait for PF response. But when in subprime Hell, capital one has been ok. ALSO, I traded in my marble green capital one for a gold card which has excellent benefits as well at capital one. All I am saying is think it over. I think capital one will benefit you more in the long run. They dont report limits which I think is their biggest downfall.

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