I have no credit at all and have received a letter from Capital One, and it says that I've been approved for a limit of $200. (I have to send them funds of $99) Should I get this card to establish credit? I've read lots of posts about this company, and many of them are pretty negative. Also I wonder what everyone thinks about Providian Visa Gold. I also received this pre-approval letter from them. The interest is 23.99%, the grace period is 25 days, one time fee is $49 and annual fee is $59.
Both are probably your best bet for establishing credit. Cap 1 is pretty singy with increases. 6 months with no lates (not even 1 day) or over limits will get you a small increase. Providian gives larger increases with good pay record. I've never had any problem with either. A pre-approval is not a sure thing. Can you apply on-line? You may get an instant approval. Also stay away from First Premier Bank. You'll pay $200 in fees for $250 in credit. Good luck
Aria - $49 fee, $59/yearly fee immediately due = $250 line Cap 1 $99 deposit (returned after 1 year of good history) $200 limit, $39 annual fee billed immediately. The ARIA card is ugly, and providian advertises these on TV so everyone knows whats up when you use it. The cap 1 of course has 25 day grace, 19.8% interest. Great for establishing credit and not paying thru the nose in interest. Aria will give you higher increases. But its still a providian card I'd say get both if you can afford it
I've had the Providian Gold card (think it was "guaranteed approval") since 11/00, and haven't really had a problem with them. I got them to reduce me from 23.99 down to 21.99 after the first month, but I don't have a grace period. You can really negotiate w/ Providian after you've had their card for about 3-6 months. I also have the Aria Persona since 12/00... not the best rates, but I'm just waiting for it to hit the 3-4 month mark so I can call to try and negotiate (and actually get results). Again, since this card is issued through Providian, they are suppose to be generous w/ increases. I am still waiting for my CapOne secured ($200 for $99)... I have heard that this card is a good start for those who are trying to (re) establish their credit. Heard that after a year w/ the secured, you can reapply for an unsecured CapOne card and usually get approved~ someone pls correct me if I'm wrong... Anyway, good luck! I do recommend the two companies that you asked about. Keep us posted!
FCNB Heard they are also good. Only offer secured VI/MC, but give you up to 300% of your deposit, depending on your credit... They also issue Eddie Bauer and Speigel. Don't have the card myself, but heard nothing but good things about them.
