Here are some interesting facts about secured card companies: While rebuilding my credit since Oct 1996, I was offered deals from each credit card company listed. ALL offered cards to me immediately after my Chap 13...Providian offered me a $1000 Plat Classic Visa the following day after I filed. (It looks like a Plat card - but it is an expensive classic VISA.) All of the listees I used successfully, all reported my performance, all helped me to AMEX and almost prime status now: CAPITAL ONE - always was conservative, but never used any unscrupulous tactics. They are cautious but help consumers go from sub-prime to prime - reatining them as a customer! They are very successful today. FCNB - now in trouble with cash flow - up for sale. Starting to see listings here about weird responses from FCNB - account history reasons, etc...watch out for FCNB troubles to continue. NEXTCARD - glad I got usage out of them on my credit report. Now takenover by FDIC. Possible fraud at NEXTBANK. Another terrific credit reference - LOL! PROVIDIAN - seems NOW they are attempting to keep good customers by offering upgrade to Platinum status. BUT, this company was indicted by the San Francisco District Attorney for fraud. I milked them out of a great credit report - but I had to watch them every month to make sure they didn't add anything to my bill... Providian will be sold evenutally - but will be difficult for new people to get cards. They are being watched too closely by the FEDS - AND they (Providian) has publicly notified many members of rates JACKED TO 29.9%! Providian is the first company to offer online payments at $9.95 PER PYMT! Glad I am done with them... THE QUICK SUMMARY - AARRFFF!!!! The company that treats its customers fairly - like Capital ONE - will survive and make a profit - over the long term. Their customers remain loyal. The company that SCREWS it customers MAY make a profit for that immediate quarter - BUT - they will get caught rapidly - particularly NOW - after ENRON. I am glad that 4 card companies gave me credit and good reporting. It built my credit. BUT interesting that 3 of them who tried to screw their members are now almost out of business! aarrrfff - dogman
I got my 3rd STRIKE from PROVIDIAN (GETSMART 1.90% 3 MONTHS WITH A "GO-TO" 9.99%) a while ago with 711 F.I.C.O. and $100,000+ income...THEIR LOSS Wife had 741 F.I.C.O. 2nd STRIKE...NOT GOING TO EVEN THINK ABOUT 3rd STRIKE!!!
I agree with dogman and ar, capital one is the best card in my wallet. Just rec'd a $5k increase on my platinum card. I told them I needed to transfer some balances and they accomodated me with the utmost ease. I now have a 10k limit. They have been the best. You get a 30 day grace from statement date to payment due date. They give me the lowest rate of 9.9 for purchases. Sometimes their increases are $300-$500 but for some odd reason they wanted to accomodate me to transfer balances. I've been with them over 2 yrs now. Once you reach platinum they treat you pretty well...
Did you request this through regular customer service, balance transfer dept, or the Exec dept? Congrats. 5k is a lot for one increase.
Strangely enough I had spoken to the retention dept. I had read a post on the board stating a balance transfer could result in a line increase. I think they give better consideration when you are transferring a balance. For example if you apply for a new platinum card one of the reasons sometimes given in the denial is "lack of a balance transfer". They like to see you transfer balances. I was floored when they told me the increase. Couldn't believe it and am still dumbfounded. Not that I didn't deserve it :>)
Did they actually take the balance transfer information from you then and process it? or did they just take your word for it? I've had them increase 1k for a balance transfer, but never 5k! I'm impressed I've noticed my lines increased dramatically when I made large payments (500-1k a month) and did balance transfers.
they took information over the phone. increase went thru first now bt's can process normally. i know i'm still amazed..
Large payments help...EXCEPT WHEN YOUR GEORGE...AMEX BLUE went from owing $15,000+ down to -$100 in 2 months...and I still couldn't get an increase in the credit limit...I have stopped using it totally!!! They DON'T care!!! 2.5 years of PERFECT payment history...I can't get SQUAT!!!
I restored my credit using Providian, Orchard and Capital One. Capital One was very conservative about credit line increases. I started with a secured card. Eventually my cash deposit was 2K and the CL was 5K. After 5 years, Capital One would not unsecure the account. That was ridiculous. I walked. Providian was liberal about credit line increases. Originally the account was secured. After it was unsecured, the CL grew to 10.5K but Providian refused to lower the 19.8 interest rate. Then I paid in full each month to avoid interest. After another year, I asked Providian to waive the annual fee. They said no and I said goodbye. Orchard has a decent subprime interest rate--15.9--but will go no lower. I have two cards with them, one with a 5K limit and the other 3,100. Orchard agrees to waive the annual fee each year but I have to go to retention to do it. I hardly ever use my Orchard cards anymore since every other card I have has better terms but I'm reluctant to close them becaause they are my oldest tradelines.
Dog, Thanks for the info. I am a BK from 97. I just missed you in chat the other day. I know that you are one of the big 4 BK success stories here. Marie, jim, Kelly and Dog. I will post to you here on the board in order to set up a brief chat time with you if you don;'t mind. I need some Bk help. I probably will ask you to chat next Sunday at 6:00 pm western time. I got to talk with kelly. She was very helpful but her BK drops off soon. I have 2 cap 1 accounts, FCNB, CU secured card, Target and providian. I just bought a new Camry. So dude I am doing ok 4 years past my Bk but want to do better. Look for my post to you. tahnks for answering my chat request the other day.
Hey King - I will be on tonight - I will look for you. A lot of people here had gotten over the BK stuff. With your new Camry - sounds like you are doing well! Later - dogman
Dogman another BK'er on the rise! 2002 Maxima SE! 25 days old! I must whole heartedly agree with your accessment of Cap One. Mind you they beat you over the head in the beginning.But when they are good to you they are good to you! Last Nov I had a total of a 800.00 in cls today I am sitting on a 9.9% 6500.00 limit Platinum! I made some pretty large payments typically 500-1500 per month for the last year. Wrote a PFB letter and I am Platinum baby! I fully expect to be at 15-20K in cls before the end of the year since I know how to work the game now! My next move is to use my card to the limit by purchases and BT's pay it off in a month and apply for another Platinum card! My first subprime card is now my first PRIME CARD!!!! it took me 2 years anf 10 months. if I had found this board early it would have happened last year. Providan gets the big GAS FACE I hated those bastards. I just got their grimy residue of 2 CR one more to go!
2002 Maxima... NICE GOING!!!! I have a 1995 Max - bought new - now has 80K! Perfect. I keep thinking about trading - but - the car is in perfect shape. Did you finance your MAX? If so did you do it thru Nissan? What color - etc... best regards - dogman
Re: SECURED CARD COS - 5 yrs laterr I have 3 cards with Orchard and my lowest apr is 9.9%...My socres range from 560 to 603..I have only been with them for about 8 months now..Just got them to combine all 3 cards into 1 and keep my 9.9%...Hoorah..I like orchard alot ..Great Customer Service...
Thanks Dog, I can't make chat any evening this week due to prior commitments until Sunday. Do you have any additional cards you would recommend that I get aside from the ones I mentioned? Jim told me to apply at Nordstrom and Marie said QuikTrip. Macy's is a possibility. Also, I sent off my first disputes. Did you use Junum? I think I read it on one of the old posts. They seem to be in disrepute now. I got a favorable report on Lexington.
Re: 2002 Maxima... dogman NICE GOING!!!! I have a 1995 Max - bought new - now has 80K! Perfect. I keep thinking about trading - but - the car is in perfect shape. Did you finance your MAX? If so did you do it thru Nissan? What color - etc... best regards - dogman It is a majestic blue looks black at times fully loaded I financed it through nissan 0.9% no money down-477 a month! Can't beat that deal with a stick! This board and the wealth information on it kept me from paying 600+ a month like some people I know with the same car! excuse me not all of the options. sunroof, leather, 8 speaker stero the works! Thanks for the well wishes!
Re: 2002 Maxima... sounds like a great deal - my payments in 1994 - for 5 years - were $424. That color is sharp - glad you got a MAX! berst regards - dogman
Re: 2002 Maxima... Ditto on the Maxima. I got a GLE with all the bells and whistles last summer. It's a fine car. I don't like financing for five years though so I'm doubling up on the payments and figure it will be paid off in just over two years. This will save alot of interest since it is financed at 8.9. Unfortunately, they weren't offering 0% financing when I was forced into buying a new car after the old one (a Sentra) finally died.
Re: 2002 Maxima... Dave I got lucky...not only did my credit report clear up, but nissan incentives took 5000 off MSRP righ off the top! with a little hagging and buying on the last day of the month I got the best deal on any car I ever bought! Your right about the five year deal. I checked out an ammorazation table ? on line by just adding a 100 bucks a month i knock it off in a little over 3 years. This is the first time most of my car payment actually goes on the principle amount versus interest. Dogman if the Atlanta traffic wasn't such a bit@h! I would have gotten the 6 speed, but the automatic is plenty fast. my girl floored it and it scared her! You got to be careful or you can run someone over for real! I think 0-60 is right at 7 seconds or little under I pass with confidence...LOL love the MAX!
