MemberSince99 wrote:I would bypass Cap One if you have a secured card and just wait until you can get a card that will grow with you and offer rewards and no annual fee. Cap One "fair credit" cards do not give any rewards, have an annual fee, and have about as much chacce of growing with you as you have of finding a gold ring in your bathtub (that you didn't place or lose there).
There is this misconception that paying everything off is good for your credit. It is good to be current on your payments, and that good history will report for 10 years, but you still need current credit for the optimal score of the installment sort.
What you said about credit cards yes that is correct.
Credit Karma and Credit Sesame are free and will let you monitor your credit, CK lets you pull TU every day and CS is EX once every 30 days I believe.
Daniel wrote:Just a correction, Cap One does offer a rewards card in their fair category, it is a 1% card with a bonus .5% at the end of the year. You are correct that there is an annual fee though. Are some of the major retail bank's like Wells, BoA, and USBank good options for no annual fee cards after someone has proven they manage their secured card well?
It is strange to me though, that in many forums, everyone agrees that the CapOne Fair cards are easy to get, but there seems to be some distance between those and the next tier of cards in terms of optimal credit score. It seems like people with self reported 650's and 660's who could get the CapOne cards easily, get declined for or low limits on things like a Freedom or a More card. Are there some cards with high approval rates (anecdotally) in this in-between range?
hematino wrote:True, but for the fair version of this card, with the annual fee of $39, you'd have to spend $2600 @1.5% back just to break even! That's pathetic for a cash back card and completely not worth it. Considering the miniscule credit limits Capital One loves giving out on their "fair" cards, you'd be better off with a non-rewards card or better yet, going with another issuer.
MemberSince99 wrote:Are you guys talking about the "No Hassle" card? That one isn't for "fair" credit that's one of their prime cards and it gives you a straight 1% back plus .5% at the end of the year.
As far as I know none of the "fair" credit cards give you any rewards at all with Cap One. I've had 3 of them, and I never got any. I've also had the No Hassle card and that does give the rewards you describe but it's a lot harder to get and a different animal than the "fair' credit cards with a 39 dollar annual fee.
MemberSince99 wrote:Interesting looks like they changed things a bit. The first link is for "fair" credit and does offer rewards so you are correct, they did not used to. The second one is the same thing but is for "excellent" credit. The only difference I saw is excellent has no annual fee, where fair costs you 39 bucks a year.
And maybe they don't offer the No Hassle anymore, I haven't checked out Cap One recently all I know is what they used to have back in the dark days when I used them. I don't pay any real attention to what they do these days as they are off my radar completely. I still do enjoy mocking their horrendous CS though, that NEVER gets old. "Thank you for calling Capital One my fake American name is George may I please know your first and last name?" "Oh you say you have had the same 500 dollar credit limit for 10 years now and your credit score is over 800 and you have prime cards with limits over 10k and wonder if we can give you an increase? Certainly I'll be happy to assist you and pull all three bureaus with a hard only to inform you that I am sorry but this account is not eligible for a credit line increase at this time". Yeah, fun times.