Capital One geared toward poor/average credit?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Jun 03, 2010 8:17 pm

I think as a rule of thumb having cards on your record that are commonly associated with poor or even average credit is not the best idea. It's true that credit scores don't take into account the issuer, but I still feel it just doesn't look great to a pair of human eyes reviewing the file for a mortgage/loan. This is why I try and stick with more respected financial institutions.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


Parker19904
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Postby Parker19904 » Thu Jun 03, 2010 8:26 pm

Mogul of Pineapples wrote:I think as a rule of thumb having cards on your record that are commonly associated with poor or even average credit is not the best idea. It's true that credit scores don't take into account the issuer, but I still feel it just doesn't look great to a pair of human eyes reviewing the file for a mortgage/loan. This is why I try and stick with more respected financial institutions.


I had applied to try this card two weeks ago, I received an e-mail on 6/2 confirming that the card had been mailed out. So I should receive it tomorrow. This was just to start building credit history. At the moment, I do not need to apply for a mortgage, I am taking my time to build some credit. My security deposit is of $500 with this card. I will see with Bank of America and/or Public Savings Bank as well.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Jun 12, 2010 9:32 pm

Since you're getting the card there's no point in canceling it since it will show up on your file either way. Keep it open and just work towards something better. Once you do have better cards in the future it may be worth keeping the Cap One open since too it will have a longer account history.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

jeffysdad
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I opened and used a cap one card...

Postby jeffysdad » Sun Jun 13, 2010 6:50 am

a few years ago for a BT. I paid it off and have only used the card since for international transactions since they're one of the few (only?) cards that doesn't charge a fee for such transactions.

I don't think the Cap One card has hurt my credit rating, which is close to 800, but I haven't applied for any loans (car, etc.) in years and years, so maybe a review would flag the Cap one account (?)

They only offer 1% cashback and their card is UGLY. If it weren't for those two factors, I might use the card regularly. Their website is among the better ones, IMO, and I never had any customer service issues with them.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Parker19904
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Postby Parker19904 » Sun Jun 13, 2010 6:53 am

Thanks.

I received the card in the mail on Friday 6/04, the procedure was very simple. I had requested a $300 limit to start and to make sure that account was activated. I added two days ago $200 to have a $500 CL.
The card works great, I am very happy with this service.

I will not exceed a 30% utilization ratio and pay in full every month (or leave $5 or $10 in the balance so they report this amount with my $500 limit).

I am receiving pre-screened offers but not very interesting. I will wait and maybe in 6 months I will get better offers in the mail.

This forum is a real wonder, since I could get all the answers that I needed. Thanks to all the members. I will keep you posted about this card in the future.

Parker19904
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Postby Parker19904 » Mon Jul 05, 2010 1:19 pm

Hi everyone!

I received my first bill that I paid in full. Also I had been approved at the same time for a Best Buy Reward Zone Mastercard with a low limit of $100 (also paid in full).

After one month of use of the cards and a full repayment, I checked on my credit files that the cards were still not reported.

Anyone experienced this before? If so, how long does it take to have those two accounts reflecting in my credit report?



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