Credit Card for Emergencies
Author: tiltrite
Posted: Thu Jun 03, 2004 4:49 pm
Post subject: Credit Card for Emergencies
Hi all,
First post here, so please bear with me. (and yes, I have been searching )
I've built my credit back up and now I'm getting all these "preapproved" offers. I don't have a credit card right now and I'd like to get one for emergencies. In the past I've had nightmares with MBNA and will never use them again, but I'd like to get your take on the companies that are offering me these cards.
Providian:
Capitol One
Are there any basic hidden pitfalls I should be aware of if I sign up for one of these? Like how do you really know what apr you're getting? Everything seems pretty vague: like "credit limit UP TO xxxx" etc...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Guest
Posted: Thu Jun 03, 2004 5:10 pm
Post subject: Credit Card for Emergencies
wow okay I've seen a load of Providian horror stories. So what's the general opinion on capitol one?
Author: Milina
Posted: Thu Jun 03, 2004 6:28 pm
Post subject: Credit Card for Emergencies
I have Capital One from a year. Never had problems with them.
They review my card every 6 months and increase my limit automaticly.
One negative factor is that they don't report the credit limit to the CRAs. So your highest used balance on the card is used as a credit limit in calculating your score.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Thu Jun 03, 2004 6:49 pm
Post subject: Credit Card for Emergencies
Fix on this, if the credit limit is reachable, is to go out and buy something just about equal to the credit limit, then return the item within the month.
This way, Capital One has to report the high balance near to what the credit limit is, then your utilization is not show the next time you add a balance to the card.
If the credit limit is of a good amount, consider a balance transfer to another card, then pay the card right back off... I know there is a bit of planning on this one.
I think a while back, I heard someone say that a credit could be added to a card, were no balance existed, then you could request the remaining credit be forwarded to you to get the cash back. Not sure on this though, maybe someone else can chime in to confirm if I am thinking right on this one.
Capital One has mixed reviews, some people get along fairly well with them, while others would like to take them down but good.
Providian, I have heard plenty of horror stories on this one as well.
Posted: Thu Jun 03, 2004 4:49 pm
Post subject: Credit Card for Emergencies
Hi all,
First post here, so please bear with me. (and yes, I have been searching )
I've built my credit back up and now I'm getting all these "preapproved" offers. I don't have a credit card right now and I'd like to get one for emergencies. In the past I've had nightmares with MBNA and will never use them again, but I'd like to get your take on the companies that are offering me these cards.
Providian:
Capitol One
Are there any basic hidden pitfalls I should be aware of if I sign up for one of these? Like how do you really know what apr you're getting? Everything seems pretty vague: like "credit limit UP TO xxxx" etc...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Guest
Posted: Thu Jun 03, 2004 5:10 pm
Post subject: Credit Card for Emergencies
wow okay I've seen a load of Providian horror stories. So what's the general opinion on capitol one?
Author: Milina
Posted: Thu Jun 03, 2004 6:28 pm
Post subject: Credit Card for Emergencies
I have Capital One from a year. Never had problems with them.
They review my card every 6 months and increase my limit automaticly.
One negative factor is that they don't report the credit limit to the CRAs. So your highest used balance on the card is used as a credit limit in calculating your score.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Thu Jun 03, 2004 6:49 pm
Post subject: Credit Card for Emergencies
Fix on this, if the credit limit is reachable, is to go out and buy something just about equal to the credit limit, then return the item within the month.
This way, Capital One has to report the high balance near to what the credit limit is, then your utilization is not show the next time you add a balance to the card.
If the credit limit is of a good amount, consider a balance transfer to another card, then pay the card right back off... I know there is a bit of planning on this one.
I think a while back, I heard someone say that a credit could be added to a card, were no balance existed, then you could request the remaining credit be forwarded to you to get the cash back. Not sure on this though, maybe someone else can chime in to confirm if I am thinking right on this one.
Capital One has mixed reviews, some people get along fairly well with them, while others would like to take them down but good.
Providian, I have heard plenty of horror stories on this one as well.
posted by CardRatings.com at 10:02 PM
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