Try Credit Union Credit Cards Instead of Capital One
Guest: stilltrying
Post subject: Try Credit Union Credit Cards Instead of Capital One
Posted: Mon Aug 14, 2006 4:13 am
nefertiti66 wrote:
I decided to apply for the Cap1 Platinum as they say if you have limited or no credit there is a chance. I have a score of 720 but only 23k in school loans. No current credit card and was denied the Citi dividend.
Anyone have experience with Cap 1 Plat?? Likes/ dislikes?
What do you think my chances are?
Please don't apply for a Capital One card.
Yes, being a Capital One customer of four years there are some things that I like about the card. But there are many other things that I do not like about the card. The catch about the fact that I have four years invested and, IMO, the catch about trying a Capital One card as a rebuilder card is that the time spent with Capital One is time that could have been spent and invested in a MUCH better card that will continue to grow with you.
There are credit union options. On the various credit forums, Patelco has been highly rated. But here are several websites to help a consumer find a credit union:
creditunionaccess.com/
howtojoinacu.org/
ncua.gov/ConsumerInformation/index.htm
creditunion.coop/cu_locator/index.html
There are secured credit card options (More information here):
Bank of America
Citibank
National City
Rainier Pacific
U.S. Bank
Wells Fargo
Two more possibilities are Target and Macys. I think I've heard only very little about the Macys visa, but I believe that the Macys charge card can be upgraded later on. I had a Target charge card upgraded to a Target Visa. It has some shortcomings, too. But at least I know I can count on the potential for my Target Visa's credit limit and interest rate to grow.
If I stay with Capital One, my credit limit will probably always be stuck at the present ~ $ 6k (barring a possible $700 credit limit increase perhaps next year ? or perhaps "only" a few years from now ? or perhaps never ?), and it will forever have a ceiling of $ 10k. They never spelled out that it had a ceiling, and they never spelled out that they don't report credit limits. I didn't find out about those things until after several years of being a customer. This is deceitful behavior. So I'm not pleased at all that deceit on their part was part of the foundation of my customer relationship with Capital One.
As I'm getting older it's getting more important to me how I spend my time. Even only a year that is spent staying with Capital One to rebuild is still, IMO, a precious amount of time that could have been much better spent invested in one of the many other alternatives that I listed at the beginning of my post.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Mon Aug 14, 2006 4:30 am
hdporter wrote:
[...]
Roll forward to last month and my 4th anniversary. I found myself asking again that they rescind a $59 annual fee (they granted the request for the first time the prior year):
** Call and wade through a cascade of options -- thought this doesn't happen with NO HASSLE **
[size=9]
Me: "I'm calling to see if the annual fee on my statement this month can be waived"
Rep: "Let me review your acct."
[...]
I'm sorry to hear about how the conversation went. FWIW, I had posted some information on some other options for getting a credit limit increase. At this thread ( http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=8313 ) scroll down to my two posts dated approximately Tue Mar 14, 2006 3:10 am and
Tue Mar 14, 2006 3:18 am.
Don't give up just yet.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Mon Aug 14, 2006 6:40 am
Quote:
I'm sorry to hear about how the conversation went. FWIW, I had posted some information on some other options for getting a credit limit increase ...
Don't give up just yet.
Well, it's not a question of "giving up" ... more like "why bother?".
Of course, the whole stance on limit increases is simply bizarre. It can't even be said that they're conservative in doling out increases -- all indications are that they don't even perform the semblence of a review when a request (they just spiel out the "not eligible" line) and aren't actively seeking to improve business volume by automatically extending increases where credit history warrants, other than on an exception basis.
I'm curious if anyone has gone the alternate route of applying for a new C1 card -- people report effectively accelerating Citi increases in that manner. New card lines are typically more generous that any consideration for a line increase. They then simply combine limits and close the new card.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: wierdo
Posted: Mon Aug 14, 2006 8:45 am
hdporter wrote:
Of course, the whole stance on limit increases is simply bizarre. It can't even be said that they're conservative in doling out increases -- all indications are that they don't even perform the semblence of a review when a request (they just spiel out the "not eligible" line) and aren't actively seeking to improve business volume by automatically extending increases where credit history warrants, other than on an exception basis.
I think this is changing, but only in the slightest. I've read of several people other than myself getting an auto CLI and an upgrade to the rewards card. Of course, that probably only applies to the low end of their business.
I often think their marketing is just to make them seem like they aren't a subprime to all the credit-impaired people they solicit, and that they don't really care for customers with good credit because they don't make any money on fee$.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Try Credit Union Credit Cards Instead of Capital One
Posted: Mon Aug 14, 2006 4:13 am
nefertiti66 wrote:
I decided to apply for the Cap1 Platinum as they say if you have limited or no credit there is a chance. I have a score of 720 but only 23k in school loans. No current credit card and was denied the Citi dividend.
Anyone have experience with Cap 1 Plat?? Likes/ dislikes?
What do you think my chances are?
Please don't apply for a Capital One card.
Yes, being a Capital One customer of four years there are some things that I like about the card. But there are many other things that I do not like about the card. The catch about the fact that I have four years invested and, IMO, the catch about trying a Capital One card as a rebuilder card is that the time spent with Capital One is time that could have been spent and invested in a MUCH better card that will continue to grow with you.
There are credit union options. On the various credit forums, Patelco has been highly rated. But here are several websites to help a consumer find a credit union:
creditunionaccess.com/
howtojoinacu.org/
ncua.gov/ConsumerInformation/index.htm
creditunion.coop/cu_locator/index.html
There are secured credit card options (More information here):
Bank of America
Citibank
National City
Rainier Pacific
U.S. Bank
Wells Fargo
Two more possibilities are Target and Macys. I think I've heard only very little about the Macys visa, but I believe that the Macys charge card can be upgraded later on. I had a Target charge card upgraded to a Target Visa. It has some shortcomings, too. But at least I know I can count on the potential for my Target Visa's credit limit and interest rate to grow.
If I stay with Capital One, my credit limit will probably always be stuck at the present ~ $ 6k (barring a possible $700 credit limit increase perhaps next year ? or perhaps "only" a few years from now ? or perhaps never ?), and it will forever have a ceiling of $ 10k. They never spelled out that it had a ceiling, and they never spelled out that they don't report credit limits. I didn't find out about those things until after several years of being a customer. This is deceitful behavior. So I'm not pleased at all that deceit on their part was part of the foundation of my customer relationship with Capital One.
As I'm getting older it's getting more important to me how I spend my time. Even only a year that is spent staying with Capital One to rebuild is still, IMO, a precious amount of time that could have been much better spent invested in one of the many other alternatives that I listed at the beginning of my post.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Mon Aug 14, 2006 4:30 am
hdporter wrote:
[...]
Roll forward to last month and my 4th anniversary. I found myself asking again that they rescind a $59 annual fee (they granted the request for the first time the prior year):
** Call and wade through a cascade of options -- thought this doesn't happen with NO HASSLE **
[size=9]
Me: "I'm calling to see if the annual fee on my statement this month can be waived"
Rep: "Let me review your acct."
[...]
I'm sorry to hear about how the conversation went. FWIW, I had posted some information on some other options for getting a credit limit increase. At this thread ( http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=8313 ) scroll down to my two posts dated approximately Tue Mar 14, 2006 3:10 am and
Tue Mar 14, 2006 3:18 am.
Don't give up just yet.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Mon Aug 14, 2006 6:40 am
Quote:
I'm sorry to hear about how the conversation went. FWIW, I had posted some information on some other options for getting a credit limit increase ...
Don't give up just yet.
Well, it's not a question of "giving up" ... more like "why bother?".
Of course, the whole stance on limit increases is simply bizarre. It can't even be said that they're conservative in doling out increases -- all indications are that they don't even perform the semblence of a review when a request (they just spiel out the "not eligible" line) and aren't actively seeking to improve business volume by automatically extending increases where credit history warrants, other than on an exception basis.
I'm curious if anyone has gone the alternate route of applying for a new C1 card -- people report effectively accelerating Citi increases in that manner. New card lines are typically more generous that any consideration for a line increase. They then simply combine limits and close the new card.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: wierdo
Posted: Mon Aug 14, 2006 8:45 am
hdporter wrote:
Of course, the whole stance on limit increases is simply bizarre. It can't even be said that they're conservative in doling out increases -- all indications are that they don't even perform the semblence of a review when a request (they just spiel out the "not eligible" line) and aren't actively seeking to improve business volume by automatically extending increases where credit history warrants, other than on an exception basis.
I think this is changing, but only in the slightest. I've read of several people other than myself getting an auto CLI and an upgrade to the rewards card. Of course, that probably only applies to the low end of their business.
I often think their marketing is just to make them seem like they aren't a subprime to all the credit-impaired people they solicit, and that they don't really care for customers with good credit because they don't make any money on fee$.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:34 PM
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