Capitol One Credit Cards

[prettyobk]

I applied, just got a letter today saying my address didn't match my CR's. But then it said if I applied for the card, don't worry about contacting them. If I didn't call to make sure it isn't fraud.

Then it said they would be notifying me of their decision soon. Would they go through all this if I was denied? Has this happened to anyone else and you got the card?

If so, how soon after discharge did you get it. What's the limit?

[NHC]

I dunno how accurate it is....but they sent me a pre-approval in the mail yesterday....0% until June 2011...initial limit set at 300.00....29% after June 2011....

So here is my plan (this coming from someone who really doesn't like the idea of a credit card)...I'll use it for gas in the bike - that amounts to about 8 bucks a week....and pay almost all of it each month. Question: if I leave a running balance of say a few bucks each month, does that help me with my credit??

[Amy26]

I tried to get a capital one card for about 3 months ... The first two times I applied I kept getting instant denials saying I had previous delinquency with capital one. The third time, it said my app was under review and then I got a letter in the mail saying that I needed to verify my social security number and I had to send them a copy of my W-2.

So, after I sent that back I got my card in the mail a few weeks later. I believe the new credit card laws require them to do much more intensive checking on people when they apply for credit. So, I think if they are asking you to verify stuff that its probably a good sign.

And to NHC: I was always told by financial people to purchase something and then take like 3 months to pay it off and that was supposed to look better than buying something and paying it off in the same month. I make large payments on my credit cards every month but I always carry a balance usually. My scores continue to go up since my bankruptcy... so... I think you'd be fine.

[NHC]

I guess a more in depth question is this....does it matter how small of a balance you carry over from month to month or would say, 4 bucks be just as good as 40 bucks..??

I know it's crazy but in a year or two I would really like to be in the position to buy a new-used motorcycle....my poor little sporty isn't going to be cutting it for very much longer (it's mechanically/cosmetically perfect)....that solid mount engine is only comfortable for about 200 miles and then it starts kicking my tushy....

[Amy26]

Well, I guess the other question would be what are your scores and what does your credit look like? I would think 40 dollars would be a better number than 4... depending on what your limits are.

You need to think about utilization ... its a factor in your scoring. Typically you don't wanna go above 25% of your available credit limit.

I purchased a brand new vehicle through Ford 3 days after my discharge at 17% and I just refinanced my car with my credit union to 8% after 6 months post discharge... so, its not out of reach.

[NHC]

I'm looking at using this card merely for gas....which on a 2.6 gallon tank ain't that much money...typically it costs me $4.50 to fill my MC gas tank...and I do it probably twice a week...sometimes 3...and I was planning on just paying it off each payday...but from what I'm reading, I need to keep a small balance on the card each month....so if that is the case is it more benficial to keep a 4 dollar balance or say a 12 dollar balance month to month....

[Amy26]

Meh, I dunno if it will make much of a diff... what is the limit on the card?

[NHC]

Meh, I dunno if it will make much of a diff... what is the limit on the card?

not much....300 bucks....I would think it would show more positively if it was paid off every month...

[Logan]

Don't keep a balance. If you just pay everything on time your credit will improve and you will get all the credit you want. I'm 2.5 years out of BK and I have no problems getting the credit I need with FICO's between 692 and 711 and I've never carried a balance since BK.

I have 3 credit cards with 1.1K, 3.5K and 7K limits, A Jared Card with an 11k limit and a car loan for 23K at 4.5%. What else do I need?

Logan

[NHC]

Okay...that makes sense to me....someone else was telling me it was better to carry over a small balance from month to month and I was thinking "this makes no damn sense...."

[prettyobk]

I went ahead and called to tell them I am aware of the two addresses and verified that I applied. So the rep told me I would hear something in a few days. I also applied for a Victoria's secret Angel card online. It didn't deny me but it said in 5-7 days i would be contacted so we'll see.

[prettyobk]

I got the Capital One card. They sent an email saying it's on the way to me. :-)

[JJ888]

Just applied for the Standard Platiinum for me and my wife and we got approved for $500 credit limit for each one.

[NHC]

I got the Capital One card. They sent an email saying it's on the way to me. :-)

I got mine in the mail yesterday.....I seriously thought this was one of those "Hey...you might be approved....HA...just kidding, you're not...." things....I'm just over 90 days out of my Ch. 7....

[Amy26]

Okay...that makes sense to me....someone else was telling me it was better to carry over a small balance from month to month and I was thinking "this makes no damn sense...."

It actually does make sense. A lot of times it looks better to a potential creditor that you were able to purchase something and then make timely payments on it and pay it off within a few months.

Many financial advisors have told me this. Keeping a zero balance every month is sure fine and good but sometimes making a small purchase and paying it off over time helps more. Logan mentioned he's 2.5 years out of BK and has nearly the same scores that I do and I'm less than a year out.

Once I read that you would only have like a 15-20 dollar balance we were talking about I said it probably wouldn't matter.