Capital One® Platinum Review
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Written by: mom2parker on 2008-07-29

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mom2parker's review: Callout Comment My husband and I made some bad mistakes with our credit when we were younger. We of course regret them now and have been working hard to get our credit in order. A year ago, we got a Tribute card and have had very good luck with it and have received a couple of increases. We also got an Orchard Bank card last December, but our inital credit limit still remains the same as it was the day we got the card. We have made all of our payments on both cards, always on time and we have never gone over the limit.

Today my husband received a Pre-Approval in the mail for a Capital One Platinum card. I got online right away and filled out the info and then held my breath when I hit the submit button... And to our surprise... He was APPROVED!!!

That really made our day. It said we should receive the card and welcome packet in the mail within 7-10 days and it will also state our credit limit. The paper that we got in the mail said the Annual Fee is $39 and we will have a 0% interest rate until February of 2009 and after that it will be 18.9%. I know that is kinda high, but with our credit boo-boos, we are just very excited and thankful to have a "big name" card again! This website has been a great help. I have been lurking for about a year now and this is my first post. I was so excited with the news today that I had to share! :)


Comment 1 by arod
Congrats !! User Icon on 2008-07-29

Remarks Well your doing the right thing to get credit back up there.

And this bank will help you and if you treat this card good many doors

will open..

So hang in there,

Good Luck,

Comment 2 by hjm331
Congrats! User Icon on 2008-07-29

Remarks Congrats on the new approval! If you are going to close any of your cards, close the Tribute card. Don't close the Orchard Bank card because I'm sure it doesn't have any monthly fees as the Tribute does. Keep making your payments on-time and keep up with the posts on this site and you will be at the top of your game before you know it.

Good Luck
Comment 3 by rebuildme
Congrats User Icon on 2008-07-29

Remarks Capital One can open many doors. Just take care of them and they'll take care of you. I'm a witness i've got a 1300 increase in less than 5 months
Comment 4 by rob72830
Congratulations User Icon on 2008-07-29

Remarks Cap 1 is my favorite card. And welcome to the Finance Globe family.
Comment 5 by rivasglo
Congrats! User Icon on 2008-07-29

Remarks Glad to hear you became a part of the FG Family!!!

Congrats on the approval. Enjoy and take good care of it. Like others said it will open doors for u.
Comment 6 by yoyo11
Congrads!! User Icon on 2008-07-29

Remarks I've received my pre-approval... With the same offer. You have some of the same cards I have. It's a wonderful thing to see people on this site grow financially with wisdom and patience. Congrads again and keep us post to the CL. LOL!!
Comment 7 by meya
Way To Go User Icon on 2008-07-29

Remarks We got some new cap1 families in the house. Wahoooo!
Comment 8 by thomas1
CONGRATS!! User Icon on 2008-07-30

Remarks Congratulations on your approval!! Capital One is one of the few banks that grow with you over time. Stay within the line of credit, don't EVER be late, its best to pay online, and watch your limit expand within the first year.

I do agree with Hjm, close that Tribute account. Your scores had to be mid to upper 500's to even be approved for this card. You are on your way to bigger things, and you don't need those fee based cards anymore. Seems like your scores are up there and will only increase with good behavior over time with this card as the history ages. Again, Congrats!!
Comment 9 by karatz
Hope This Helps Too... User Icon on 2008-07-30

Remarks Re: "If you are going to close any of your cards, close the Tribute card."

I've read several places that a portion of your credit score is based on your ratio of debt to total available credit. For example, if you have 5 cards totaling $10,000 in credit limit and your balances are $2,500.00, that's 25% of your available credit used. Say you dump two of your cards worth $3,000.00 in available credit. That means now you have only $7,000.00 in credit available. With your debt of $2,500.00 that makes 36% of your available credit used. I've heard that this jump from 25% to 36% is significant enough to drop you 20-50 points on your credit rating. Keep em until your available credit is way up there AND you have many years of history on the other cards. -yes that's a factor in your credit score too.

If you wanna grow your limit quick, buy EVERYTHING on credit rather than cash. Pay multiple times per month. Rather than give the gas attendant $50 for a fill up, charge it. Go home that night and make an online payment to your card for $50. What your rating grow leaps with a few limit increases.

Also, treat your authorization to run a credit check like your wedding ring. Every time you take it off, you run the risk of losing it. Every time you authorize someone to look at your credit report, it's a chisel that chips away at your credit score. I paid cash for my brand new truck. The dealer wanted to run my credit anyway. She couldn't explain why except for "that is how we do things here". My refusal to allow it totally embarrassed my friend who was with me. The dealer ended up stalking out. I ended up with over six grand off the sticker price because the was a jerk and "disrespected" me. Run your own life, don't let someone force your steps.

Google something that returns a comparison of a lot of credit cards. Pick the ones you wish you had, then work towards getting them.

Good luck...
Comment 10 by kiejon9
Cap 1 User Icon on 2008-08-02

Remarks Well your doing the right thing to get your credit back up there.

And this bank will help you
Comment 11 by mom2parker
Update... User Icon on 2008-11-20

Remarks Just a little update...

We just hit the 3 month mark and our limit was increased from $300 to $750!!! Definitely loving this card!
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