Okay, so I made some mistakes when I turned 18, you know, like getting 5 different credit cards and maxing them out. I've actually paid all my balances down (including paying off 3 of those credit cards) and am almost all done (I will be "debt free" next March). However, I also understand how the Fico score works. I realize Fico is about the be replaced by the new system, but from the sounds of it, same basis for scoring.
Anyway, so now I'm looking to get a new credit card to keep my score up. I'm debating between Capitol One & American Express. My reasons for those two are because of recommendations from people who have been where I am and from the sounds of it, they're both good credit card companies (I know, kind of an oxymoron, but you get the idea). Strong insights and thoughts would be greatly appreciated.
2006-08-06 17:42:58 · 9 answers · asked by Tygirljojo 4 in Business & Finance ➔ Credit
I have capitol one...it is accepted at more places than american express is. I have been on time with all of my payments and they have increased my credit limit a few times in the past couple years (which is good for your score...debt vs amt of credit). You can always call them every six months or so and ask them to lower your interest rate if you think it is too high, they are usually pretty good about that depending on your relationship with them...just remember, don't ever get a card with an annual fee! It just doesn't make any sense! Also remember that you can talk them into reversing any fees or really anything you want...they want you as a customer and never want to lose your business!! keep that in mind!!!
2006-08-06 17:50:00 · answer #1 · answered by Anna 4 · 2⤊ 2⤋
You didn't mention your scores or if the negatives would still be a big factor.
Amex would be better by far than Cap One. Cap One will do nothing but hurt your scores since they do not report your credit limit only your high balance. I'd recommend staying away from Cap One.
Other prime cards you might consider is Bank of America, Juniper/Barclays or Chase.
Bank of America does have a card selector on their site that will not pull a hard inquiry for a recommendation. It will pull a hard if you apply for the card.
Juniper has some great partner rewards cards that you might look over. US Airways is like Cap One where it does not report the credit limit. That's the only one out of the group that I've heard that doesn't report the limit.
Yes, they are talking about replacing Fico, but so far it hasn't made it passed the 'talk about it' phase.
I'm including a link to the Juniper Partners site in case you are interested.
2006-08-07 01:28:45 · answer #2 · answered by echo 7 · 0⤊ 0⤋
American Express, Everything that capitol one promises as for as a payment protection plans and certain promotions and interests is not always factual. Purchase a pre-paid credit card and pay as you buy. Prior to receiving any other credit card, check all of the fine print.
2006-08-07 08:01:24 · answer #3 · answered by Tired of lies 3 · 0⤊ 0⤋
Either one is smart to keep for their own reasons. AMEX will help repair your credit faster, due to needing to make immediate payments.
Just never get a CITI bank card. They block it every 48 hours to prevent fraud, then you must call them to get it reinstated, or wait until they call you at 8 am to ask you the previous 5 purchases that may have been made by yourself or your spouse. If you do not know the answers, card is shut off. Just as they discriminate against military personnel that must move often and will not allow them an active card unless they have proof of residence for the past year.
2006-08-07 00:51:29 · answer #4 · answered by Mark W 5 · 0⤊ 0⤋
the only way to Reduce Credit Card Debt is by consolidating your bills into a monthly payment, this is called debt consolidation.
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is an online ebook :
you can read it for free at:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-07 04:58:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well, with American Express, you don't have to worry about maxing it out since you have to pay off the balance each month.
2006-08-07 00:47:01 · answer #6 · answered by First Lady 7 · 0⤊ 0⤋
I have had Capitol One for years and I've never had any problems.
2006-08-07 08:00:45 · answer #7 · answered by catgirl1115 1 · 0⤊ 0⤋
You have to check this cards web page, they have different cards with different promotion, chose tho one most fit your spending to earn more credibilty.
2006-08-07 00:57:19 · answer #8 · answered by Koray 2 · 0⤊ 0⤋
capital one is the best..low interest rates and best of all you get to talk person to person when a problem arises..
2006-08-07 00:47:56 · answer #9 · answered by shadaisy35 1 · 0⤊ 0⤋