Im about to recieve a capital one platinum visa. Apr is 19.8%. Im not to worried about that because Im a new resident and have been turned down by everyone . Im happy to finally be approved for soemthing so I can start building credit. i have no credit. My question is I have heard all around town that capital one does not report to the bureaus. If thats true how to do you get credit. Please help me fill in the blanks
2006-10-10 18:12:08 · 8 answers · asked by john g 1 in Business & Finance ➔ Credit
They all report to the bureaus! Be responsible with your new card and don;t buy things you can't afford. The best way to build your credit is to use your card for things you have the money in your pocket for. Instead of cash, use the card and pay the balance in full everytime it comes in. Congrats on being a new resident!
2006-10-10 18:15:17 · answer #1 · answered by BlondeBarbie 4 · 0⤊ 0⤋
that's soooooo not true ALL credit card companies report to the credit bureau. Do not get another credit card because 19.8% is a lot of interest. You should be worried about that because if you miss or are late with a payment your interest rate can skyrocket as high as 21-22% and that's serious when it ends up on your credit history. You also need to reduce your credit line so you're able to pay on time and ask them not to increase your line of credit and ONLY do it if you can afford to pay, problem with people and high lines of credit is that they don't have the income to afford to pay the bill off.
2006-10-12 19:36:23 · answer #2 · answered by nabdullah2001 5 · 0⤊ 0⤋
One thing you can do is get a secured loan or a secured credit card. Most Major Banks still do them. How they do it is you put say $500 - $2000 in an account such as a certificate of deposit. They then give you credit on the amount you have secured in the bank. If you withdrawal this money then your card will be canceled. You should keep this card for a while, build some credit then you can move on to bigger and better.
Also make sure you keep all your debt to debt available under 30%
2006-10-11 01:17:18 · answer #3 · answered by Jessica 2 · 0⤊ 0⤋
Well, just charge a few things on your card each month and pay them off at the end of the month. Now, it might take a while to build credit but that's ok. Also another thing you could do is take out a personal loan and pay it off over a couple of years, that helps out quite a bit too. I was in the same boat that you were in college, and these helped me out quite a bit.
2006-10-11 01:16:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They report - Just do this. find something that will bill you like, 5 dollars a month via your card. do it and chop up your card. That's right, cut it up and throw it away. Then pay your bill right when you get it. In 12-18 months apply for another card, and it will have a better interest rate. And you will build more credit as you go along - NEVER pay your bill late or go over your limit.
2006-10-11 01:18:00 · answer #5 · answered by ripperdear6766 4 · 0⤊ 0⤋
It's false. All banks report to the credit bureaus.
2006-10-11 01:17:14 · answer #6 · answered by comepollo 2 · 0⤊ 0⤋
Capital one definitely reports to credit bureus...i have one of their cards and they report good and bad standing on a 30 day or 60 day basis...
2006-10-11 01:14:35 · answer #7 · answered by jjuneified 3 · 0⤊ 0⤋
Capital One DOES report. They just do not report your credit limit.
That is the problem with rumors.
They are half-truths.
LOL.
2006-10-11 03:16:07 · answer #8 · answered by DaMan 5 · 0⤊ 0⤋