JethroBo Posted March 2, 2005 Report Share Posted March 2, 2005 I just got a "Personal invitation" from my personal bank urging me to accept this invitation for a Platinum VISA.Sounds good, But I dont even know if I would qualify. My FICO is about in hte 630 range and it would be a wonderful chance to improve my credit.The card has 0% APR for 12 billing cycles, $0 annual fee.I called them up with a couple of questions, And card services told me that I must have already met several requirements but they would still have to approve me. I told them I would call them back. Think I should give it a shot, Or would I get turned down and this would be another "hard" hit on my credit? Link to comment Share on other sites More sharing options...
DocDon Posted March 2, 2005 Report Share Posted March 2, 2005 Sounds like you got an invitation to apply - part of their mass-marketing effort."Platinum" usually means they're looking for the cream-of-the-crop credit pictures. Going out on a limb, I think your scores are not yet strong enough to reach "Platinum" status.But yes, it will be a hard inquiry if you apply. Try calling them back and see if you can't get them to give you their scoring criteria before proceeding with the application. Link to comment Share on other sites More sharing options...
edubb007 Posted March 2, 2005 Report Share Posted March 2, 2005 I just got a "Personal invitation" from my personal bank urging me to accept this invitation for a Platinum VISA.Sounds good, But I dont even know if I would qualify. My FICO is about in hte 630 range and it would be a wonderful chance to improve my credit.The card has 0% APR for 12 billing cycles, $0 annual fee.I called them up with a couple of questions, And card services told me that I must have already met several requirements but they would still have to approve me. I told them I would call them back. Think I should give it a shot, Or would I get turned down and this would be another "hard" hit on my credit?Is this Capital1??? Link to comment Share on other sites More sharing options...
Thomas1096 Posted March 2, 2005 Report Share Posted March 2, 2005 I agree... I have called many places to see if they would tell me what they are looking for as far as scores. I decided not to apply for those that I knew was not going score high enough for. Link to comment Share on other sites More sharing options...
wunderwoman Posted March 2, 2005 Report Share Posted March 2, 2005 I've got to ditto that. For a Platinum card, you'd be hard pressed to get approved with a 630.If I were you, I'd pass. It's not worth the hard pull. Link to comment Share on other sites More sharing options...
Rich Posted March 2, 2005 Report Share Posted March 2, 2005 Excellent credit scores may not be the only criteria. I know Capital One issues gold and platinum cards with with $500 limits. I believe, but am not positive you also get the perks associated with them, such as car rental insurance that covers the deductible so you don't have to pay for the car rental agencies damage and collision crap they always try to scare you into getting. So again, I know they issue gold and plat cards with questionable credit history, to help rebuild your credit but initially the limits are very low. Link to comment Share on other sites More sharing options...
DocDon Posted March 2, 2005 Report Share Posted March 2, 2005 You hit the nail on the head - Cap1 "Platinum" is not a real "Platinum" level card, since Cap1 is still more a subprime issuer. They just gave it a fancy name. Link to comment Share on other sites More sharing options...
edubb007 Posted March 2, 2005 Report Share Posted March 2, 2005 Excellent credit scores may not be the only criteria. I know Capital One issues gold and platinum cards with with $500 limits. I believe, but am not positive you also get the perks associated with them, such as car rental insurance that covers the deductible so you don't have to pay for the car rental agencies damage and collision crap they always try to scare you into getting. So again, I know they issue gold and plat cards with questionable credit history, to help rebuild your credit but initially the limits are very low.STAY AWAY FROM CRAP1! They are the Credit Black Plague! Link to comment Share on other sites More sharing options...
Champion80 Posted March 2, 2005 Report Share Posted March 2, 2005 Yes Edubb....Stay away from Cap1, I was kind of excited back in November when they sent me a pre-approved offer for a platinum card, I accepted, and of course now I have no limit reporting.I still think we should Boycott CAP1, I think we can get enough folllowers to cancel their cards all at one time, if we post it also on the business credit sites as well. We may be able to get them to change their policy and report limits!!In regards to your post about Jethbro, I have also called Creditors recently to talk about thier accounts, but in my case they were after denials, I got their numbers off their web-sites, both Citi, and Amex, I spoke with their approval department and I discussed with them that our ability to know what scores they approve is cloudy, both told me they have their own unique scoring system, in which a score does not show up, but the approval is based on whether is is below or above their red tape. I know with my Citi and Amex applications, one of the specific reasons we discussed over the phone was a deliquent account and/or collection. They basically will not approve you with a deliquent or collection account unless your FICO is up near the 700's, just like the CRA's and their "several factors that apply to the credit score", the creditors have their own system. But if you do have a deliquency or a collection, you may not want to , on the other hand, I have looked at how many inquiries I have prior to a new application, if its not very many, and your reports pretty clean, I would apply. I am currently waiting on my CR from Experian for the denial, but because in between I had a delete on a charge-off, the Creditors told me to fax them a copy of the report when I get it and they will review it again. You application stays on file for 90 days. Link to comment Share on other sites More sharing options...
JethroBo Posted March 2, 2005 Author Report Share Posted March 2, 2005 Okay guys, I got to looking at this again and the main bank in which issues the card is "First Bankcard". But it would have my personal bank lettering on the upper left hand corner. And its definitly a letter directly from my bank, But you have to call the 800 number to apply.I have direct deposit/debit card/ and checking with them so maybe they think I am a safe bet? Anyone heard of "First Bankcard"? Link to comment Share on other sites More sharing options...
DocDon Posted March 2, 2005 Report Share Posted March 2, 2005 http://www.creditcardfreedom.com/reviews/cardholders/posted/card.asp?idmin=2084There's not a whole lot of reviews on this card, so I'd suggest doing a Google search too to see if there are any adverse comments about this issuer. Link to comment Share on other sites More sharing options...
JethroBo Posted March 2, 2005 Author Report Share Posted March 2, 2005 http://www.creditcardfreedom.com/reviews/cardholders/posted/card.asp?idmin=2084There's not a whole lot of reviews on this card, so I'd suggest doing a Google search too to see if there are any adverse comments about this issuer.I might just give it a shot. Only problem may be that I already applied for a secured Orchard mastercard already and gave them my bank account info. They have not to the security deposit out yet, But they probably soon will. Link to comment Share on other sites More sharing options...
JethroBo Posted March 2, 2005 Author Report Share Posted March 2, 2005 Well, Went ahead and applied over the phone. The said they should know something in about 10-14 days.Also said the limit will vary from $500-$100,000.00! So maybe even a $500 VISA would be cool.Just need to re-build! Link to comment Share on other sites More sharing options...
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