How long have you been a customer with Chase ? Your credit might not be "excellent" but I am assuming you have a great relationship with them, i.e., all accounts are current with no late payments, no overdrafts, etc.. If you truly don't want the card, call Customer Service and let them know your of your change of mind As far as the hard hit already being performed, you could be too late but Customer Service will be able to let you know.........

I made a big big mistake today...

I went to a Chase ATM and did a transaction, a Pre-Approved offer for Chase Freedom CC popped into the screen. Wasn't really reading the screen because I was in a hurry so I just tapped all the "yes"s in the screen, and when I finally realized, I just said "yes" to apply for the pre-approved offer...

Now when I got home, I immediately checked all the reviews and application statuses for this card and I found out that you have to have an "Excellent Credit" to be approved!

I certainly don't have excellent credit. What can I do? Do I just let my credit report get a hard hit? Do I call them and cancel the application?

Oh well...

Happy New Year everybody!

I hope our 2010 will be a better year for all of us!

I have a question that maybe joeyman can answer. such a coincidence, since he has a card through them too. i got an offer in the mail for a secured credit card through my bank, liberty bank of arkansas. deposit and limit can be between $300 and $10,000. interest is high for a secured card at 20.99%. in the application for it, it says the card is serviced by elan financial, and the creditor is elan financial, even though it is a liberty bank arkansas card. how is elan financial to have a card through? will i just deal with elan for payments and everything, or liberty bank? and will it report on my credit as elan or liberty bank? hope someone has some info, thanks

My account is titled as "ELAN FINANCIAL SERVICE" on my Experian report. My bank is West Coat Bank. The company is bland and boring. But, you have to start somewhere.

In reference to your question... I am speculating that it willl be reported with your bank's name. Elan is a company that provides card services to banks that don't want to set up their own card centers (it's about money). As a further thought... US Bank has an involvement with Elan. Note, if you are a bank that want's its name on the cards US Bank would need to lay low so it isn't cross marketing. So you only know the name Liberty Bank or Elan Card Services. It likely is really not important whether the credit bureau sees Elan or Liberty Bank. The account numbers first digit tells the bureau what type of card and it would get rated based on that. Now my credit report shows JCP/GEMB (JCPenney/GE Money Bank) as an example. You want credit for a bank card and the key is "4" for Visa, "5" for Mastercard or "6" for Discover. You will find "3" starts American Express Cards. Now that you know that try this... I have an HSBC American Express Card that starts with a "3" and I get all the benefits of an American Express Card. Oh well hope I didn't get to off the track. Note there are exceptions to all this but few.

I have a question that maybe joeyman can answer. such a coincidence, since he has a card through them too. i got an offer in the mail for a secured credit card through my bank, liberty bank of arkansas. deposit and limit can be between $300 and $10,000. interest is high for a secured card at 20.99%. in the application for it, it says the card is serviced by elan financial, and the creditor is elan financial, even though it is a liberty bank arkansas card. how is elan financial to have a card through? will i just deal with elan for payments and everything, or liberty bank? and will it report on my credit as elan or liberty bank? hope someone has some info, thanks

AMEX is and always has been a prime lender. Therefore, you're going to need more than one credit card to get your foot into the door with them. The Capital One card is definitely a good deal. I'm assuming that the promo rate applies to both purchases and balance transfers. You rarely see that offer nowadays. In my opinion, it's definitely worth applying for it because you will need a second revolving account sooner or later and sooner is better than later.

Hey guy's,

I keep getting pre-approval offers in the mail from Capital One. I don't really care for the bank much, nor the card they're offering me. It's the "Capital One Platinum MasterCard." It has a o% APR for one year, no annual fee, etc. After one year the APR goes to 19.8%. My goal is to get an American Express. Currently I have an Elan College Rewards card (the APR is also 19.8%). My question is this... Should I get another card (e.g the Capital One card) to continue closer towards my American express goal? Or stay with one card?


Current credit report:
- Experian score last - 714
- 7 hard inquires (due to student loans and two rejects from AMEX)

Reporting credit/loans:
- Elan, College Rewards Card $1,400 limit (West Coast Bank), 1.5 years history (first card).
- Sallie Mae Student loan (Private loan - Experian treats this as a normal installment).
Student loan(s):
- Nelnet Subsidized*
- Nelnet Unsubsidized*

*These loans do no reflect my credit report much.


Let me know your opinion. The only reason why I'm holding back now is those 7 inquires.

Thanks hjm331! I tried calling the 1-800 # you posted, but it's asking for my 16 digit CC # (which I don't have). I just hanged up. I think I will just wait for the card & info in the mail.

You can call the number again and keep hitting 0 until you are transferred to a rep.

Thanks hjm331! I tried calling the 1-800 # you posted, but it's asking for my 16 digit CC # (which I don't have). I just hanged up. I think I will just wait for the card & info in the mail.

I'll update you guys with the CL and APR they gave me as soon as I receive it.

Happy New Year!!!

*I'll be searching for credit unions close by and join. Thanks for the advice!

Congrats Krave, that's awesome! Capital One does not disclose the CL you were approved for. However, you can call 800-955-7070 and find out what your credit limit is either through the automated system or by talking to a live rep.

You should look into joining a local credit union and applying for one of their credit cards. Building a relationship with a credit union is a smart move especially nowadays when banks are seeking adverse action on most of their accountholders.

hi! wow, applying for credit card makes me nervous!

okay, so I followed hjm331's advice. I applied for the CapOne Platinum Mastercard CC online today, just 5 minutes ago. my hands were cold and shaking, my heart is beating fast just as I was about to hit the "Submit" button...

here's the result]

[/B]
Congratulations! You're approved.

You should receive your card, approved credit limit* and Welcome Package within 7 to 10 business days.

[/B]

It did not mention the credit limit though... But that's okay, right? As soon as I'm approved, at least I got "my foot through their door".[/quote]hjm331! [/B]Sharing your knowledge to others bring good results. I truly appreciate all your sensible insights/knowledge and advises.

you're the man!

I'm not an expert, just sharing my knowledge to help others build their credit.

I would definitely apply ASAP before the inquiries show up on your credit reports. Well, come to think of it, it has been two days since you applied for the store cards but it's definitely worth a shot now. Both of my parents were approved for Capital One cards through pre-approval offers. Apply for it and let us know how it goes. Don't expect an instant approval since Capital One enjoys taking their sweet time to review your credit reports and come up with a decision.

Thanks for the quick response hjm331! And thanks for making me feel less guilty with my [DEL]addictions[/DEL], actions I mean.

Sorry to bother you, but since you're the expert, I just want to ask your opinion on this matter...

Since I applied for 2 store cards in 2 straight days, I'm afraid that Capital One will view my actions as "desperate" for credit. Should I wait for a couple of weeks or months before submitting an application with them or it's okay to submit it now, meaning tonight as I [DEL]speak[/DEL] type to get a better chance of getting approved? I don't mind getting a low CL, as long as I get approved...

Thanks a lot for sharing your wisdom and time!

Krave wrote:

"I'm sorry hjm331, applying for credit cards and getting approved is very addicting... I feel that I am on a roll here... I know how it feels, I used to be in your shoes when I was 18 years old two years ago. I froze all three of my credit reports about six months ago and that prevents me from applying for new credit.

You're going to hate me... I wasn't able to follow your very sensible advice..[/COLOR]Temporary Credit Line[/I]. (What does it mean? Will I get a higher credit line once I receive my card?) Congrats on the new card! Don't be sorry, you're building credit and 50% of building credit is applying for new accounts. The other half is making payments on time. Temporary credit line is the credit line until your card comes in the mail.

Now I'm reading thoroughly the posts in the forums, reviews and application status, and wished I applied for the Pre-Approved Capital One Platinum Mastercard instead...[/COLOR]You can still apply for it, it's never too late to apply with a Capital One. Just make sure you submit your application online.[/COLOR]

But hjm331, thank you again for your advises. I got to get a hold of myself and learn how to say "no" to store credit offers..."I will recommend you a few store cards that are worth applying for in six months."

Krave wrote:

"Thank you so much hjm331! How did you know I'm planning for a mortgage within the next 6-12 months? I'm so glad I asked first, before heading out and applying for store cards. Maybe I just got excited with the promotions and discounts that come with store cards (like for Walmart, they say: "No Interest on Orders Over $299 if Paid in 12 Months*" - sounds really tempting...) but now I know I have to stay away from them. Having store cards does NOT hurt your credit scores, it actually increases them but there's no point in wasting your inquiries on store cards unless you NEED something for school such as a computer.

I received an offer from Capital One saying I'm pre-approved for Capital One Platinum Mastercard weeks ago, but I'm having second thoughts on applying. I've been reading reviews about CapOne and most of them are not so good... Should I go ahead and submit my application? What are my chances of getting approved, now that I recently opened a store card? It says the offer will expire Dec 30 2009, should I let it pass? and apply after a few months? Go for it, my oldest credit card is with Capital One and I haven't experienced any problems with them. Capital One is one of the few lenders out there that actually care about their customers when compared to other lenders.

Thanks for suggesting Chase or Citi Student card, but will I qualify? I'm not a student anymore... and when can I apply? I just got a store card yesterday...[/COLOR]Since you're going to apply for the Capital One card, I would hold off on the Chase and Citi cards. [/COLOR]

Thank you so much for taking the time to answer my questions. I truly appreciate it. Have a nice day! "