The Facts About Capitol One Credit Card
If you want a credit card company that believes that their customers are their bread and butter. If a credit card company that is constantly improving their service to their customers appeals to you. If you want a credit card company that is in the top 100 World's most Innovative companies list, then look no further. Capitol One credit card is all that and more.
Let's take a closer look at some of the criteria for each credit class. We'll start off with those whose credit needs improvement. If your household income is more than $10, 000. 00 and you have had credit for one year, whether a line of credit, a credit card or a loan. And in addition to that, if in the last two years you have paid back debt to creditors with no defaults. If you also haven't had more than two missed payments on your credit in the last three months, then you fit in the category of "credit needs improvement".
Let's suppose you've had credit before, say perhaps, as I have, you had financed a vehicle only to have work deteriorate and be left with your vehicle being repossessed. Not a fun place to be, but when you look at the criteria for someone in the "Credit needs established" category you'll see there is hope. Even if you've just moved to Canada, you can fit in this category. You will most likely have to pay a security deposit, but hey at least you can start on the road to building or rebuilding your credit.
If your gross income is greater than $30, 000. 00, and you have not had any defaults in the last seven years, you're off to a good start. Now let's add to that six years of ongoing credit, and no changes in the last nine months. Great! you're almost there. As long as you've made all your payments, and made them on time for at least the past three months, then you've made it. Soon you'll be reaping those rewards of good credit management.
On the other hand if you've had ongoing credit for more than ten years, with no defaults in the last seven years. You've had no missed or late payments in the last six months, and your household income is more than $40, 000. 00. If your credit situation hasn't changed in at least nine months, then you fit in the category of " Excellent credit". If you've had ongoing credit for more than three years, with no defaults in the last seven years. If you've had no late or missed payments in the last three months, and your household income is more than $30, 000. 00 then you make it into the category of "Excellent and good credit".
The interest rates vary based on category as well as action. For instance a cash advance has a heftier interest rate than a purchase. As you can well imagine someone in the Excellent category will receive a better interest rate than someone in the "Credit needs improving' category. That's pretty much just paying your dues. If you want to keep tabs on your interest rate, say for instance your interest rate for the activity you use most often is prime + 5%. You can just look in the Globe and Mail's business report on the 25th of each month, and that is the prime figure that Capitol One uses for prime.
So just because you've had some bad breaks, or made some bad choices, is no reason to give up. With Capitol One you are just a few mere steps from getting the benefits you deserve. Some people say there's no such thing as a second chance. Well apparently Capitol One doesn't believe that, with amazingly flexible credit cards, there's always hope. Go ahead check it out for yourself.
Let's take a closer look at some of the criteria for each credit class. We'll start off with those whose credit needs improvement. If your household income is more than $10, 000. 00 and you have had credit for one year, whether a line of credit, a credit card or a loan. And in addition to that, if in the last two years you have paid back debt to creditors with no defaults. If you also haven't had more than two missed payments on your credit in the last three months, then you fit in the category of "credit needs improvement".
Let's suppose you've had credit before, say perhaps, as I have, you had financed a vehicle only to have work deteriorate and be left with your vehicle being repossessed. Not a fun place to be, but when you look at the criteria for someone in the "Credit needs established" category you'll see there is hope. Even if you've just moved to Canada, you can fit in this category. You will most likely have to pay a security deposit, but hey at least you can start on the road to building or rebuilding your credit.
If your gross income is greater than $30, 000. 00, and you have not had any defaults in the last seven years, you're off to a good start. Now let's add to that six years of ongoing credit, and no changes in the last nine months. Great! you're almost there. As long as you've made all your payments, and made them on time for at least the past three months, then you've made it. Soon you'll be reaping those rewards of good credit management.
On the other hand if you've had ongoing credit for more than ten years, with no defaults in the last seven years. You've had no missed or late payments in the last six months, and your household income is more than $40, 000. 00. If your credit situation hasn't changed in at least nine months, then you fit in the category of " Excellent credit". If you've had ongoing credit for more than three years, with no defaults in the last seven years. If you've had no late or missed payments in the last three months, and your household income is more than $30, 000. 00 then you make it into the category of "Excellent and good credit".
The interest rates vary based on category as well as action. For instance a cash advance has a heftier interest rate than a purchase. As you can well imagine someone in the Excellent category will receive a better interest rate than someone in the "Credit needs improving' category. That's pretty much just paying your dues. If you want to keep tabs on your interest rate, say for instance your interest rate for the activity you use most often is prime + 5%. You can just look in the Globe and Mail's business report on the 25th of each month, and that is the prime figure that Capitol One uses for prime.
So just because you've had some bad breaks, or made some bad choices, is no reason to give up. With Capitol One you are just a few mere steps from getting the benefits you deserve. Some people say there's no such thing as a second chance. Well apparently Capitol One doesn't believe that, with amazingly flexible credit cards, there's always hope. Go ahead check it out for yourself.
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