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trying to teach my kids about responsibility and credit cards. My daughter has had one for 4 years, and has never carried a balance, she uses it for a few little things,pays it off each month to get a good credit record. My son turned 19, and we were discussing the same, because he has no credit record, and will be looking for an apartment next year - needs good credit record too. He gets bombarded with pre-approved Capital-one apps. I myself have a visa through Target, so I have never dealt with Capitalone. I am on the opt out list, so I never get info, don't really know what is out there as far as cc. Can anyone comment on them, or can you suggest where we could look for a card that has cash rebates or something that he can try for? He is in college and working. thanks a bunch

Posted: Mon Apr 30, 2007 8:54 am Subject:

Through personal experience with Capital One, I would suggest not going through them. Most of there cards start at $250 limit, but they tack on all kinds of initial fees which leave you paying them $200 just to get the credit card and most people don't realize that unless they've completely read all of the fine print. You'll end up with say $52 in available credit, but you just charged $100 on it, so you're already overlimit and your interest rate just skyrocketed. I'd suggest checking with a local bank or credit union and applying through them - even though he doesn't have established credit, they do offer student credit cards and such. I like US Bank personally, but depends on where you live. If you are willing to co-sign for say 6 months to help him establish his credit, that might help as well. Other companies that I'd say to avoid are First Premier, Providian, Household, etc. They all do the same thing - prey on people with no credit or bad credit. Best of luck.

Posted: Mon Apr 30, 2007 10:35 am Subject:

Why not go to your local bank and look for any offers they have? I am sure that if you have a decent credit history, they will provide you some of the benefits they offer.

Posted: Mon Apr 30, 2007 10:47 am Subject:

And definately don't ever get a discover card!

Posted: Mon Apr 30, 2007 3:31 pm Subject:

thanks for the info regarding Capital, I just shredded their stuff- I have heard too many horror stories about Discover - so no worries there! Our bank doesn't offer a card, but I will check around, and if I find anything, I will ask here to see what you all think! thanks again

Posted: Mon Apr 30, 2007 3:46 pm Subject:

If he's in college, there are usually a bunch of stands set up near the start of a term with a bunch of people pushing credit cards. They usually have pretty good terms. College students are a good risk because most of the time if they defualt they have parents that will step in and help.

Posted: Sun May 20, 2007 5:41 pm Subject:

The other thing to keep in mind about Capital One which really hurts you credit-wise is that they refuse to report credit limits. Without a credit limit reported, the bureaus then default to your "Highest Reported Balance." Since your credit score is based on credit usage and the amount of available credit, this can make it appear that you are maxed out or near your limit, when in fact you are nowhere near your limit. The only way around this would be to charge a large amount one month, then immediately pay the entire amount off to "artifically" inflate your "Highest Reported Balance."

Posted: Mon May 21, 2007 8:20 am Subject:

Definlty stay away from Capitol One! There were a pain!

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