"Finally Approved!!!"
Capital One® Classic Platinum Credit Card Review
Written by: aboss3 on 2009-04-07
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aboss3's review: 
I was really surprised to get approved for Cap1 Platinum Classic ($200 limit) after getting denied in Feb. My scores are: TU-525, EX - 524, EQ - 505. Great personalization feature, as I'm awaiting a custom card with the picture I uploaded on the web.
The card makes it a good addition to First Premier, as I'll cancel that one after a year. Cap1 also promises a CLI increase in 3 month.
Now the question is: does it matter if I use up entire $200 and pay it all of at the end of the billing cycle, or just use $20 and carry 10% of balance over?
I was really surprised to get approved for Cap1 Platinum Classic ($200 limit) after getting denied in Feb. My scores are: TU-525, EX - 524, EQ - 505. Great personalization feature, as I'm awaiting a custom card with the picture I uploaded on the web. The card makes it a good addition to First Premier, as I'll cancel that one after a year. Cap1 also promises a CLI increase in 3 month.
Now the question is: does it matter if I use up entire $200 and pay it all of at the end of the billing cycle, or just use $20 and carry 10% of balance over?
3 Comments
Comment 1 by ding
Usage 
on 2009-04-07
Hi, I have used every bit of mine up and then made sure it was below the 20% by reporting time. (the date they report you to the cb) so far that has worked for me... I am sure you will get many other opinions. Good Luck with the card, and just make sure you pay at least the minimum every month-(they really like you to pay more or all of it)... The more you use it, the better)... They start showing some love... It might take several months, but it is well worth the wait!
on 2009-04-07 Hi, I have used every bit of mine up and then made sure it was below the 20% by reporting time. (the date they report you to the cb) so far that has worked for me... I am sure you will get many other opinions. Good Luck with the card, and just make sure you pay at least the minimum every month-(they really like you to pay more or all of it)... The more you use it, the better)... They start showing some love... It might take several months, but it is well worth the wait!
Comment 2 by thomas1
CAP ONE on 2009-04-07
Congrats on your card! Cap One is a good bank, and will grow with you over time if you make all payments on time, and don't exceed your credit limit.
Secondly, wise rule of thumb, as most should know. Utilization is very important when handling credit. Never exceed 30% of your total credit line. When your statement cycles, which ever day of the month that approx falls, your balance should never be higher than $60 when the statement prints. Being that your limit is $200, if your balance is above $60 or close to the limit, it's not good at all, as you could appear maxed out.
Over time, as the limit grows, you have more room as a purchase cushion.
The 30% rule is for each card you have. The FICO scoring system weighs very heavily especially if the account is new all the way through the first 12 months, and gradually decreases as the account ages. 30% of your score is made up on utilization or capacity to spend.
Always try to keep your balances low, and not high, as it won't appear you are in need of credit.
You can spend close to the limit BEFORE the statement cycles, but make sure it's at or below 30% before the statement prints. On you credit reports, most every issuer will report the highest balance on the account, which is the highest balance at billing.
Keep it as low as you can within these guidelines, and you will look much better
Enjoy your card!
on 2009-04-07 Congrats on your card! Cap One is a good bank, and will grow with you over time if you make all payments on time, and don't exceed your credit limit.Secondly, wise rule of thumb, as most should know. Utilization is very important when handling credit. Never exceed 30% of your total credit line. When your statement cycles, which ever day of the month that approx falls, your balance should never be higher than $60 when the statement prints. Being that your limit is $200, if your balance is above $60 or close to the limit, it's not good at all, as you could appear maxed out.
Over time, as the limit grows, you have more room as a purchase cushion.
The 30% rule is for each card you have. The FICO scoring system weighs very heavily especially if the account is new all the way through the first 12 months, and gradually decreases as the account ages. 30% of your score is made up on utilization or capacity to spend.
Always try to keep your balances low, and not high, as it won't appear you are in need of credit.
You can spend close to the limit BEFORE the statement cycles, but make sure it's at or below 30% before the statement prints. On you credit reports, most every issuer will report the highest balance on the account, which is the highest balance at billing.
Keep it as low as you can within these guidelines, and you will look much better
Enjoy your card!
Comment 3 by colonative
Congratulations on 2009-04-09
As Thomas said, this is a great card and it will grow with you into a prime card that you can keep even when you get the the high 700's. Just don't mess up while you are on credit steps. I have heard from others that if you mess up even once (over the credit line, late etc) they won't budge on the credit line.
Welcome back Thomas, have not seen you in a while.
on 2009-04-09 As Thomas said, this is a great card and it will grow with you into a prime card that you can keep even when you get the the high 700's. Just don't mess up while you are on credit steps. I have heard from others that if you mess up even once (over the credit line, late etc) they won't budge on the credit line.Welcome back Thomas, have not seen you in a while.
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
