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.

Likewise, for those with good credit. That means you've had ongoing credit for more than six years, and in the last seven years you've had no defaults. Your credit situation has not changed in the last nine months, and you've had no late or missed payments in the last three months. If in addition to all that your household income is greater than $30, 000. 00, then you fit in the category of " good credit".

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".

Depending on the category you are in, you can receive an interest rate anywhere between prime and 19. 8%. Capitol One bases their prime rate on the Globe and Mail's business section report on the 25th day of each month. If the 25th falls on a weekend or holiday then they use the previous business days rate.

With such a wide range of credit cards, it's not hard to believe that they really do have a credit card suited to every person. It's no wonder they have over 46 million satisfied customers world wide. The bottom line is that credit is convenient, and in this day and age almost a necessity. With their secured credit cards, they really can guarantee you approval. Quite simply, it's worth checking out.

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