I know you're probably skeptical, right? Capitol One has been named in Canada's top 50 Small and Medium business employers. Their corporate motto could be stated as, "What's important to our customers is important to us." They offer a credit card for every level of credit from no credit to excellent credit. They are always looking for new ways to serve their customers. Why not check out a Capitol One credit card?
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."
The second category is for people who may never have had credit, or may have had previous credit problems. This category also includes people who may be new to Canada. Check it out, even if you've had bankruptcy you can still qualify for a credit card. You may need to pay a security deposit in some situations. This category lets people build or rebuild their credit, while attaining some rewards for good credit management.
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."
If you want to reach for the category of "excellent credit," here are some good first steps. Obviously you can't have had any defaults in the last seven years, and you must have made all your payments, and made them on time in the last six months. If you can meet that, and you've had credit for the last ten years or more, with no changes to your credit situation in the last nine months, you're almost there. The last thing you'll need will be a household income in excess of $40, 000. 00 per year. The good news is if you can't quite reach the Excellent category, but reaching good was a breeze, there appears to be a category in between called "Excellent and Good." You need ongoing credit for a minimum of three years, with the standard no defaults in seven. If your household income exceeds $30, 000. 00 and you've made all your payments on time in the last three months, congratulations. You've made it.
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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