About the Cap One Rebuilder Card

[Anonymous]

For anyone who doesn't know, if you've been approved for the Capital One Rebuilder Card (not secured, the one with a $100 SL) after a month or so of making on-time payments you may be approved for one of their other cards. My husband could not get credit ANYWHERE and Cap One gave him a chance with their rebuilder card. Some time after he made his first payment, I checked their pre-qual for him and he has offers for the Quicksilver One and the Platinum. (Ironically, I STILL CAN'T GET A PRE-QUAL FOR ME LOL) He said he'll just wait until this card gets an increase, though, and I support his decision to just work with the one card until he's comfortable with more, but for anyone else who could use the additional credit, check their pre-qual!

Data points: His FICO started in the very low 500s (lowest was actually 497)

He is an AU on 3 of my cards since September 2015 (still could not get credit anywhere even after being added as AU)

Cap One rebuilder not reporting yet, but will after 5 months as stated on their site

We have been cleaning up his credit while gardening this rebuilder, FICO is now at 595 after about two months!

A couple of collections remaining and several student loans past due

[Anonymous]

i got the card as well but i thought that you couldnt have other cards of theirs if you have this?

[Anonymous]

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@Anonymous wrote:

i got the card as well but i thought that you couldnt have other cards of theirs if you have this?

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I know you cannot get the rebuilder card if you already have a card(s) with them, but I haven't heard of not being able to get other cards after getting the rebuilder. DH couldn't get a pre-approval for any of Capital One's cards until after he got their rebuilder and made the first payment. Now he gets the "Congratulations!" pre-approval message. I don't think Capital One would pre-approve him for another card after he's finally gotten his scores up and then not give him one. That's the purpose of rebuilding!

[OMW2_HighAcheiver]

Nope. Cannot have other cards with the rebuilder. I had one. Then was approved for QS1. They closed my rebuilder.

[Anonymous]

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@OMW2_HighAcheiver wrote:
Nope. Cannot have other cards with the rebuilder. I had one. Then was approved for QS1. They closed my rebuilder.

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Ok so that's how it works. Well its worth them closing to get a higher limit and rewards. Think I will tell DH, he'll probably go for it. Thanks for the info!

[OMW2_HighAcheiver]

NP

[Anonymous]

ok thanks ya i wasnt sure im hoping to see prequal soon since my scores are up

[Shawndoe79]

was the rebuilder 3 hard pulls for a $100 limit??

[Anonymous]

I would prefer a person go to bank of America and get a secured card. The limit will grow huge with time and they also do Apr reductions. Note to mention copious bt offers. 

[NRB525]

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@Anonymous wrote:

I would prefer a person go to bank of America and get a secured card. The limit will grow huge with time and they also do Apr reductions. Note to mention copious bt offers. 

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At the point where OP and DH are, the Capital One rebuilder seems like a good card. It grows almost monthly as the cardholder pays, with no deposit if I understand correctly. The rebuilder would be closed but that would e because the cardholder got an unsecured Cap One card.

BofA might not even be an option in this situation.