Capital One Indeed a good rebuilder - any other out there?

[MarcinXP]

Helping out my dad rebuild his credit post BK (BK in 2009) and since then he has not had anything except paid off the car he carried through BK. His score was 686 and he needed a credit card. applied with him for Green Cash Capital One and explained to him he should expect very low limit..to my surprise he got $2K limit with..jeez...now Im going have to sit down and talk to him about being responsible and how to use it...his previous use of credit cards could be considered about the same as a child in a toystore...which led to BK. 2K limit not bad for a rebuilder. Any other advice for a card now that HSBC is gone? I would like for him to have 2 good tradelines but worst come to worst I might have to have him garden for 12-18 months with just one card and try Chase Freedom, Discover or Barclays

[LS2982]

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@MarcinXP wrote:

Helping out my dad rebuild his credit post BK (BK in 2009) and since then he has not had anything except paid off the car he carried through BK. His score was 686 and he needed a credit card. applied with him for Green Cash Capital One and explained to him he should expect very low limit..to my surprise he got $2K limit with..jeez...now Im going have to sit down and talk to him about being responsible and how to use it...his previous use of credit cards could be considered about the same as a child in a toystore...which led to BK. 2K limit not bad for a rebuilder. Any other advice for a card now that HSBC is gone? I would like for him to have 2 good tradelines but worst come to worst I might have to have him garden for 12-18 months with just one card and try Chase Freedom, Discover or Barclays

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Garden for at least a year. And always pay more then the minimum or PIF.

[namvet]

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@LS2982 wrote:

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@MarcinXP wrote:

Helping out my dad rebuild his credit post BK (BK in 2009) and since then he has not had anything except paid off the car he carried through BK. His score was 686 and he needed a credit card. applied with him for Green Cash Capital One and explained to him he should expect very low limit..to my surprise he got $2K limit with..jeez...now Im going have to sit down and talk to him about being responsible and how to use it...his previous use of credit cards could be considered about the same as a child in a toystore...which led to BK. 2K limit not bad for a rebuilder. Any other advice for a card now that HSBC is gone? I would like for him to have 2 good tradelines but worst come to worst I might have to have him garden for 12-18 months with just one card and try Chase Freedom, Discover or Barclays

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Garden for at least a year. And always pay more then the minimum or PIF.

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    I agree w/LS

[injustifiiable]

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@MarcinXP wrote:

Helping out my dad rebuild his credit post BK (BK in 2009) and since then he has not had anything except paid off the car he carried through BK. His score was 686 and he needed a credit card. applied with him for Green Cash Capital One and explained to him he should expect very low limit..to my surprise he got $2K limit with..jeez...now Im going have to sit down and talk to him about being responsible and how to use it...his previous use of credit cards could be considered about the same as a child in a toystore...which led to BK. 2K limit not bad for a rebuilder. Any other advice for a card now that HSBC is gone? I would like for him to have 2 good tradelines but worst come to worst I might have to have him garden for 12-18 months with just one card and try Chase Freedom, Discover or Barclays

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You're a good son...the shoe is usually on the other foot...like in my case, it's my dad helping ME rebuild...hahah.

[MarcinXP]

Thanks guys...yeah I pretty much agree..I don't want him to get any more crappy rebuilders. Capital One gave him $2k and if he will be enrolled in Credit Steps then he might see a $500 increase or something in 6 months. At 2.5k with rewards its a way good start ahead of most people even me. Im going to have to explain to him to use it like its his money and use that instead of his debit card and PIF. He's from the old country so he woved to have no credit anymore, but his debit card was most likely copied at the bank's ATM and they went to town on it..he had to jump through hoops to get his money back so he got scared..He used to have 780 credit...Dell account 5k, Circuit City 3k, best Buy 3k, Providian 5K, and boat loads of other credit cards...he mostly had store credit though and never a major credit card and he was always over extended. When I was a kid..I was happy since he always bought us stuff, Computers, Tvs, Game consoles, etc....we had tons of stuff....thats how he used his credit...now Im going to have to sit down and explain to him to use only what he can afford that month...I already gave him the basics like for first 6 months I want him to almost PIF, but leave like $25 bucks on it to show its being used and that will improve his credit. My brother had a Chase card as his first card..he always paid in full and for some reason (This being his only card) his score would be lower if his utilization was 0% or N/A then 1-5%...so I told my that until the 0% to PIF but leave 25 bucks and as soon as statement cuts pay that 25 bucks right away..hopefully next end of year he can get more prime cards with more benefits.

I want to get him introduced to AMEX..do you guys think that he would get Zync with 3 year BK and these scores? He had a AMEX briefly in 92 but closed it like 3 months later when he found out that it was a charge card and not revolver. CLosed it in good standing..you think they would backdate?

[espnjunkie]

I would hold off for a bit on Amex. Give it some time with the new Cap One card, 6 months or so, and then reconsider Amex. See how he handles this card and go from there!