At one time I had 3 diff. cards with Cap1, a Sec Visa, a M/C, and a platinum. All 3 were closed and collecited on and appear on my reports-the last one was paid off in 2010. Since then they've started offering better cards. As part of my rebuild should I try to get a starter card with them again (not now, but later down the road) in hopes of getting one of their more prem. cards later? Or just leave them alone altogether?
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Honestly, I don't think they are likely to let you back in the door after you burned them so badly. You might be risking wasting a hard pull on all three credit reports with nothing to show for it. Did you burn GECRB? You might have better chances with them.
Starting Score: TU: 566That kind of what I was thinking also (Cap 1). I did have a Lowe's card with GE 20 years ago, but I paid it off and closed it and it's LONG GONE off my reports. I have 2 recently new accts with GECRB, Pay-Pal SC and Wal-Mart so I guess so far I'm on their good list. I guess you're saying I should let a retail card with them eventually promote into a Visa or M/C?
Retail cards can really help during the rebuilding process. You should try to get a major bank card of some type too, so you have a good mix of credit. I would recommend getting a secured card if you can make the deposit. Most rebuilder cards -- like First Premier or Credit One -- are absolutely terrible with their fees and should be avoided at all cost. You could also try establishing membership with a credit union, because they are a lot friendlier to people who are rebuilding than most commercial banks.
This isn't a topic I know much about, but let me ask the forums in order to get the OP as much advice as possible:
Does Capital One blacklist for those who defaulted on cards in the past? I think that is what the OP is looking for advice about, but I'm not sure of the answer here.
Thanks all.
Does Capital One blacklist for those who defaulted on cards in the past? I think that is what the OP is looking for advice about, but I'm not sure of the answer here.
Thanks all.
@Credit-hoarder wrote:At one time I had 3 diff. cards with Cap1, a Sec Visa, a M/C, and a platinum. All 3 were closed and collecited on and appear on my reports-the last one was paid off in 2010. Since then they've started offering better cards. As part of my rebuild should I try to get a starter card with them again (not now, but later down the road) in hopes of getting one of their more prem. cards later? Or just leave them alone altogether?
Cap One was the first card I ever got back in 2003 with little credit established. In 2005 the account went to collections. I paid the collection off in March 2009 and applied - and was approved - in May 2009 for a $500 limit, unsecured card. Today, it is still my lowest APR (12.9%) but also my lowest limit ($600). They're also becoming more lenient on CLIs, though. If you're just starting to rebuild, give them a shot. They gave me one.
GE is also pretty decent with rebuilding. Walmart store card was the second card I got back in May 2009. The CL has grown quite a bit since then, too.
@Lithium: I actually do belong to a credit union (20 years) the one for my place of work, and they just recently approved me for an unsecured Visa card. They gave me a $1000 limit-b/c that's all I asked for on the application (should have tried for $5000-LOL). I didn't expect them to approve it w/o wanting me to secure it. I tried for one back in the 90's and got denied. I received a pre-approval for Credit one just 2 weeks ago, but I'm not going to take it, mostly b/c of the things I've read on here about them. Also oddly enough, right around the time I was paying off my last Cap 1 collection in 2010, they acquired Chevy Chase Bank whom I had a checking account with at the time-so...you guessed it-I have a checking acct. w/ Cap 1 Bank (which is still open-but I've maintained it somewhat iffy over the last 3 years).