topic Re: About the Cap One Rebuilder Card in Credit Cards

About the Cap One Rebuilder Card

Anonymous — Fri, 05 Feb 2016 12:43:42 GMT

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

Re: About the Cap One Rebuilder Card

Anonymous — Fri, 05 Feb 2016 17:39:17 GMT

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

Re: About the Cap One Rebuilder Card

Anonymous — Fri, 05 Feb 2016 21:13:16 GMT

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

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!

Re: About the Cap One Rebuilder Card

OMW2_HighAcheiver — Fri, 05 Feb 2016 22:36:58 GMT

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

Re: About the Cap One Rebuilder Card

Anonymous — Sat, 06 Feb 2016 00:01:48 GMT

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

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!

Re: About the Cap One Rebuilder Card

OMW2_HighAcheiver — Sat, 06 Feb 2016 01:40:07 GMT

Re: About the Cap One Rebuilder Card

Anonymous — Sat, 06 Feb 2016 15:11:52 GMT

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

Re: About the Cap One Rebuilder Card

Shawndoe79 — Sun, 07 Feb 2016 04:22:01 GMT

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

Re: About the Cap One Rebuilder Card

Anonymous — Sun, 07 Feb 2016 04:25:21 GMT

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.

Re: About the Cap One Rebuilder Card

NRB525 — Sun, 07 Feb 2016 04:48:25 GMT

@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.

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.

Re: About the Cap One Rebuilder Card

Anonymous — Sun, 07 Feb 2016 05:30:34 GMT

@NRB525 wrote:
@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.
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.

I know I know, I get a little stuck on something if its worked for me. but yes, its always YMMV. They have been so good to us I feel its my duty to spread the word. :-)

Re: About the Cap One Rebuilder Card

NRB525 — Sun, 07 Feb 2016 05:35:33 GMT

@Anonymous wrote:
@NRB525 wrote:
@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.
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.
I know I know, I get a little stuck on something if its worked for me. but yes, its always YMMV. They have been so good to us I feel its my duty to spread the word. :-)

No disagreement that the BofA Secured is one of the better rebuilder cards. It just seems to be a little more "exclusive" than other secured cards.

Re: About the Cap One Rebuilder Card

Anonymous — Sun, 07 Feb 2016 11:55:28 GMT

@Shawndoe79 wrote:
was the rebuilder 3 hard pulls for a $100 limit??

Yes, same triple pull. But after 5 months it changes to a regular Platinum with a higher limit.

DH didn't want to go the secured route.

Re: About the Cap One Rebuilder Card

Anonymous — Sun, 07 Feb 2016 17:49:06 GMT

Someone reported the other day that Cap One's customer service advised that the Builder Program card, once it graduates, is eligible for PCs and stuff so there's the possibility you can turn that bad boy into a QS after a while. So it may be worth holding onto for a while anyway, if that's the case.

Just a thought.

Congrats on the approval! I don't have one of those cards but I have been working with Cap One for just under a year now and I've enjoyed doing business with them. I kinda wish the Builder Program was available when I started out, it's a great idea and keeps money from being tied up in secured offerings.

Re: About the Cap One Rebuilder Card

Anonymous — Sun, 07 Feb 2016 21:29:42 GMT

@Anonymous wrote:
Someone reported the other day that Cap One's customer service advised that the Builder Program card, once it graduates, is eligible for PCs and stuff so there's the possibility you can turn that bad boy into a QS after a while. So it may be worth holding onto for a while anyway, if that's the case.

Just a thought.

Congrats on the approval! I don't have one of those cards but I have been working with Cap One for just under a year now and I've enjoyed doing business with them. I kinda wish the Builder Program was available when I started out, it's a great idea and keeps money from being tied up in secured offerings.

Yes, I love Capital One. They've officially made their way to being my favorite bank! That's a good idea about PC'ing. That will save the hard pulls.