topic Re: How good is Capital One for rebuilding credit? in Rebuilding Your Credit

How good is Capital One for rebuilding credit?

php111 — Thu, 04 Jun 2015 22:12:29 GMT

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

Re: How good is Capital One for rebuilding credit?

Anonymous — Thu, 04 Jun 2015 22:22:01 GMT

I have no complaints with CapOne.

- QuicksilverOne since March 2012. Started with $500 limit (unsecured), and they raised me to $750 after five on-time payments. Until recently, I carried a large balance on it, though, but paid at least the minimum every month, so no more CLIs have been offered. They report to the CBs every month. $39 annual fee.

-- Was just approved for Platinum, with a $3,000 limit (unsecured). I am able to link both these accounts under one username and password, which I will do once I receive the card. No annual fee this year, but $19 next year and henceforth.

Both have high interest rates, but that's to be expected during rebuilding. I am now able to PIF every two weeks (25 day grace period), so interest rate isn't a huge factor. After a couple of years, I will apply for better cards, and will probably continue to keep at least one card from CapOne. :-) I appreciate that they were willing to take a chance on me.

Re: How good is Capital One for rebuilding credit?

php111 — Thu, 04 Jun 2015 22:25:16 GMT

Great! Thank you so much for the info!

Re: How good is Capital One for rebuilding credit?

Anonymous — Thu, 04 Jun 2015 22:29:11 GMT

@php111 wrote:
I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

Re: How good is Capital One for rebuilding credit?

php111 — Thu, 04 Jun 2015 22:37:48 GMT

@Anonymous wrote:
@php111 wrote:
I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.
They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

Re: How good is Capital One for rebuilding credit?

Anonymous — Thu, 04 Jun 2015 22:53:25 GMT

@php111 wrote:
@Anonymous wrote:
@php111 wrote:
I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.
They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

You want to AVOID Credit One like the plague. They are literally the worst of the worst. Two cards you simply do NOT want to have are Credit One and First Premier. There are some other horrible ones out there but those are the worst, IMO.

Once your secured card has reported for a few months, apply for the Capital One QS1 card.

Re: How good is Capital One for rebuilding credit?

php111 — Thu, 04 Jun 2015 22:58:05 GMT

@Anonymous wrote:
@php111 wrote:
@Anonymous wrote:
@php111 wrote:
I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.
They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

You want to AVOID Credit One like the plague. They are literally the worst of the worst. Two cards you simply do NOT want to have are Credit One and First Premier. There are some other horrible ones out there but those are the worst, IMO.
Once your secured card has reported for a few months, apply for the Capital One QS1 card.

Thank you so much! Maybe give it like 6 months before applying for Capital One QS1 so maybe apply for the card sometime in December? BTW, I did not received my secured card yet because I just applied yesterday and today is the first business day.

Re: How good is Capital One for rebuilding credit?

Anonymous — Thu, 04 Jun 2015 23:01:13 GMT

I'd give it about 3 months. No need to be too cautious. You want to get your account set up sooner rather than later. You generally get a score boost from the first account, and you want to give Capital One a few months to see that your using your first card responsibly.

Re: How good is Capital One for rebuilding credit?

php111 — Thu, 04 Jun 2015 23:05:04 GMT

@Anonymous wrote:
I'd give it about 3 months. No need to be too cautious. You want to get your account set up sooner rather than later. You generally get a score boost from the first account, and you want to give Capital One a few months to see that your using your first card responsibly.

Awesome! I really appreciate all the help! I already said thank you so much but thank you so much again!

Re: How good is Capital One for rebuilding credit?

php111 — Fri, 05 Jun 2015 00:18:47 GMT

I secured the card with a $100 deposit. Would this be the way to do this without hurting my credit and without getting into trouble is by making small purchases? If yes, what about purchases let's say buying from Amazon like Blu-rays or paying a one disc DVD rental from Netflix or buying my snuff tobacco from convient stores? Would that be the idea using such a card? This is my first Credit Card. I always either pay cash or use my bank card as credit.

Re: How good is Capital One for rebuilding credit?

Anonymous — Fri, 05 Jun 2015 00:32:52 GMT

Theyre great for rebuilding! They were the only lenders to take a chance on me. At the time i had 3 collection accounts(august 2014) and they approved me for the quicksilver 1 with a 300 limit. In the first 4-5 months I spent over 2000 PIF several times a month. On my 6 month they automatically increased my 300 limit to 3300. I was so exciting I applied for the Spark business since i started my own business in october and was approved for 1000 in january I clicked the credit limit increse in may and was increased to 3000. They have taken a chance on me and I am very appreciative. Hang in there the APR is high but these guys took a chance on me and im appreciative.

Re: How good is Capital One for rebuilding credit?

Anonymous — Fri, 05 Jun 2015 00:55:15 GMT

Yes, you want to put regular purchases on your credit card, instead of on your debit card or writing checks, etc. I pay almost all of my bills by CC now, and also put my regular gas and grocery purchases on my CCs. Then, just PIF before the due date to avoid interest charges.

Re: How good is Capital One for rebuilding credit?

php111 — Fri, 05 Jun 2015 00:53:56 GMT

@Anonymous wrote:
Yes, you want to put regular purchases on your credit card, instead of on your debit card or writing checks, etc. I pay almost of my bills by CC now, and also put my regular gas and grocery purchases on my CCs. Then, just PIF before the due date to avoid interest charges.

Thank you so much!

Re: How good is Capital One for rebuilding credit?

Pway — Fri, 05 Jun 2015 02:51:19 GMT

Capital One is excellent when helping to rebuild credit.

Re: How good is Capital One for rebuilding credit?

Anonymous — Fri, 05 Jun 2015 11:46:40 GMT

Like others have already posted, Cap1 is one of the best for rebuilding. I have had great success with them.

Good Luck on your journey.

Re: How good is Capital One for rebuilding credit?

Anonymous — Fri, 05 Jun 2015 16:29:48 GMT

I just wanted to Chime in. I have had Capital one for 5 months and a USAA Secured card as well the same time. i have just started monitoring my credit effectivly May 15,2015. Unsrcured Capital one and USAA has been a great help i will continue to use the secured cards untill i can upgrade my cards to uncecure or longer. Best of luck on your journey to good credit!

Starting Scores: EQ/591 TU/592 EX/612 Date:May 15,2015
Current Scores: EQ/619 TU/609 EX/639 Date:June 4,2015
Utilization: 32% Date:June 4,2015

Goal Score Across the Board: 700

Re: How good is Capital One for rebuilding credit?

TRC_WA — Fri, 05 Jun 2015 18:50:33 GMT

My first card 2 years ago at Ch 13 discharge was a $1000 CapOne Platinum... I've since grown to $60k in unsecured credit and a new car.

That card was PCed to a QS1 and is now $4k... my other QS1 started at $500 and is now $2750. I haven't got a CLI on either card in over a year... they cite "Capital One is evaluating usage at current credit limits" which means I don't use the cards enough.

Don't really care... I got a $10k Venture in March and they just gave me a CLI to $13k.

I feel like I'm capped with my QS1 cards and that's fine... they are good for 0% BTs. No complaints about CapOne.

Re: How good is Capital One for rebuilding credit?

dbatl14 — Fri, 05 Jun 2015 19:45:31 GMT

I think Capital One is GREAT!! I had nothing but positive experiences with them, mind you I screwed up with them a long time ago but they took another chance with me when I need to rebuild again.

About 3 or 4 years ago I was at about a 510 with no credit cards. I started with 3 secured cards and Orchard when Orchard was bought out by Cap One, I got into their system and have been using them ever since. They increased me and have been very fair in my plight for better credit.

As you can see in my siggy, I was able to get all of these cards and I just got approved a few days ago for the Amex Everyday Card with $2000 and Discover for $1200. I am pretty happy. I did develop my own p90X credit plan and it worked out for me.

Be diligent and use the cards wisely, use them as a TOOL not supplement income!

Re: How good is Capital One for rebuilding credit?

php111 — Sat, 06 Jun 2015 02:04:22 GMT

Do I need to make this $100 deposit once every month?

Re: How good is Capital One for rebuilding credit?

Dj4Money — Sat, 06 Jun 2015 07:21:44 GMT

Only if you want to raise your limit by $100 every month...

I started with only unearned income, got a Capital One Platium Secured Card for $99 for a total of $100 secured $100 unsecured.

They kept their word about their credit steps program, I logged in yesterday to find my credit limit had increased to $500 making it $400 unsecured.

I didn't put another penny into the deposit.

Used it everyday until the limit got need $200 and I would either switch to the SDFC card or pay it off/down and keep using it.

I may switch to my new Quicksilver since it's rewards program is pretty robust and I pay for everything I can with the car. Stick of gum, candy bar, gas, gatorade, used games from Game Stop, PSN purchases, etc.

I look at it this way, the credit card is a short term loan. As soon as I pay it down or back in full, I have full access to that money again. Unlike cash where if you spend it, it's gone.

It's also flexible as long as you don't make the min payment a habit; there should be no reason to miss payment or maybe you need to dramatically cut back your spending/lifestyle.

Capital One is easy to work with, website is easy to navigate and make payments too.