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How forgiving is Cap 1?

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How forgiving is Cap 1?

I had a card with Capital One a couple of years ago. It ended up becoming a CO due to stupidity on my part. However, with a GW request about 5 months ago, Cap 1 removed the CO from my credit reports. I have checked the pre-qual site since then with no luck. Has anyone ever not been prequalified but went ahead and applied with approval? Should I attempt to pay them first? What would be my best bet? I would love to have another card with them sometime in the future. One that I would appreciate and not run into the ground.
12 REPLIES 12
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New Contributor

Re: How forgiving is Cap 1?

I think if the chargeoff was at least year ago, you can still get a new card with Cap one
Message 2 of 13
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Contributor

Re: How forgiving is Cap 1?

I went ahead and applied for their secured card and I was approved. I just have to put down a $200 deposit towards the card. I want to go ahead and go this route. Would you advise I build a good history with the secured card with them before apping for one of their unsecured cards?
Message 3 of 13
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New Contributor

Re: How forgiving is Cap 1?

I believe CapOne doesn't allow you to get another card with them until 6 months after the prior app? Someone can correct me if I'm wrong. Yes, I would establish a good payment record with the secured because I've read it will unsecure eventually.

Message 4 of 13
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Moderator

Re: How forgiving is Cap 1?http://ficoforums.myfico.com/t5/forums/replypage/board-id/rebuildingcredi


@Juana4ev wrote:

I believe CapOne doesn't allow you to get another card with them until 6 months after the prior app? Someone can correct me if I'm wrong. Yes, I would establish a good payment record with the secured because I've read it will unsecure eventually.


Yup 1 card only every 6 months + 1 day and yes OP use it and build your history with them, you can even settle the previous CO with them if they will keep it off your reports.

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Message 5 of 13
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Senior Contributor

Re: How forgiving is Cap 1?http://ficoforums.myfico.com/t5/forums/replypage/board-id/rebuildingcredi

Cap1 is very forgiving. I originally had 2 chargeoff accounts with them. One in 2013 and the other in 2014. I begged for forgiveness and they GW deleted both CO's from all 3 bureaus.

 

They gave me another chance by giving me a Platinum Card with a $300 CL in August 2015.

 

Today, I have a Venture Card with a $27,750.00 CL.

 

Treat the card well and they WILL reward you 10 fold.

Message 6 of 13
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Super Contributor

Re: How forgiving is Cap 1?http://ficoforums.myfico.com/t5/forums/replypage/board-id/rebuildingcredi

If the CO is off of your reports, that means it's off of your Capital One account meaning that it's a positive account... so there's no reason they'd look at you in a negative way.  Simply check the credit pulls database and look at those that have been approved/denied for the card(s) you're interested in along with their scores and profile data and if you feel confident in approval go for it.  I don't think this is a case of the creditor having to be "forgiving" or not.

Message 7 of 13
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Valued Member

Re: How forgiving is Cap 1?

I checked Cap One pre-qualifed card on 12/23/16 and had no luck.  I went ahead and applied for the QuickSilver mastercard and I received the 7 to 10 day message.  I also I I Received a call from the fraud dept. later that day.  I called the number back and they verified some of my information. They said that my application would go back into processing.On 12/30/16, I received the card with a $1,000 credit limit.  I only have one CC with Capital One.  

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Established Contributor

Re: How forgiving is Cap 1?

I settle a judgement with them in 12/15 and was approved for a QS1 and a Platinum for 500 in January and February 16 respectfully. They are forgiving. However, PLEASE do not miss any payments with them in this phase with credit steps or secured cards. They will close you out.
Message 9 of 13
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Senior Contributor

Re: How forgiving is Cap 1?

Neither my fiancé or I had a prequalify offer but still we were both approved .
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