Capital One opened the door for me (secured). Should I enter?

[masscredit]

I burned Capital One pretty bad in my BK that was discharged in June. We're inferno type of burned. I checked their pre-qualification page for the hell of it tonight and was surprised to see they have two offers for me. Both are secured cards. One is the Platinum and the other is their Quicksilver. Reading their info about these cards, I can deposit up to $1000 for the Platinum card's limit. They offer up to $3000 for the Quicksilver. They aren't great offers but they are a start. I'd probably go with the Quicksilver if I accept their offer. I've read posts that say it will graduate, some say it no longer does then others that say it now graduates again. Any recent data points? 

I don't need the card but I am looking to replace two of my secured cards that won't graduate (Open Sky and Andrews). I also know that Capital One cards can grow nicely so I think pushing that door open can be beneficial. 

Current scores are 652-679. Almost 3 months since DC. Have four secured cards and one SSL. One card is reporting UTI of 1%. SSL is at 67%. 

[Gollum]

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@masscredit wrote:

I burned Capital One pretty bad in my BK that was discharged in June. We're inferno type of burned. I checked their pre-qualification page for the hell of it tonight and was surprised to see they have two offers for me. Both are secured cards. One is the Platinum and the other is their Quicksilver. Reading their info about these cards, I can deposit up to $1000 for the Platinum card's limit. They offer up to $3000 for the Quicksilver. They aren't great offers but they are a start. I'd probably go with the Quicksilver if I accept their offer. I've read posts that say it will graduate, some say it no longer does then others that say it now graduates again. Any recent data points? 

I don't need the card but I am looking to replace two of my secured cards that won't graduate (Open Sky and Andrews). I also know that Capital One cards can grow nicely so I think pushing that door open can be beneficial. 

Current scores are 652-679. Almost 3 months since DC. Have four secured cards and one SSL. One card is reporting UTI of 1%. SSL is at 67%. 

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Secured Capital One cards seem unlikely to "grow nicely:"

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

The "grow nicely" part is probably for unsecured credit cards.

[SUPERSQUID]

IMHO you have enough secured cards already. Cap 1 let me back in with an unsecured platinum after 1 year post bk7 dc. I burned them pretty good on multiple cards. the unsecured platinum card they gave me had a baby sl of 300 but after 5 months i pc'd to QS and they gave me an automatic cli to 1800,  5 months more and it was 2k, ymmv.

IMHO just cool your heels and wait until after 1 year post bk dc and they might give you an unsecured card.

My scores were about where yours are.

[FireMedic1]

Being so fresh out of BK. Pick and chose. Open and close. Is not the way to rebuild. Keep what you have and in a year. Then its time to look at better cards. Its the revolving accounts that build credit. Name on the card means nothing. Garden for a year. Let them grow and do their thing. The hits you took to get the present cards need to chill and rebound. Slow and steady wins the race. Took me 3 yrs to get to 5 decent cards for a BK'er.

[Mdowning30]

You might have a better deal getting in with Discover, check their pre quals. Your scores should get you an unsecured card either the Chrome or Cash Back. Even Chase might let you in with a Freedom card or the Slate Edge.

[SouthJamaica]

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@masscredit wrote:

I burned Capital One pretty bad in my BK that was discharged in June. We're inferno type of burned. I checked their pre-qualification page for the hell of it tonight and was surprised to see they have two offers for me. Both are secured cards. One is the Platinum and the other is their Quicksilver. Reading their info about these cards, I can deposit up to $1000 for the Platinum card's limit. They offer up to $3000 for the Quicksilver. They aren't great offers but they are a start. I'd probably go with the Quicksilver if I accept their offer. I've read posts that say it will graduate, some say it no longer does then others that say it now graduates again. Any recent data points? 

I don't need the card but I am looking to replace two of my secured cards that won't graduate (Open Sky and Andrews). I also know that Capital One cards can grow nicely so I think pushing that door open can be beneficial. 

Current scores are 652-679. Almost 3 months since DC. Have four secured cards and one SSL. One card is reporting UTI of 1%. SSL is at 67%. 

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You've been given a lot of good advice already, from @Mdowning30 @FireMedic1 @SUPERSQUID @Gollum I agree with each of them.

[masscredit]

Thanks for the advice and good info in that link!  I tried the pre-qualification page just after my DC to see what the results would be. They had nothing for me at the time. I've also tried Discover just to see what they'd say (they were burned also). Nothing. I believe I'm on the blacklist with Chase. One of their cards was included in the BK. 

I think I'll just sit tight with what I have and allow them to grow. And you're right, I do have enough secured cards. My TD Bank card should graduate in a few months. Andrews might graduate the middle of next year. I was kind of excited to see a little more forward movement. I guess it's time to wait for decent unsecured cards to become available.

[Bill77]

I would look into BofA secured cards because they have a good track record of graduating to unsecured.

[OmarGB9]

I'd definitely wait and see how your credit grows, and perhaps the two secured cards will graduate. 

BTW Cap One does not "grow nicely". At least not on their secured/starter cards. Those will most likely be bucketed and grow very little, if any.

[masscredit]

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@OmarGB9 wrote:

I'd definitely wait and see how your credit grows, and perhaps the two secured cards will graduate. 

BTW Cap One does not "grow nicely". At least not on their secured/starter cards. Those will most likely be bucketed and grow very little, if any.

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My previous Cap1 cards grew to the $10K-$15K range. Two were combined to $25K.