Capital One "Builder Program" Credit Card

[Anonymous]

Would be Awesome we could get this Stickied so people hunting for stuff like this.  Yes the intrest Rate is bad but not as bad as Credit One or First Premier.

[Anonymous]

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@Anonymous wrote:

Would be Awesome we could get this Stickied so people hunting for stuff like this.  Yes the intrest Rate is bad but not as bad as Credit One or First Premier.

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Aw thanks

The interest rate is not great but at least there's a grace period (unlike Credit One) and it isn't the maximum allowable interest rate under law (like First Premier).  

Since this card is so new, we won't know if Cap One will allow PCs later in life but if someone could start with one of these and end up with like a QS or something out of the deal that would be phenomenal.  I have no idea if one can and that could just be wishful thinking on my part even though I have no need for this card myself, but I hope for the best possible solutions for people in the early stages of the game.  I have a huge list of secured cards floating around also for people who can't get anything else.

(edit: typo)

[Anonymous]

Do you think my mom being an AU on my hubby's cap1 cards will interfere with the fact of not being eligible if you have a Cap1 card?

[Anonymous]

Link worked for me. $100 CL is a joke. But I guess it's reasonable for Cap1. Must be losing money and customers.

[UncleB]

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@Anonymous wrote:
Link worked for me. $100 CL is a joke. But I guess it's reasonable forCap1. Must be losing money and customers.

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I disagree... to somebody with wrecked credit, any unsecured credit line is better than nothing at all... and if the person makes the payment on time for five months, the limit is raised to $500 - and there's no annual fee.

When I was rebuilding, my credit limit started as $300... and stayed there for several years, and I had a $79 annual fee.  This seems outrageous to me now, but at the time I was thrilled, and eventually I qualified for better cards.

I think Capital One is attempting to tap into a valuable market... folks who want to rebuild without being reamed with atrocious annual (and even monthly) fees.  And when these folks do recover financially, it's likely Capital One will be right there for them as well.  It's a win-win for everybody.

[jacetx]

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@Anonymous wrote:
Link worked for me. $100 CL is a joke. But I guess it's reasonable for Cap1. Must be losing money and customers.

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It beats having cards such as First Premier and Credit One with monthly and annual fees.

Believe me, Capital One is not losing money. I was just at their HQ/Executive Office two weeks ago and they are building a new 40 story office building and spending in software research and development like crazy. 

Also, take a look at their stock for the last 5 years. They are doing very well.

http://www.bloomberg.com/quote/COF:US

[Anonymous]

OMG, THANK YOU!!! SO MUCH for sharing this! My husband has not been able to get approved for ANYTHING and did not want to go the secured route. Just applied and he was approved!!!

[Anonymous]

My mom was approved!! Just waiting for the card now.

[Anonymous]

This sounds like a wonderful program, especially if it is elegible for CLIs later on, or can be PCed. The delayed reporting can be annoying, but I understand that this can work well for people who make mistakes--if someone is bad with credit, they will usually show signs of it within the first months.

If they make a mistake within the first few months, C1 will close it, and it won't even report as having existed--that person will only have 3 inquiries to show for, which to other creditors can just look like a denial, which is less bad than negative information, or outstanding balance without CL padding for utilization. It's basically a card to give people with limited income a chance to prove themselves.

/Sigh. Now if only they came out with a prime MasterCard product. I like Capital One, as they treat my parents very well, but I don't want a wallet with just Visas...

[Anonymous]

Congrats on those that have been approved for this!! Hope it is helpful for those individuals and it's a good fresh step in the right direction for them.