Capital One "Builder Program" Credit Card

[Cotton_Britches]

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@Anonymous wrote:

IS there another link to the Credit builder application? When i go on, it says this offer has expired, please help

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Just tried the link in Firefox and got the same message. Maybe it was a trial run for the program and not an official roll out yet. You could always call Capital One and inquire about it, or see if you could do the app for the program over the phone.

[CountryLivin]

I wish they would have offered this when I had no credit at all! It would have been great! I finally got in with Capitol one a few months ago when I got the Menard's Big Card.

[jeremy86]

Hello All,

I was lurking on Cap One site (always check to see if I pre-qualifiy) and I noticed that they have a new product called a rebuilder card. $100 inital credit limit, no deposit or upfront fees and after 5 monthly payments, there is an automatic CLI to $500. I have their secured card and they are no longer accepting deposits on secured cards, so i wonder if this new product will phase out their secured card. Seems to me that if those that are in rebuilding mode are looking for a CapOne product to help them rebuild, they would go for this new card instead of a secured one. Didn't apply as I have worked up to QS cards. 

Hope this helps someone and i will be curious to see if anyone has this card already. Happy Friday community! 

[Anomalous]

Interesting. I also wonder if the regular secured will be phased out. Thanks for sharing.

[KSK1912]

Maybe another advantage ( an initial disadvantage) is that from what i understand, they will not be reporting to the credit bureaus for the first 5 months. It sounds like it will start reporting after you complete the program, which means a 6 month history when they report, which means no ding to your scores for a new account. That may be good actually.

[Anonymous]

That sounds like it's going to be a great option for a lot of people. Thanks for pointing it out!

[jeremy86]

Thats true! Seems like it's a perfect product for someone rebuilding. And not only that you get $500 Cl which is pretty good if you are having a hard time getting in with anyone.

[ddemari]

This is interesting....

Credit Bureau Reporting

Once you’ve successfully completed the program, we’ll begin reporting to the credit bureaus. Then you’ll begin to establish credit with responsible use.

[ddemari]

woops sorry I missed the other poster who already mentioned that! 

[KSK1912]

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@ddemari wrote:

woops sorry I missed the other poster who already mentioned that! 

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If i had the option i would always prefer my lenders report the accounts later than sooner. But it is really interesting that it will be like a HTL until you graduate or complete the program as they word it.