Capital One Platinum offer.

[Anonymous]

Capital One Platinum offer after bankruptcy.

Hello forum,

Here's my situation. I filed bankruptcy last year and was discharged in May of 2019. Since than I have opened a $1000 line of secured credit through a local credit union here in California in November of 2019. Following that I obtained a car loan in March of 2020 for around 10k. So after my bankruptcy my credit score has bounced back up to a certain degree. Here are my ficos from Experian's website.

As of the end of July 2020-Equifax 614, Experien 663, Transunion 599 (credit karma has my TransUnion at 678). 

My IIB are below:

Applied Bank

Capital One

Bank of Ameica

Discover

Citicards

First Premier Bank

JPMCB (Chase) 2 cards

and also,

American Express (this card was under a small business account I had).

My credit was a 700+ with a 50k line of credit prior to the bankruptcy.

My question is: I received a letter from Capitol One the other day notifying me that I am pre-approved for a Capitol One Platinun card with a minimum line of credit for $750 upon approval. I thought it was a generic credit company but its Capital One I guess. Could they let me back in while they are IIB. This will be my first credit card unsecured after bankruptcy.

Before this offer after trying to re-establish my credit from Nov of 2019 until now I was receiving mail and offers from Credit One, Mission lane, etc.

Anyway, should I proceed with this offer from Capitol One-is it a solid choice for now? Are there any other options I should consider or should I go ahead and hopefully add this card to my portfolio? Any info on the growth or upgrade on this card from your personal experience. I have read that some people have jumped it up to @6k after a year or two and there is a option to transfer over to a quicksilver card. 

The terms are $0 annual fee, 0% apr until May, 2021 and than a 23.99 adjustable after that.

Lastly it said there maybe a setup cost but I did not see it in the fine print if anyone knows.

Thank you....

[Anonymous]

Hello forum,

Here's my situation. I filed bankruptcy last year and was discharged in May of 2019. Since than I have opened a $1000 line of secured credit through a local credit union here in California in November of 2019. Following that I obtained a car loan in March of 2020 for around 10k. So after my bankruptcy my credit score has bounced back up to a certain degree. Here are my ficos from Experian's website.

As of the end of July 2020-Equifax 614, Experien 663, Transunion 599 (credit karma has my TransUnion at 678). 

My IIB are below:

Applied Bank

Capital One

Bank of Ameica

Discover

Citicards

First Premier Bank

JPMCB (Chase) 2 cards

and also,

American Express (this card was under a small business account I had).

My credit was a 700+ with a 50k line of credit prior to the bankruptcy.

My question is: I received a letter from Capitol One the other day notifying me that I am pre-approved for a Capitol One Platinun card with a minimum line of credit for $750 upon approval. I thought it was a generic credit company but its Capital One I guess. Could they let me back in while they are IIB. This will be my first credit card unsecured after bankruptcy.

Before this offer after trying to re-establish my credit from Nov of 2019 until now I was receiving mail and offers from Credit One, Mission lane, etc.

Anyway, should I proceed with this offer from Capitol One-is it a solid choice for now? Are there any other options I should consider or should I go ahead and hopefully add this card to my portfolio? Any info on the growth or upgrade on this card from your personal experience. I have read that some people have jumped it up to @6k after a year or two and there is a option to transfer over to a quicksilver card. 

The terms are $0 annual fee, 0% apr until May, 2021 and than a 23.99 adjustable after that.

Lastly it said there maybe a setup cost but I did not see it in the fine print if anyone knows.

Thank you....

[OmarGB9]

Yes Cap One is forgiving even if you IIBK them. That seems like a pretty solid offer, though I've never heard of "setup" costs...

Are you sure it's Capital One and not Credit One? Also, starter cards such as the Platinum actually don't generally grow much; typically they're "bucketed," meaning they grow slowly if at all. Most people end up applying for a new Cap One card after about a year or two if they wish to get a higher limit. But it IS possible to upgrade the no-rewards Platinum to a 1.5% cashback Quicksilver after about 3 months.

[Anonymous]

Thanks for the reply so far. Yes it's the Capital One Platinum card with no annual fee and believe it is the card with "Steps" to help build credit. I've read on the forum and see people who have started with this card at $300-$750 as a starting limit and working it all the way up to $6k in a year if used paid off each month and asking for a CLI at 6 months etc and then upping the card to a QS card. Any other feedback is highly appreciated I want to make a decision in the next day or so thanks Omar.

[Anonymous]

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@Anonymous wrote:

Thanks for the reply so far. Yes it's the Capital One Platinum card with no annual fee and believe it is the card with "Steps" to help build credit. I've read on the forum and see people who have started with this card at $300-$750 as a starting limit and working it all the way up to $6k in a year if used paid off each month and asking for a CLI at 6 months etc and then upping the card to a QS card. Any other feedback is highly appreciated I want to make a decision in the next day or so thanks Omar.

---

i have a setps card that started at $300 and I just finished the steps after 5  on-time payments and brought me to $500. Some have had luck, but steps cards just really do not grow much and definitely no quick by anyone's standards. People have had their steps cards, from the DPs I have read, many years and maybe got a couple k out of it.

[Anonymous]

Thanks for your input LaHossBoss. Given my circumstances with a bankruptcy and starting over can you think of other options or do you think this would be a good choice?

Thank you.

[Anonymous]

Any other suggestions forum? 

or should I go ahead and pick this card up? 

Thank you.

[OmarGB9]

It's still a good starter card, don't get me wrong. I just wanted to give you a heads up as far as CL growth expectations. I personally got one and am using it religiously, hopefully I'll qualify for a better one in the future.

[BmoreBull]

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@Anonymous wrote:

Any other suggestions forum? 

or should I go ahead and pick this card up? 

Thank you.

---

Pick it up and establish some good payment history with it. If it doesn't grow after a year or so, you can sock drawer it. By then it will have served its purpose in your rebuild. If you have a way into NFCU, look into their secured card as well. Good luck. 

[Anonymous]

Thanks BmoreBull for the Bullish reply I was looking for a straight answer I was thinking the same go with this card and let it do what it's meant to do. Good reputable company that will build my credit and get me over the hump and in time I will have more options and who knows this card may get me to $3-$5k.

Thank you Kudos.

[Anonymous]

Thank you Omar for taking the time to answer and look into my question. With your feedback and BeMoreBull I think this is my best choice for now and I too will use it to pay all my bills monthly and pay it in full every month and see what happens. Hope you get a big CLI soon. Thank you.