How good is Capital One for rebuilding credit?

[php111]

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

[Anonymous]

I have no complaints with CapOne. 

-  QuicksilverOne since March 2012. Started with $500 limit (unsecured), and they raised me to $750 after five on-time payments. Until recently, I carried a large balance on it, though, but paid at least the minimum every month, so no more CLIs have been offered. They report to the CBs every month. $39 annual fee.

-- Was just approved for Platinum, with a $3,000 limit (unsecured). I am able to link both these accounts under one username and password, which I will do once I receive the card. No annual fee this year, but $19 next year and henceforth.

Both have high interest rates, but that's to be expected during rebuilding. I am now able to PIF every two weeks (25 day grace period), so interest rate isn't a huge factor. After a couple of years, I will apply for better cards, and will probably continue to keep at least one card from CapOne.  :-) I appreciate that they were willing to take a chance on me.

[php111]

Great! Thank you so much for the info!

[Anonymous]

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@php111 wrote:

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

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They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

[php111]

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@Anonymous wrote:

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@php111 wrote:

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

---

They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

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[Anonymous]

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@php111 wrote:

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@Anonymous wrote:

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@php111 wrote:

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

---

They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

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You want to AVOID  Credit One like the plague. They are literally the worst of the worst. Two cards you simply do NOT want to have are Credit One and First Premier. There are some other horrible ones out there but those are the worst, IMO.

Once your secured card has reported for a few months, apply for the Capital One QS1 card.

[php111]

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@Anonymous wrote:

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@php111 wrote:

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@Anonymous wrote:

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@php111 wrote:

I signed up for Capital One Secured MasterCard to rebuild my credit. How good are they for rebuilding? Do they report to all 3 CRAs and how often? I had to secured a deposit for $99 so I instead secured it for $100.

---

They are very good for rebuilding. Even though their secured cards won't "graduate", they will often extend credit where no one else will except for the predatory lenders like FP and Credit One. They have an easy to use website and will allow you to make multiple payments each month online with no charges, and they will even let you schedule advance payments as far as 90 days. They have one of the better reward programs (QuickSilver Rewards), and they will upgrade accounts with good history. They will grow your credit limits substantially and allow you to have multiple accounts with them.

Definitely one of the better rebuilding resources out there.

How and when if ever it will graduate so lenders like Credit One will accept me?

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You want to AVOID  Credit One like the plague. They are literally the worst of the worst. Two cards you simply do NOT want to have are Credit One and First Premier. There are some other horrible ones out there but those are the worst, IMO.

Once your secured card has reported for a few months, apply for the Capital One QS1 card.

Thank you so much! Maybe give it like 6 months before applying for Capital One QS1 so maybe apply for the card sometime in December? BTW, I did not received my secured card yet because I just applied yesterday and today is the first business day.

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[Anonymous]

I'd give it about 3 months. No need to be too cautious. You want to get your account set up sooner rather than later. You generally get a score boost from the first account, and you want to give Capital One a few months to see that your using your first card responsibly.

[php111]

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@Anonymous wrote:

I'd give it about 3 months. No need to be too cautious. You want to get your account set up sooner rather than later. You generally get a score boost from the first account, and you want to give Capital One a few months to see that your using your first card responsibly.

Awesome! I really appreciate all the help! I already said thank you so much but thank you so much again!

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[php111]

I secured the card with a $100 deposit. Would this be the way to do this without hurting my credit and without getting into trouble is by making small purchases? If yes, what about purchases let's say buying from Amazon like Blu-rays or paying a one disc DVD rental from Netflix or buying my snuff tobacco from convient stores? Would that be the idea using such a card? This is my first Credit Card. I always either pay cash or use my bank card as credit.