@Jannelo wrote:
@Nikki66972 wrote:
I just paid a cap 1 collection from 2 years ago. What is their forgiveness tolerance?
I had two charge-offs with Cap One. Over $4,000 owed total. The small charged-off CC had just gone to collections, I believe. It's hard to remember if it was before of after. On a whim, I checked the prequal. They approved me for an unsecured Platinum. It was $300 SL, with a credit steps CLI of $200 after five months. After that, I paid the small CC debt off. The collection was eventually deleted by Portfolio. I came to an agreement with Cap One to pay the $3,977 CC debt at $200 a month. Sometimes I paid more. Six or seven months after I got the Platinum, I checked the prequal, and they showed the QuicksilverOne. (I was still paying on the charged-off QuicksilverOne). I applied and was approved. It had a SL of $1,000, with a credit steps CLI of $500 after five months.
That's how forgiving they are. A month later they approved me for a car loan.
Cap1's best point is that they are very forgiving. IMHO their worst point is that when they bucket you, you will never get out of that bucket. You may graduate from a secured card to an unsecured card, but CLI's will be few, far between and small - sometimes to the point where the card they approve you for is essentially useless. My history with Cap1 is a classic example of this. I started with a Secured Card with a $500 CL and poor credit (all 3 inthe 500's). The baddies eventually fell off and Cap1 eventually graduated me to an Unsecured Card with the same $500 CL. After a year with the undecured card I asked for a CLI. I got a CLI - a whopping $29!!! By that time I had also gotten an Amex and after the 300% CLI it was at $12,000. My scores at that time were all in the 700's. Nope, Cap1 would not budge and neither would I, so I closed the card. I owed them nothing. A year or so later and all my scores are now in the 800's and I figure I might want Cap1's Travel card. I apped, I got - with a whopping $1,000 CL. That was 6 months ago. I still have not actually gotten the card, so it has never been activated or used, and frankly I don't care. A travel card with a $1000 line is pretty much useless. It will get me from Tucson to Phoenix, but only if I drive slow and conserve gas. It will get me from NYC to Philadelphia, but not back because of the Eastbound tolls over the Hudson River. As a travel card it is useless, and since my CL at Amex is now in the high $20,000's I frankly don't need Cap1. Once you are in a bucket there, you are in that bucket for life.
Starting Score: 589
