"Second Chances???"

Capital One® No Hassle Cash (SM) Rewards Credit Card Review
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Written by: yanira on 2007-08-22

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yanira's review: Callout Comment I need some advice from the experts out there. I had a Capital One card about 7 years ago and defaulted with them... It was written off. Since then I have fixed up my credit a bit and was thinking of reapplying... Do you think they would have a record of my past delinquency and deny me or take me for what my score is now????


Comment 1 by deborah
Re: Yanira User Icon on 2007-08-22

Remarks I have tried twice w/ them over the past year, denied both times for any of their cards, w/ scores 613-651. But I had to include them in my Ch 7 in 2004. That's prob why I can't get one. I don't't hold the denials against them because of that.
Comment 2 by meya
Re: Yanira User Icon on 2007-08-22

Remarks Check your pm!
Comment 3 by manny
Re: Yanira User Icon on 2007-08-24

Remarks Yanira I will advise you not to apply for this card first of all your not going to get a good line of credit and if your late once it goes on your credit. I will never apply with capital one even though they send me offers all the time. 4 years ago I use to be in the 650 to 700 scores and I apply to them and go decline over 1 already paid tax lean so I said forget them. Now I have 3 accounts AMEX and my highest is 25 k with the clear card, AMEX gives very good line of credit and in 6 mouth you could ask for an increase online but make sure you have good income and have your cards over 50 percent available credit. After 1 years to applying with cards that will boost your credit like discover,Bank of America because they give you very good limit, then get rid of all your credit card with low limit. I have 6 credit cards with a total of 80k and less inquiry in my credit, that's my advise
Comment 4 by yanira
Re:manny User Icon on 2007-08-24

Remarks Thanks for all of the good advice... I will not aplly for this card!
Comment 5 by meya
Re: Manny User Icon on 2007-08-24

Remarks Hi Manny, I am not trying to contridict your experience with Capital one, but I have this card myself and I have had nothing but good experience out of them. My first line of credit was $300 so I accepted that. 90 days later it went to $500, within a year it went to $2500 and I think that is pretty darn good for someone who is rebuilding credit. I have been dealing with Orchard for 4 years and they only have me at $1300, now that is what I call "bad." Of course I can understand that you have other credit cards with higher limits so I probably would have said "forget them" after a denial but Capital One is not the only credit card that will hurt your report from one late payment, the one's you currently carry will do the same thing. Let's not forget about the default rate they will stick you with as a result. It is not good to miss a payment on any credit card (especially if you are rebuilding your credit) and if an individual see that they will not have their payment in on time, the least that should be done is "make the minimum balance." That is why I recommend online bill pay, it is faster and less chances of payments being lost in the mail. Thanks for your advice Manny, it is really appreciated.
Comment 6 by manny
Re Meya User Icon on 2007-08-25

Remarks Meya I agree on everything you say, but you said it you got 300 when you first started and 2500 after a year and I understand that is good to rebiuld there credit, but why not start from the top credit card company and maybe start with 2000 let's just say and 6 month later get 5 to 10 k a lot of company like to offer you more money then other banks you might have, i'll give you sample when I open my Bank of America 2 years ago they started me with 6500 six month later I apply for the blue AMEX to transfer 4000 that I had on Bank of America well AMEX gave me 15k to start after I had transfer all my balance to amex, well Bank of America decided to give 12k later over the year I call Bank of America and ask for an increase and they gave me 20k is what I ask and I did the same thing with AMEX and called and ask 25k and I got it. In all this meya I have about 3 inquiry on my credit, my credit score jump from 770 on experian to 790 why because my I have not been late on any account and also I just apply on 2 cards that got me another 15k combine and that took me to only 15 percent of use credit and 85 of left to spend, so I'm at a low risk. So some time is best to have a few cards with decent limit then to have 8 to 30 inquiry in a year then 1 inquiry per year and call your banks to get increase then applying for 3 credit card and getting lets say 5k for all 3, so that my point of view and hope that this would help someone
Comment 7 by meya
Re: Manny User Icon on 2007-08-26

Remarks Hi Manny, sorry about taking so long to reply, I went on a mini vacation this weekend. I hear everything you are saying and it sounds like there was a mix up here (on my behalf). Although we are talking about the same card, we are talking from a different credit background point of view. I was speaking from a rebuilding credit point of view, which is the category I am currently in as we speak, and the capital one card which I am reffering to is the "Credit Builder" card. As much as would love to apply (and be approved) at the Top Dog credit cards, I and a lot of others here are not so fortunate. We have to accept what is offered to us (unless we call for a reconciliation) and what the creditors believe we are currently worthy of. Your credit background does not apply to this type (which is a good thing) of credit cards, they would probably reject you because they would think you were crazy to even apply with them... Lol. If someone with poor scores keep applying to companies (Top Dogs) for credit which they know that they would be rejected anyway, they will have so many inquires that the shaddiest-bottom-of-the-barrell credit companies would deny them. I really enjoyed your reply and I do believe that most readers would benifit from it, but the rebuilders have to start from somewhere which would most likely be the $200-up credit limits. Thanks again.
Comment 8 by trinity3
Try Again!! User Icon on 2008-01-15

Remarks I had a Capital One MC about 5 yrs ago that was charged off. I decided to apply for the Capital One Visa knowing they would decline me since I have a charge off with them previously. TO MUCH SURPRISE, I WAS APPROVED AND RECEIVED THE CARD TODAY. THANKS CAPITAL ONE, I WILL DO RIGHT WITH THIS ONE!!!
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