"Capital One Gave Me A Chance."

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Written by: alan51 on 2012-01-29

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alan51's review: Callout Comment Capital One has given me a chance to rebuild my credit. I had a bankruptcy about 8 years ago. The first few years are hard to recover from. I have kept it flawless since then but because I was forced into early retirement it has made it a little harder to get new credit. They did raise my limit after 6 months as promised. I hope to continue a long relationship with them. Tough times are better when people are willing to give you a chance to start over.


Comment 1 by derek1061
Re: Capital One Gave Me A Chance. User Icon on 2012-01-29

Remarks Can you please provide some more information like credit scores at time of approval, what credit limit capital one gave you. This information will help other users.
Comment 2 by majtykamadness
Re: Capital One Gave Me A Chance. User Icon on 2012-01-31

Remarks Capital One has been good to me also. They typically arent going to raise your CL, but most importantly they pave the way to prime cards. That is if you keep your utilization low and always make payments on time. I was 3 years out of BK and only had one unsecured card (FirstPremierBank) with a low CL of $250. (CS was at best 620) I was renting at the time and got a pre-approval for Capital One and I hesitated expecting to be declined. I didnt get instant approval and was told to call. I almost didnt not wanting to hear I wasnt approved. I called about a week later and was given $3500 CL. I was ~SHOCKED~ and wanted to ask if they had made a mistake, but I kept quiet and was grateful for that day. Now its been 5 years and my CL is the same and Ive never missed a payment and have my balance at about 15%. CL hasnt increased, but now I have Discover, AMEX, Citi credit cards. (CS now is 725+) We all deserve a second chance, just dont take it for granted and be grateful for it everyday.
Comment 3 by creditcardaddict
Re: Capital One Gave Me A Chance. User Icon on 2012-02-01

Remarks @MajtykaMadness your full of credit knowledge and you give the BEST advice when it domes to issues like this. Would you know if pre paid cards help you build credit history?
Comment 4 by majtykamadness
Re: Capital One Gave Me A Chance. User Icon on 2012-02-03

Remarks I honestly have no experience with pre-paid (secured)cards, but I would believe that if the creditor of these cards reports your payment history, regardless if it's a secured or unsecured card that would be helpful as long as your not missing payments and your utilization is low. If you have a secured card and your history with them is positive I would have to believe this would open doors to unsecured credit cards. It may take longer, but it's still a way to rebuild your credit. It's a slow process, and much like climbing a ladder. Take one step at a time and don't try to climb to fast and you will eventually make it to the top.
Comment 5 by derek1061
Re: Capital One Gave Me A Chance. User Icon on 2012-02-03

Remarks Prepaid cards do NOT build credit, secured cards do however build a credit history. Many people especially those building credit use secured credit cards to efficiently build credit. Hope this helps
Comment 6 by wanderer
Re: Capital One Gave Me A Chance. User Icon on 2012-02-14

Remarks Capital One has given lots of people on the FG site another chance. Cap One has also opened doors to good credit reporting and prime bank cards. Having done the BK thing I understand. It took me more than five years to get a prime card and my scores never got higher than 704 until the BK dropped off a few months back. Then, my scores jumped to 804... can you believe that?! I kept my record like yours. Also, it is slower in retirement (there now myself) but, the card issuers will work with you.
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