New here! My journey from bad credit + Capital One

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
8 posts
nselig
 
Posts: 1
Joined: Fri Oct 30, 2015 3:50 pm

New here! My journey from bad credit + Capital One

Postby nselig » Fri Oct 30, 2015 4:13 pm

Hello all!

First off, I apologize if this is in the wrong section. I posted it here since I have a Capital One MasterCard.

My story begins with foolishly signing several cellphone contracts for friends at age 19 (24 now) Every single person let the accounts go to collections, destroying my credit before it was really even established.

Fast forward a few years, and this has taken a noticeable effect on my life. I cannot get a car, credit card, and probably would have been denied putting a down payment on a free meal. My wife had stellar credit, but mine was terrible with everything in collections.

About 18 months ago, I apply for a secured Capital One MasterCard. I was approved for one with a 300 dollar secured limit and promptly sent the security deposit in. I used the card monthly and paid it in full. This wasn't enough, however, as I still had accounts in collections.

At this point I begin to take a further interest in repairing my credit. I got in contact with the collection agencies and decided to pay the 2500+ dollars owed. Not having 2500 sitting around at my disposal, I was somehow approved for a 2000 loan with terrible interest and used that. I figured the loan would also help my credit by having a monthly payment.

Equifax had a duplicate credit report issue with me so I was unable to view my report or score before sending in ID to have them merge the accounts. I get my score. 553. Okay, didn't expect much better. A week later my account is updated that I paid my bills in collections, suddenly my score is at 613.

At this point, I wasn't quite ready to apply for a new card yet so I called Capital One and requested a CLI. The rep explained it was done sporadically and they would update me should an offer come up. I was disheartened and slightly annoyed as I felt 18 months of good standing and a fair credit rating would be suffice for a small CLI.

I read forums and discovered Capital One was not very keen on CLI's and people had luck with emailing the CEO. I have never jumped that far up the chain of command before, but I figured what's to lose? So I emailed him and explained the situation.

Fast forward to the next day. A lady from the executive office calls me and informs me they cannot offer me a CLI at this time. I push back a bit but she is unable to do anything else. Drats, everyone else on the forums had luck with this method! We get off the phone and I message back the Capital One Facebook page, whom I had also been corresponding with. I ask them how to close my account since a secured card did nothing for me at this point (I would have kept it to help with credit but I bluffed) They refer me to another number and I decide to let it go since I was coming full circle.

Two hours later I get a call from another person at Capital One. I figured this was someone else from the FB route I had taken and said "Yes, I was already contacted and denied." He says he is actually calling to offer me an increase immediately. He advises me they can give me a 750 dollar increase, bringing me to 1,050 with my 300 dollars in secured funds. I accept the offer happily. I log into my CO account and the increase is there!

It feels great to have real credit for the first time in so long. I still have a long journey as the bad credit still shows on my report, but I have a feeling I am headed in the right direction.

Thanks for reading!


gregshelley@scrtc.com
Centurion Member
Centurion Member
 
Posts: 163
Joined: Fri Sep 11, 2015 1:05 pm
Location: Kentucky

Re: New here! My journey from bad credit + Capital One

Postby gregshelley@scrtc.com » Fri Oct 30, 2015 9:51 pm

Congrats!!! Yes, it does feel good when your credit starts improving. Keep at it, If you get a chance, go with the Discover it card. They have Auto CLI and are good to work with, at least have been for me. I like Chase also, no CLI's yet but they have been good to me on new Cards. Good Luck, and keep working at it.



Discover it $1,000 CL (7-29-15)
Chase Slate Visa $700 CL (7-31-15)
BOA cash rewards Visa $1,500 CL (7-31-15)
Chase Freedom Visa $4,000 CL (9-01-15)
Cap one Quicksilver one MC $500 CL 9-09-15)
Marriott Rewards Premier Visa Sig. $6,000 CL (10-20-15)
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: New here! My journey from bad credit + Capital One

Postby Vattené » Wed Nov 04, 2015 4:22 pm

That sucks about your friends, but congratulations on all the progress you've made! Just chalk it up to a hard lesson learned.

I've never had a Cap One card myself, but - earned or not - they have a pretty bad reputation when it comes to customer service. It seems you have to go over the front-line CSRs to get anything done or get any reliable information. They offer a wide range of cards from builder to prime rewards cards. I'd think it would serve them well to be a relationship lender and do more to hold on to customers that start out with bad credit but work their way up to good credit. By contrast (at least anecdotally) it appears that if you start doing business with them when you have bad credit, that is how they will treat you forever.

I'd agree that a Discover is a good option to consider once you're more established. Personally, they were my first major credit card and have been great about growing with me. The customer service is unrivaled. Any prime card with good rewards will serve you well, though. Down the road I'd recommend seeing if you can product change your secured card into a Quicksilver so you can keep the account open and have the option to earn rewards on it (even if you decide it's best to give most of your spending to better alternatives).
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

jcarte29
Centurion Member
Centurion Member
 
Posts: 183
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Re: New here! My journey from bad credit + Capital One

Postby jcarte29 » Thu Nov 05, 2015 12:31 pm

Cap One took over my previous Orchard/Sears mastercard account a few years back, and as you experienced, they are darn near impossible to get help from, at least on the quicksilver builder card.

I'm a Finance Manager for a Chevy dealer, and my Cap One rep was in last week. I joked with him to contact the credit card division and get me some more limit, and he replied the line I have is well above what they do no matter who it is (he was actually shocked it was that high, all of 2,600 LOL)

Moral of the story, it's my SD card that I use 3 or 4 times a year. Congrats with your progression and keep it up!
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: New here! My journey from bad credit + Capital One

Postby Vermonster » Thu Nov 05, 2015 12:35 pm

jcarte29 wrote:he replied the line I have is well above what they do no matter who it is (he was actually shocked it was that high, all of 2,600 LOL)


Maybe he should be checking out MF to find out how they're getting those $20k Venture cards, lol.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

jcarte29
Centurion Member
Centurion Member
 
Posts: 183
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Re: New here! My journey from bad credit + Capital One

Postby jcarte29 » Thu Nov 05, 2015 12:38 pm

Vermonster wrote:
jcarte29 wrote:he replied the line I have is well above what they do no matter who it is (he was actually shocked it was that high, all of 2,600 LOL)


Maybe he should be checking out MF to find out how they're getting those $20k Venture cards, lol.




Yah, that's the venture card, a rewards prime card. I was referring to the Quicksilver lol.


I have no ill will for Cap One btw lol, the GM BuyPower card is my everyday card these days.
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

gregshelley@scrtc.com
Centurion Member
Centurion Member
 
Posts: 163
Joined: Fri Sep 11, 2015 1:05 pm
Location: Kentucky

Re: New here! My journey from bad credit + Capital One

Postby gregshelley@scrtc.com » Fri Nov 06, 2015 6:15 pm

Cap one QS one seems to be a slow climb when it comes to CLI's, thinking of dropping later, just not enough benefit for me.
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

yuppicide
Green Member
Green Member
 
Posts: 5
Joined: Tue Nov 17, 2015 12:37 pm

Re: New here! My journey from bad credit + Capital One

Postby yuppicide » Tue Nov 17, 2015 12:57 pm

I love Capital One, even though I have a high interest rate. They gave me an automatic CLI.

Long story short, I have bad credit due to a student loan where the school went bankrupt. I was stuck owing like $7000. Anyway, we'll fast forward to recently.. it's like 20 years later or so. That debt is long paid off, even though I do have a few small things I let go when I was younger.

First Premier Bank gave me something in the mail for an unsecured card with a small line of credit. Pre-approved it said. There was a yearly fee associated with it, but it wasn't a lot. The interest was high as well. I decided to go for it.

Shortly after having that and paying at least the minimum amount due each month, I got pre-approved for not one but two Capital One cards (actually 3 of them came in the mail, but they said I can only have 2). I think they both had $300. Interest rate is about 22.9%, but I didn't care. I took them both. I've had them over a year now. I sometimes pay the minimum balance. Other times I drop like $200 down. Either way they're all in good standing and always on time.

After 6 months I got an automatic credit line increase on one card to $500. They wouldn't give me an increase right away on the second card, because I had just got an increase on the other card, but maybe a month or so later the other one got an increase as well.

Fast forward about another 6 months or a year, I was on vacation taking a road trip with a friend when my car had troubles. something with the transmission. My Toyota is only a 2009, so it's not that old. We were on day 2 of 6. We turned around and came home. Figured it would be safer to be close to home. I was going to go to a transmission specialist. It could be a cheap fix, or it would be expensive. Who knows. But instead, I decided to go to Toyota and try to get financing on a new vehicle.

Guess who stepped up to the plate? Capital One. I guess they see my payment history with the two credit cards. I got a slightly used 2014 Corolla with low miles that was owned by the dealer the whole time. Sure, the interest is higher, but it's the first time I've ever got a car loan on my own. No co-signer.

I also love that I can walk right into a Capital One bank and pay my credit card or car loan bill.



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests