- Posts: 1
- Joined: Fri Oct 30, 2015 3:50 pm
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!