Capital One offer

[JollyGG]

I got an interesting Capital One No Hassle Pledge Card pre-approved offer in the mail today. No annual fee. 16.9% interest rate for purchases, balance transfers and cash advances. 1,000 to 5,000 credit line (yeah right).

It has no universal default clause and says it won't increase for late payments or going over limit at any time. It says they may change your rate after 2010 for changes in competitive environment and general economic conditions. So basically the interest rate is guaranteed for the next three years. Not that it is that great an interest rate.

I'm tempted to apply. I haven't even taken a look at my credit report yet. I'm only a few days from discharge so haven't been ready to get new credit yet but the offer is intriguing.

What do you guys think?

[FilingOnMyOwn]

I say take it. It took me about 6 months post bk to start getting cards like that.

[CATCHMEIFYOUCAN]

I'm working on getting a card issued by Milleneum intial fee $99 dollars .. than minimal deposit is $300 no more than $5000 which wuold be ones credit limit. $59 annual fee. I figure I got to start somewhere. I pretty much got discharged at the end of January. I only sent them $50 for now, when my savings reaches $300 they'll send me a credit card. I told them I'm in no hurry to get one but would send small payments to get it going. Until I get offers for cc with no interest than I'll end up cancelling with them.

CMIYC

[SinkingFast]

I got a CapOne before Discharge.

We were getting offers in the mail. I accepted one figuring it wouldn't come until right around Discharge. WRONG! Processing and mailing was quick and the card came 3 weeks before Discharge. Needless to say, it sat in the drawer until we knew we were Discharged.

I started out with a $2K limit, 0% interest until July, and 9.9% after that on purchases. Cash Advances is a bit pricey but I'm not going there anyway. I've already received a $500 LOC increase. No problems so far.

Only downside is they don't report your limit. When I did use it at Christmas time, it looks like I utilized my entire credit limit, which, of course, I didn't.

[JollyGG]

I just found it to be an interesting offer because
1. It had the same 16.9% rate for purchases, balance transfers, and cash advances.
2. No universal default
3. A garanteed rate for three years regardless of late payments or over limit.

Now I don't care about the interest rate as I intend to pay in full every month. And I don't intend to have late payments or go over the limit. But still it seemed like a very different offer from most I've seen. Expecially considering I'm barely discharged.

Well, I did apply online last night. It was approved. I won't know what my credit limit is until I get the card.

[quest4me]

I got the exact same offer and am awaiting its arrival anyday now. I figure I gotta start somewhere. I was reeled in for the same reasons.

[FilingOnMyOwn]

I got a CapOne before Discharge.

Same here, but only with a $300 limit. Now that I've had it for over a year, almost always paid in full, and still only a $500 limit. Its my most lowly card now in terms of the credit limit. Hope you guys are having better luck getting yours, because cap one won't give me any of their better cards. Maybe I have to cancel and reapply? LOL.

[CATCHMEIFYOUCAN]

SinkingFast

I got a CapOne before Discharge.

I thought one wasn't allowed to incurr new debt while in BK without the Trustees permission. I was going to apply for a couple cards but got scared in case the Trustee would of pulled up a credit check on me. So I held out until after my discharge. I started a savings with Millenium and applied for a refinance with Capital One. We'll see.

CMIYC

[bige1030]

I like SF's thinking there...you can get the card before discharge, just as long as you don't make any charges! Wow...SF, are you a lawyer, because you surely seem to think like one!

Wow...too bad I bankrupted Cap One...they seem like they're anxious to have the discharged on their rolls!

[CATCHMEIFYOUCAN]

Can anyone tell me what site they applied for one from ???

Thanks, CMIYC

[FilingOnMyOwn]

http://www.capitalone.com/creditcards/index.php?linkid=WWW_1106_CARD_09_HOME_C1_02_T_CB1

[CATCHMEIFYOUCAN]

I just got approved to refi my loan with capital one; however aint worth it as im paying 9.99% whereas they want 12% .. wouldn't make sense .. YOU KNOW.

CMIYC

[JollyGG]

CatchMe,

Sounds like you are working on rebuilding and are on about the same timeline as me. I should have had my discharge just a little bit after yours, but it turns out my debtor education class wasn't filed. Once that got filed I got my discharge. My trustee is still deciding if I have assets or not as well. I'm pretty sure they are trying to decide if the $357 of non-exempt tax return is worth their time or not.

I was wondering though. Aren't you scared of getting new credit since you still gamble? I know the idea would make me nervous as he**. We don't gamble (well other than a 20 at Deadwood occasionally) and still we are worried about new credit. Right now all the cards will be in my possession as my husband is not ready for credit yet.

[SinkingFast]

I just got approved to refi my loan with capital one; however aint worth it as im paying 9.99% whereas they want 12% .. wouldn't make sense .. YOU KNOW.

CMIYC

We just got a letter in the mail from an auto loan lender about this. The letter talked about how under the New Law, even tho you continue making your payments on time, your current auto lender is under no obligation to report your payments to the Credit Bureaus.

I know it was a solicitation for business, but still,............. If you aren't getting points for making payments on your Credit Reports, a refi could be a good option to jump start credit reporting. The interest rate difference would be the real rub there.

A funny thing about us getting these auto loan letters,........... We didn't have an auto loan when we filed BK. We own old beaters.

[CATCHMEIFYOUCAN]

Hi Jolly, thanks for the concern, I think I've learned my lesson with cc's. My plan is I won't use the cc unless I know I have the money to back up my charges. What I use to do is send in a payment the day I know what my charge is going to be to make sure I've got it covered. But I guess in the end it'll be my actions that will tell all.

Sinking, hmmm .. I'll think about THAT, it is interesting. I have to go look back on my credit report. But if I remember the report states "making payments," under my car loan with the dealer. AND their even beginning to send me statements, whereas when I was in Ch13 they sent me a notice to mail my payments to a different state and that they would not send me any more statements because of the BK Laws AND they have me sending payments back to the original state I was making them to, just before I filed.

CMIYC