Capital One

[Blueboy]

Wow, I applied for a card last Thursday and was approved, I received the card today and it has a $3000 limit no interest until June 2011 however the interest then goes to 22.9%. The 22.9% sucks but I can't believe I got that much credit when I only discharged a little over a month ago.

[tyson24]

What I want to know, is who keeps bailing Cap One out when everyone keeps filing BK on them.

People file on them and then they extend crdit to them right after discharge. They know you cannot file again for 10 years.

Just use it for small things and pay it off. It's good to build your credit, but I am the all or nothing kind of girl and I think it will have to be nothing for a while.

Congrats

[nc73]

Wow, I applied for a card last Thursday and was approved, I received the card today and it has a $3000 limit no interest until June 2011 however the interest then goes to 22.9%. The 22.9% sucks but I can't believe I got that much credit when I only discharged a little over a month ago.

You might have one too many zeros? Mine is 500. If it is true awesome!

[backtoschool]

I have to agree, that $3,000 sounds quite high for an initial Capital One credit limit. Which Capital One card did you apply for? Were you perfect on your payments before you filed bk?

[Blueboy]

It is the Platinum MasterCard, and yes we had NEVER been late on a single payment with many accounts (+15) going back 25 years, so we had a very good history.

Funny how this single card now gives me the hebegebees.

And no its not a typo, I went online and checked it also. It is a $3000 limit.

[backtoschool]

It is the Platinum MasterCard, and yes we had NEVER been late on a single payment with many accounts (+15) going back 25 years, so we had a very good history.

Funny how this single card now gives me the hebegebees.

And no its not a typo, I went online and checked it also. It is a $3000 limit.

Congratulations! That is an awesome credit limit for a rebuilding card! I am sure your spotless pre-bk credit history is the reason you got such a high limit post discharge. If you do not use the card that often and/or pay in full each month, you will be well on your way to repairing your credit post bk.

[jadams]

Congratulations!

I got the same thing shortly after my discharge. At 3 months it increased to $3500 with Credit Steps.

I haven't had any trouble at all. I've run a lot of expenses through it and received a nice amount of cash back. My payments post and available credit is released immediately.

Look at their "Earn More Rewards" link for your online shopping. If you go to many online retailers through those links, you get bonus cash back in addition to your standard rate.

One trick is BestBuy's +5% cashback, select in store pickup, go get it immediately but still get the 6% cashback (5+1%) for online orders.

They also had a gas promotion this summer where if you linked your Capital One card to a Speedpass, you got a total of 6% cashback on those purchases (additional 4% plus standard 2% gas rate).

If you pay in full every month so you aren't incurring any finance charges, I find it to be a decent card.