Cap One...LOL

[soccerguy]

I suggest staying far from any credit card that you can't pay off in full, Capital One or any company. If my goal is to rebuild credit after BK, my first priority would be a no fee card.

after bk u take what they give you and say thank you

[ctubbs20]

After reading this thread, I applied for a capital one / hbsc credit card. Approved for $1,000.00:-) I'm about 10months post BK7. I discharged two of their cards. Mortgage lender told me I need two lines of credit post BK. I will try another hbsc card, maybe best buy and that's it for me.

[LadyInTheRed]

I suggest staying far from any credit card that you can't pay off in full, Capital One or any company. If my goal is to rebuild credit after BK, my first priority would be a no fee card.

after bk u take what they give you and say thank you

The OP posted about a no annual fee credit card from Cap One. Somebody else warned against Cap one because "they give credit freely and will very quickly hike your interest rate to 20%+ if you carry a balance". My point was that when you are fresh out of BK and want to rebuild credit, if you are offered a no fee card, the annual fee is more important than the interest rate because you shouldn't carry a balance and pay interest anyway.

[joshuagraham]

Interesting that CapitalOne is offering the no-fee card. I got rid of my card from them because I didn't want to pay the fee, and they would not relent. On a side note, they are instituting a minimum balance on the checking accounts (i.e., to get no fee), and I will be switching to another bank for that reason as well.

[tobee43]

we have cap one cards each one of us with NO fees and 15.99% rate on one and one of us got 12.99%. the only changes over the past year were increased credit lines..one is now 6k and the other is 5k.

i use them for services like service companies in case i need to stop payment on something or car repairs. when it's been a few months of non use i charge food and then pay it as soon as i get home LOL!! but it's been working, no fees and no rate increases. so they have been good to us and we also had them on our list and owned them when we filed.

i think they are smart and targeting a market which they know they can make money from. they are NO fools when no one else is giving newly discharged bk person's a chance to re-establish their credit here come cap one with their offers. it's a HUGE market now for them i'm certain.

[nickifan]

we have cap one cards each one of us with NO fees and 15.99% rate on one and one of us got 12.99%. the only changes over the past year were increased credit lines..one is now 6k and the other is 5k.

i use them for services like service companies in case i need to stop payment on something or car repairs. when it's been a few months of non use i charge food and then pay it as soon as i get home LOL!! but it's been working, no fees and no rate increases. so they have been good to us and we also had them on our list and owned them when we filed.

i think they are smart and targeting a market which they know they can make money from. they are NO fools when no one else is giving newly discharged bk person's a chance to re-establish their credit here come cap one with their offers. it's a HUGE market now for them i'm certain.

Wow...those are great rates. Are they variable (I assume) or possibly fixed?? I haven't been offered anything yet under 22% variable. I too would like to have one CC (I have a mail-order catalog card that I just charged stuff on yesterday for the first time, but I don't know how "important" it is) and start getting some good reporting going. I'm 6 mos. post-discharge.

[malf1204]

Beware of Capital One- they give credit freely and will very quickly hike your interest rate to 20%+ if you carry a balance. Especially if they know you can't bankrupt out again for many years. Unless you can pay it off in full, I suggest staying far from them!

I thought the new credit card regulations made it illegal to raise interest on existing balances?

[btbeme]

Ever notice that Cap One can be shortened to Capone?

I stand firmly on my opinion that it isn't a "credit score"; rather, it is a debt score. Funny that they call it "credit" when you actually have to go into debt to be considered a better risk for acquiring more debt.

Believe me, I used to think otherwise. But after discharging some $105k in credit card debt and just under $1 million more in other debts, I feel like living on a cash basis has given me wings. It has certainly given me lower blood pressure.

[159515951]

Ever notice that Cap One can be shortened to Capone?

I stand firmly on my opinion that it isn't a "credit score"; rather, it is a debt score. Funny that they call it "credit" when you actually have to go into debt to be considered a better risk for acquiring more debt.

Believe me, I used to think otherwise. But after discharging some $105k in credit card debt and just under $1 million more in other debts, I feel like living on a cash basis has given me wings. It has certainly given me lower blood pressure.

Couldn't have said it better myself. Since joining this forum, I see a steady stream of people wanting to finance cars, refinance houses for cash out, and other insane practices right after filing bankruptcy. Lather, rinse, repeat...