Approved For Capital One Unsecured Card, No Annual Fee

[Dan76]

I received my discharge in July and due to a recent car inspection, needed to get a brake job done for which I don't have much cash on hand to do, so I figured I'd apply for all of the Capital One offers they have been sending me since my discharge. I really don't want to get a card so soon, but I figured this can help me start rebuilding my credit.

The other offers I was getting were horrible. Some of them had annual fees of $39 a year and then $99 a year after the first year. That was an offer from Credit One and the limit was only $500. I went online and was able to get a Capital One car, 0% APR introductory rate for a year and then 22.9% after. There is no annual fee and my credit limit is $1000. After making 5 payments on time, they offer access to higher credit limits.

I guess it helped that I have a checking and savings account with them, and I also never had any kind of loan or credit with them before I filed BK7. I only need to charge around $300, but I'm going to be much more disciplined this time around and make sure I always send in more then the minimum. Hopefully this will help me build my credit up because I might need a new car soon.

[tobee43]

good luck! and congrats for getting the card. but like you said use it wisely. it's great to rebuild your credit as long as you make certain you pay off your balance in full. remember just because you have that year of 0% you don't what to get into that trap again.

we also have cap one. actually we did get 0% but our annual is 12.99% fixed we now have a (if i remember because they just raised it again) is about 3500. i do use it for car repairs, any type of service related items because i feel if something doesn't work out i can file a dispute as opposed to paying for cash and a week later my car breaks down and i have no recourse. it's worked well for us.

[Dan76]

Yeah, I'm definitely only going to use it for emergencies and make sure that the balance stays low. I guess for Capital One, it's a win-win situation. They know I can't file for another 8 years and they are totally ripping me off with 23%, which will surely bury me into debt again if left unchecked. I didn't want to go for the Capital One secured card because if I ever want the collateral back, I would have to close the account, and it's better to keep the accounts open for your FICO score, right?