Capital one a great company

[ben1381]

I'm giving a free plug to CAPITAL ONE! After giving me my first post-bk unsecured credit card in January 11(I was discharged CH 7 August 2010) they appear to me to be the only bank that will give me a HELOC now. I invite comments from this group.

[nioka]

I am also grateful to CapOne.

After by chapter 7 discharge in July I called CapOne. The rep was very helpful but suggested I open a secured CC. I told him I was interested in building by credit ASAP and it was my understanding that secured CC's don't really do that. We chatted for a while and then he suggested I put in for the QuickSilver card. I did and was approved to my surprise.

I have also been cautioned many times here at BK Forum about rebuilding debt instead of credit. I also took to heart the recommendation of holding charges to 10% of the total credit limit and pay in full monthly.
I am now using this card for my normal living expenses and paying off the balance when I hit the 10% mark paying well before I get a bill.
This card also has a cash reward and that's pretty nice.

I truly appreciate the opportunity that CapOne gave me.

[LadyInTheRed]

I am sure lots of people loved the banks who gave them credit when nobody else would. But, the love affair ends when you have a set back and can't make a payment and interest rates shoot up and late fees are charged. CapOne isn't giving you credit to be nice to you. They are giving you credit because they hope to make money off of you.

ben1381, as someone who has accumulated $9,000 in credit card debt in the 4 years since your discharge, you are just the kind of customer they love. Now it sounds like you might be using equity in your house to pay off unsecured debt or to sustain your habit of spending more than you earn. "Whoopie!!!" shouts Capital One. nioka, I am glad you are happy with the service you are getting from CapOne, but don't loose sight of the fact that they don't care at all about you, except for whatever profit they can get from your card usage. I hope you remain the kind of customer that they wish was more like ben1381.

[iswmle]

I like Capital One. They have been good to me... but in all fairness, I have been very good to them. Even before BK (which they were not included in) I never defaulted with them and was never late. After BK I have never paid them a dime of interest, much less any late fees or penalties. I have been a good customer to them, and they have treated me as such. But I know their hearts are fickle, and they would turn on me in a heartbeat if I were to ever screw them over... as with any credit card company.

[nioka]

I had CapOne several years ago when it was paying 5% cash rewards. I used their card exclusively and every month PIF. In 200? CapOne advised me they would be charging an annual fee for the card. I closed the account. I used another CC I had that paid 5% but was applied to my auto insurance bill. A few years later that company dropped the cash rewards.
I know as well as anyone that CapOne is in business to make money and did not give me a CC out of the kindness of their hearts. However, when I looked into rebuilding my credit the only option I found was secured cards and while some say SCC's rebuild credit I did not find that to be true. CapOne gave me an opportunity other banks would not and for that I am grateful.
I know too well the CapOne can raise their interest rate, (not important to me as I PIF), drop the cash rewards, or increase their annual fee. If and when that happens I will have hopefully built enough good credit to get another CC with premium benefits.