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New Capitol One Credit Builder Program Credit Card


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$100 intro credit line will increase to $500 after first 5 monthly payments are made on time If you miss any of your first 5 monthly payments, your account will be closed. Credit bureau reporting will begin after you make your first 5 monthly payments on time No Annual fee APR 24.9% Unable to link to page at this time!

Edited by credithunting
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I seriously think CapOne is making a killing on credit rebuilders. Virtually all of us have CapOne cards, and if you treat them well, they reward you. The idea of not reporting until you make five payments, but not charging you anything for the service is genius! That said, I wonder how many people will now go with some other secured card because they don't want to wait. Also, will CapOne back report those five months, or will the TL look new after you've made those payments.

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Give it time, and we will see somebody post with some sob story how they got the card, then defaulted on a $100 limit. Lol.

 

I however am curious is to how and why Cap1 arrived at this latest business decision.

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So it's not a secured card like in the title. With no deposit or annual fee this looks like a program that has very easy entry for someone who wants to get a credit line started.

 

And it looks like they will eventually report the first 5 month history, "There will be an inquiry on your credit report when you first apply for the card. However, during the Capital One Credit Builder Program—before you’ve completed it by successfully making your first 5 monthly payments on time—we withhold credit bureau reporting. Reporting begins once you've completed the program. At that time, we will inform the credit bureaus of your account and payment history with us."

Edited by Tyra
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The thing about credit rebuilders: they're an anxious bunch with little patience. I'm not sure who would be willing to wait the five months to see the progress when they're just starting out on their repair. A secured card seems a better route, but I guess if you didn't have any money to tie up in a secured card, this might be worth it...

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In case anyone is interested and skips over the FAQ. Before wasting a hard inquiry please note:

 

Am I eligible for another credit card from Capital One while I am in the Capital One Credit Builder Program?

 

While in the Capital One Credit Builder Program, you may not be eligible for another Capital One credit card. If somehow you do end up getting other Capital One credit cards while you are part of the Capital One Credit Builder Program, we reserve the right to close your account, even if it is in good standing.

 

So if you currently have a card with them like a secured card and want to apply for this one then you will be denied and also if you decide to take this card then you are not allowed to have any other Capital One cards. It is a good point to note.

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