TampaDude Posted July 20 Share Posted July 20 My brother has, shall we say, less than desirable credit (FICO score well under 500). He was looking at getting a secured card to start rebuilding his credit, then got an email one day from CapOne with a prequal offer. He did the prequal, figuring he had nothing to lose, but didn't expect to be approved. CapOne approved him for an UNSECURED Platinum Card! The starting CL was only $300, but damn...we were shocked that they approved him at all with such a low score. I told him, hey, it's not much, but it's a start. Use the hell out of it and always PIF. You should get a CLI in either 3 or 6 months, or both. He's on his way (back)...thanks, CapOne! TheVig, Kat58, CocoPuff and 3 others 4 2 Quote Link to comment Share on other sites More sharing options...
ShawnPY1972 Posted July 21 Share Posted July 21 14 hours ago, TampaDude said: My brother has, shall we say, less than desirable credit (FICO score well under 500). He was looking at getting a secured card to start rebuilding his credit, then got an email one day from CapOne with a prequal offer. He did the prequal, figuring he had nothing to lose, but didn't expect to be approved. CapOne approved him for an UNSECURED Platinum Card! The starting CL was only $300, but damn...we were shocked that they approved him at all with such a low score. I told him, hey, it's not much, but it's a start. Use the hell out of it and always PIF. You should get a CLI in either 3 or 6 months, or both. He's on his way (back)...thanks, CapOne! My sister burned Capital One 6 or 7 years ago and they approved her for three different cards. When she logs into her account it still shows the charge off as well as the other accounts. I have their Quick Silver World Card and I started out with $500 and on the fifth month I was increased to $1500. I'm very happy with Capital One. I pay in full monthly. Quote Link to comment Share on other sites More sharing options...
Flyingifr Posted July 22 Share Posted July 22 On 7/20/2024 at 9:59 AM, TampaDude said: My brother has, shall we say, less than desirable credit (FICO score well under 500). He was looking at getting a secured card to start rebuilding his credit, then got an email one day from CapOne with a prequal offer. He did the prequal, figuring he had nothing to lose, but didn't expect to be approved. CapOne approved him for an UNSECURED Platinum Card! The starting CL was only $300, but damn...we were shocked that they approved him at all with such a low score. I told him, hey, it's not much, but it's a start. Use the hell out of it and always PIF. You should get a CLI in either 3 or 6 months, or both. He's on his way (back)...thanks, CapOne! Cap One uses "buckets" (groups of [people with similar credit characteristics) and will usually approve just about anyone for a small credit line. The problem is, once you are one bucket with Cap One you cannot get out of it. You are there for life. Cap One will not let you "graduate" and will be miserly with CLIs. When I started my credit repair many years ago I was also in Cap One's "disaster credit" bucket and had a measly $500 line. Three years later when my credit was all cleaned up and my FICO score was nearing 780 I asked for a CLI from Cap One. I got one - a whopping $24!!! Now that all my scores are over 800 I simply don't need a $500 line from Cap One. I outgrew Cap One and they refused to grow with me. You brother needs to look at Cap One as a stepping stone to better cards, but should not get emotionally married to Cap One. In the long term, Cap One will hold him back as his credit improves and the Cap One card will serve him no purpose but to enhance his AAOC. greendeh 1 Quote Link to comment Share on other sites More sharing options...
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