Capitol One Instant Approval

[overthedebt2]

Hi all,

Ch 7 discharged and closed in October 2012. Started getting the Capitol One notices for "pre-approval" as early as November. Really have no desire to ever use a credit card again. Love using my Debit card and feels great to pay in "cash". However, I am aware of the need to start rebuilding my credit. Finally decided to open one of the Capitol One offers tonight and "applied" online using the reservation number and access code. Within about 1-2 minutes, came back approved! It said I should get my card, online enrollment info and "welcome materials" in 7-10 business. These are the terms:

Credit Limit:$3,000.00
Purchase APR: 0% intro APR until November 2013; after that, 22.9% variable APR
Transfer APR: 0% intro APR until November 2013; after that, 22.9% variable APR
No Annual Fee

I know the APR is high but, again, I don't intend to really ever use it as a credit card per se. So, what is the best way now to build? I've read keeping a small balance is good and not to pay the entire thing off every month? Surprised it came back approved so quickly. I guess because this wasn't a past creditor listed in my CH 7?


Anyway, just thought I'd post my experience. Seems like Capitol One gets a mixed bag of responses on the boards.

[walkthaplank]

I got a Cap 1 card too soon after closing. I only use it for monthly expenses that I pay in full each month or if I have the cash in my account for a purchase, I use it. I will never carry another balance on a credit card again.

[railroad436]

Which Capital One Credit Card is it?

[deltadog03]

Congrats!!

[Nicar]

Congrats! That's a great starting limit. Most people get $300-$500 dollars to start off with.

[iswmle]

Pay it off in full every month and don't let anyone tell you differently.

[Logan]

Pay it off in full every month and don't let anyone tell you differently.

Yep. You've broken the code!

[rustymich]

Same thing happened to me

I refused for almost two years now to apply for a card let alone a prepaid one,
Capitol One has doing a soft search on my credit for that long I have not built any credit
for two years but am a real tight wad now and have more money then ever..But seeing the
need to rebuild credit I applyed and as you said within minutes approved 2k unsecured
I plan on using it for gas only and as I get the gas setting the cash aside and paying
it off monthly....Ive also read not to exceed 10% of the total is best though I dont
use that much in gas a month anyhow..

[bookworm]

I tried taking Capital One up on one of those offers, but when I hit "Submit Application" the website went down, and the application didn't get sent. I took that as a sign and decided not to try again.

[Pjmax]

I was discharged 11/2012, but I gradually stopped using my cards in 2009 after my first of several layoffs. I've been cash/debit only for nearly 4 yrs., and it's been rough. My income has been variable which makes budget living and saving difficult especially when those emergencies popup (as those of you in 13's know.)

I now have 2 Cap One cards, only $500 CL each. I've had to force myself to use them instead of my debit card, and as soon as the charges post, I pay them. I'm trying to build a good history and at the same time keeping available credit as high as possible. It's a good feeling being able to breathe a little easier, knowing when the unexpected does happen I'll be okay.