If you are serious about building or rebuilding credit there is no better bank period. Take it from a guy who has been through all of the subprime banks searching desparately for a bank to give me a chance. I started out slow with them on a Capital One Platinum card with an initial CL of $500 which went to $750 shortly after. I also got the Capital One Secured version of the card for $49.00 at the time and a $200 CL. The other bank to go to that was not a First Premier or something like it was Orchard Bank which gave me a CL of $300. One year later Orchard Bank converted over to Capital One.
By now I was ready for a CLI and I was totally maxed out due to running a new business and needing every penny to buy product and stay a float. They bumped me to $1000 from $750 but nothing on the secured card. After the conversion of Orchard Bank they bumped me from $1000 to $2250 and from $300 on the orchard bank to $500.
My business has since picked up and so I applied for a Capital One Spark Business Select and was initially declined. I called into the Executive Offices and a few days later I was approved for an initial CL of $500. I haven't gotten the new card yet but I called back today because I wanted to see if there was any upgrade on my other cards after doing this hard pull for the Spark card.
Surprisingly, my rep told me that I could have both of the Platinum cards upgraded immediately to the Quicksilver with 1.5% rebate. After reading me a bunch of disclosures about rewards and losing anyting I did have and etc...etc.. she said I would keep the same account but new cards are on the way. As for the secure card there is no path for that other than put more money into it or close it out.
While we were at it, she also put in a request for a CLI on my two newly upgraded Platinums to Quicksilver with rewards and the Spark Card which should be in my mailbox tomorrow. You can't ask for a better bank to work with you and give you a respectful card that isn't riddled with fees and surprises or absurd charges. Yes it's a higher APR but you are a higher risk and that's the price you pay. It's worth it because it keeps them in business and able to help many other americans who are in the same spot as me.
I hope that anyone and everyone who is trying to build a solid credit profile will look at Capital One first. There are so many other benefits such as mobile banking which I use daily. There is also quick turnaround on payments. If you make a payment before 5pm on a business day your funds are available for use the next day. This is a huge and very valuable benefit as it frees up your cash for use right away.
Even if I do not get a CLI for these three cards I am grateful for the new Spark card and the upgrade to rewards from the Platinum. Hopefully I get a CLI which will lower my utilization which is currently at 86%. Yes, they really did approve me for a Spark Business Classic while having a credit report with very high utilization, 4 unpaid collections, and 1 unpaid judgement. The key really is the perfect payment and it is the only thing I hae an A on my CK. Everything else is D or F as I also have 20 inquiries. Albeit 16 of those inquries were for my car loan in September 2013 with GM Financial.
I think mainly because I have three cards with them currently in which I pay more than twice a month on each card because I need to pay them off and reuse them again for the business and keep up with my cashflow needs.I have a perfect payment record for the last 40 months on all of my accounts on my credit report.
Pay your CC bills early every month and pay more than once a month. Yes you should pay more than the minimum but you should also show good habits by paying often throughout the month. This will also help you avoid interest rates of 22% which is $43 a month if you have a balance of $2250 (I know this from experience this month where I was hit with $43 but last month it was only $1.64). Some months I will miss the grace period because a customer doesn't pay me on time and the grace period is over or some other reason I can't control.
Like I said... start here and stay with them. They will take care of you the way you should be taken care of. Even after my credit improves and I am able to get better cards. I will stay with Capital One... they are here for me when I need them and they are the reason why I am able to run a business.
It's not easy, but nothing worthwhile is.