Approximately a year ago I decided to turn my life around. After the youthful carelessness and the irresponsibilites, it was time to buckle down and see things straight. I was preapproved for a CapitalOne Platinum exactly 6 months ago for $300. Six months ago my credit score was around high 400s and low 500s yet CapitalOne took a chance and decided to throw me a bone. The limit was low, so i used the card wisely. Used it for all of my revolving expenses, my phone, netflix and gas. I didn't pay it all the way every time, but I would say about 4 out of the 6 months I got it down to 0. Only 3 months into having the card I decided to request for a CLI and they gave me $100 more. Then on my 6th month mark, they bumped me up to $750 without requesting. I think CapOne increases your limit if you are using your card frequently. The more you use it the more they feel obligated to increase your limit. Also, updating your income also helps them decide whether to increase you or not. My score is now 630s and I couldn't be happier. Today, I chatted with a Cap One rep to see if I can convert this card to quicksilver, and they did. Now my Platinum Credit Card is a Quicksilver Cashback card! Thanks Capital One!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR 24.99%* Variable
- Annual Fee $0
- Purchase Intro APR Not Applicable
- Purchase Regular APR 24.99%* Variable
The Capital One® Platinum Credit Card is a good choice for people looking to establish or rebuild their credit.
What to Like
Cardholders pay no annual fee. Credit lines start small, but can increase over time with reliable payments. The Capital One® Platinum Credit Card also offers $0 fraud liability if your card is lost or stolen, and there’s no balance transfer fee.
Look Out For
Like a lot of cards geared toward establishing or building credit, this card has a relatively high interest rate. You could face high interest costs if you don’t pay off your balance in full each month.
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Because I would like people to get the most value from my review, I will provide a broader picture of my credit profile. TU:712, EXP: 718.1 delinquent acct. No accts in collections. No judgements against me. Only 1 year credit history. No loans. 3 other credit cards I got in 2015: Merrick, US bank and Unity Visa. 3 hard pulls. 1 soft pull. I havent applied for any credit cards before this one in 2016. I decided to apply for this card because I wanted to transition from secured to unsecured cards. I felt my score was now high enough (went from 540 to 712 in a year) so I applied and was denied because of the extended fraud alert I have on my profile. I called Cap 1 and was told that I was denied because they could not contact me on the phone number listed on my profile. I asked to be reconsidered and received a call from them asking if I had applied. I was approved with a $1000 limit. I gave a 3 rating because they hard pulled my credit when reconsidering my application. Something they admitted they should not have done. Also, getting my application to be reconsidered was a bit of a headache. Hope all this info helps. For anyone considering this card, please remember that they examin your entire credit profile, not just your credit scores. Thats why I provided as much info about my credit profile as possible.
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