I have a open chapter 13 bankruptcy , Can A Secured Capital One Card help me rebuild my credit , without being turndown!
2006-08-25 07:12:06 · 3 answers · asked by jcjazz2004 1 in Business & Finance ➔ Credit
No. No credit card can help you rebuild your credit. That is just a big advertizing campaign by the cc companies. Especially capital one. I used to have one of their cards and if i was just 3 DAYS late with the payment they atuomatically handed my account over to a collection agency. Everytime one of your accounts goes into collections, it is recorded on your credit report. So cc are a bad idea for rebuilding credit. Go to your bank and see if they have a card. Set up accounts here. Apply for small loans and ALWAYS pay back on time or this will not work. You can get small loans from other banks too. Even if you dont need to money. Just apply for a loan andif you get it, wait a few months and then pay it back, just dont spend the money meantime. This will show as a positive from many banks on your credit report.
2006-08-25 07:22:31 · answer #1 · answered by trebobnagrom 3 · 1⤊ 0⤋
Absolutely. You usually dont get turned down on secured cards...but like the other answerers I've heard all bad stuff about capitol one.
Try another card, but yes, it will help you build credit if you make regular payments.
2006-08-25 17:10:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO! Stay far far away from Capital One. If you look on the internet there are other secured cards that will work better for you.
2006-08-25 14:15:48 · answer #3 · answered by leeann.warren 1 · 0⤊ 0⤋