Captial one card NON SECURED that I will be receiving or SECURED card from US bank to rebuild bad credit?

I'll try to answer. It is hard to get all of your questions in this long paragraph but I'll see what I can do.

1-I would not go with the capital one card at all. They charge you to raise your limit.. they are full of charges and you will never have a good line through them. Ever. They are as bad as First Premiere. I would truly stay away from them at all costs.

2-A secured card does not hurt your score or slow the rise of your score. I would, however, not go with one that charges a fee. You want to find a card that will convert to unsecured and continue to raise your limit so you can build age with it and not have to just close it later. With the Capital One above, you would have to close it when your score is good because you'll never get a really good limit and you'll be stuck with so many fees. With your Wells Fargo, I would consider paying the $35 fee IF and only IF after they convert it to an unsecured card, the fees stop. Otherwise, I'd continue to look for a card that doesn't charge the fees.. they are out there. Everywhere.

3-The CD bit and having the installment loan is excellent and I would try to do this in addition to a secured credit card. If you can get this (installment loan) and 2 credit cards, you will find yourself in VERY nice shape in 1.5-2 yrs. whoever said 5-7 years is not correct. You can EASILY see your score up 100 pts in that time frame. As long as you do the things you say you already know.

4-Here is what I'd suggest. Your EQ score at 648 is actually the average score in the US. It is good enough to get an unsecured card. Go to whogavemecredit.com and put in your state and for it to pick EQ. It will give you results on who else has been in your state, applied for xyz credit and they pulled EQ. That will give you an idea if you may get approved without someone pulling your credit. Sams Club (that you can also use at Walmart) is a good one that will probably approve you.

5-Finally, I'd dispute the negatives on your report. They are old and will probably easily come off with a dispute. That will really help boost your scores. Also, expect your score to dip with the new credit but it will all recover and bounce up after 6 months.

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RE Captial one card NON SECURED that I will be receiving or SECURED card from US bank to rebuild bad credit?

Please read this in full and respond with appropriate answers only to all questions listed. Do not list false websites or you will be reported! I want to first say that I am 25 years old and back in 2004-2005 I went thru some credit problems. I have not had any credit since and have no credit debt and it has been paid off for almost 2 years all accounts are closed. I have 3 negative accounts that will come off my reports by late 2012. I would like to start rebuilding my credit. I have recently been rejected by bank of America for a regular card which they talked me into applying for and a secured card so I have 2 inquires as of January 2010 from them. One inquiry in February 2010 from applying for a NON SECURED Capital One card with a $39 annual fee and have been approved will be receiving next week but after many reviews of the company they seem to have deceiving business practices, raising the APR rates and instead of putting for example $300 as you credit limit they put instead what you charge which would hurt my utilization on my credit scores. If you try to close the account they add fraudgelant charges to your account etc. Their customer service is from India and is not good. Is this true? I read this on yahoo answers and my 3 cents complaints. If so should I try for a US bank SECURED card with $300 down with a $35 annual fee? The credit union out here does not offer secured credit cards. If I can not receive a secured card from US Bank should I open up a 1-2 year $1,500 secured CD with my bank which is Harris bank to show an installment loan? I have 2 charge offs and a credit card account with a couple 90 day late payments which is CLOSED also. I have 5 accounts in good standing but are closed and were never used. How much will my credit scores go up from 1-2 years from now? Currently before all new inquires for 2010 my FICO scores were TU: 597 Equifax: 648. I will only be using 7% of my limit of $300 instead of under 30%. Refer to my other question on here from the other day for more details on my credit situation titled “How to rebuild credit with different types of credit and my scores quickly?” Thank you. – 10 points for best answer -

I will try to answer all of your questions.

1. Their [Capital One's] customer service is from India and is not good. Is this true?

Yes. From my experience, Capital One's customer service reps are hard to deal with and extremely rude. Mostly from India.

2. If so should I try for a US bank SECURED card with $300 down with a $35 annual fee?

No. From a credit standpoint, a regular card is ALWAYS better than a secured and raises your credit score faster no matter the terms. (Unless you go over the limit or have late payments)

3. If I can not receive a secured card from US Bank should I open up a 1-2 year $1,500 secured CD with my bank which is Harris bank to show an installment loan?

This seems like the best option. This is the perfect vehicle to increse your credit score at the fastest rate possible. It is a much better option than any of the credit cards.

4. How much will my credit scores go up from 1-2 years from now?

A 1-2 year time frame is a very short one in the credit world. If everything goes as planned, the installment loan should increase the score by 40-60 points. A better time frame to look at is 5-7 years. If everything continues down a good path, you may see an increase in score by about 100-150 points.

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Hope this helps!

If you want people to read your question and give you good advice, you really need to use paragraphs. I only skimmed thru that block of print.

If you've already been approved for the secured card from BOA and the regular CapOne card, take them both. Use both for small purchases each month and pay in full. Don't worry about the usage percentage. It will make you crazy trying to keep track and won't really do you any good. Credit cards report at different times. So you can never plan on a specific usage percentage.

There is no difference in the way a secured and a unsecured credit card is reported to the credit bureaus. They show up the same.

The older an item, the less impact on your score. By the time something ages off your credit report, it makes very little difference to your score. You need at least 24 months of consistent, on time payment history to see any improvement in your score. Most of your score is based on the past 2 years.

After what I went through, I decided I didn't need a credit card. I signed up for one I found on-line. Got approved right away. Within a few days, money started disappearing from my account at the bank, not once, but over four times. I went through alot of hassle with the bank I was with to fix the problem. It cost me alot more than the money they took out of my account. It ruined my credit and hurt me the next time I tried to open another account at another finacial institution. All I can tell you is if you can afford the extra interest on a credit card - I think I read one company's interest was over 22% plus you get charged late fees if you don't pay on time - just do your homework. Contact your banking institution for information on obtaining these types of credit cards. Be very careful about signing up for credit cards on-line - check with your local Better Business Bureau if you are interested in a particular company to see if they have been reported for poor or falicious activities. Good luck - Also, never, ever, ever, ever give out your credit card numbers online unless they are to a "secure" site. Never give out your personal information, social security # or other information - this is what thieves look for - don't be a victim!!

I can't speak about CapitalOne but I can tell you that a secured credit card from Public Savings Bank may work for you for several reasons:

1. Public Savings Bank does NOT pull a credit inquiry for our secured credit card

2. The secured credit card at Public Savings Bank has no monthly or annual maintenance fee

3. Our secured credit card reports monthly to all 3 credit bureaus (some other secured credit cards do not report to all 3 credit bureaus or report to other bureaus that may not benefit you).

The Public Savings Bank secured credit card has a one-time application fee of $79 and you will never again be hit with a monthly or annual fee after that. The secured credit card has 0% APR for 6 months on purchases and after 6 months goes to PRIME + 7.99% (currently 11.24%). We always have a 25-day grace period so you never need to pay interest.

Our secured credit card was designed for people like you have previous credit issues that may include bankruptcy, car repos (reposessions), charge off accounts, late payments, collections, etc. We help people rebuild or establish credit history.

You can apply online at:

https://www.publicbankcard.com/Pages/ApplicationSc...

(please copy & paste the entire link so I know how you found us!!!)

Hope that helps. All of our terms and conditions are available on our website so you can make an informed decision. Please let us know that Chris referred you. You will be talking to a live customer service rep in the United States right outside of Philadelphia and never have to speak to a foreign customer service rep throughout the application process.

US Bank is a real bank. When the Savings & Loans went down, the US Bank was still around. They've got good reputations, they are secured, and they're probably the only ones, next to Wells Fargo, BofA, that are reliable & trustworthy.

I've worked in many banks in my life like Chase, Wells Fargo but my bank remained in USB.

Capital One is mostly a credit card company. You just can't walk in and do your regular banking or borrow money from them. They have Customer Service all over the world, I guess they have some in India now.

I've gotten very good customer service, not from India, and I've been very happy with them as well. We have MC & VISA from Capital One, and also Discover Card, as well as USB.

YOU DON'T EVER WANT TO OPEN A CC W/ ANNUAL FEES.

DON'T rely YA answers to give you the answers you need. They're not always 100% correct. Just like interest rates on CD's they go up & down. Ditto with YA, sometimes they're correct, others not.

Contact the banks yourself, to be satisfied with the correct answers.