It depends on the card with Cap One. Some are good, some not. What are your scores and what does your credit report look like (how many charge offs, 30 day late, etc)?
Depends on your definition of "good". If you're recenthly, within 6-8 months out of bankruptcy and want to rebuild your credit, any new credit card is good to rebuild. Orchard, Household will usually be the first ones who will issue you another card. True, they have annual fees and loanshark level interest rates. I filed bankruptcy in the summer of 2004, discharged in October. In March of 2005 Orchard issued me a card, MC, with a limit of $400/annual fee $39. Later that year they issued me another card, this time a Visa, again with a limit of $400/annual fee of $39. By now - November 2007 - my limits rose to $1000. Household is not as good. My wife - before we were married in 2005 - had really lousy credit and bankruptcy. But Household had issued her a MC with only a limit of $300/annual fee, and 6 months later a Visa/limit $300/annual fee. In the meantime they increased her Visa limit to $700. but her MC limit to only $500. Because of her lousy credit history/rating, Cap One first issued her a card with a $250 limit in January of this year - annual fee $19, but after 3 months of timely payments they increased her limit to $500. Because of my somewhat better credit history/rating Cap One approved me for a card in September. limit $1000annual fee $39. But right out of bankruptcy - Orchard and Household are the first ones who will approve you, and from there on you can start "rebuilding".
A word of caution here, research the cards and terms, and call the issuers to get an idea of accaptance BEFORE you apply. You don't want to add a bunch of inquiries to your credit report. The above issuers will give you an indication of approval probability, just call and talk to someone.
We've had Cap one for 4 years in increase. They won't do it so once its paid off we're closing it since its only for a lousy 500.00 when we have cc's for much more.
I have one Capital One card its only a $900 dollar limit, but it has NO annual fee and the intrest rate is decent.
In that case, you should keep it. Even though the limit isn't too high, it will help your utilization. Use the card and pay it off every month (or maybe carry a small balance occasionally) and they may raise your limit. Use it and pay it for a year, if they don't raise your limit call and ask them to.
