I am single at 50 trying to restore my credit. I filed bankrupcy 8 years ago with a failed self employed business. I have paid off all my credit cards, but my credit score is still low. I received an offer today from Capital One, stating that since I have moved successfully beyond my bankruptcy that I can get a Platiunum Mastercard with $2000 limit at 0% APR. Would this increase my credit score? I thought the $2000 credit would make it go down. Which way to I go? My credit is at 612 now!
Initially it will probably lower your score as it decreases the length of history. However, as it ages, your score will go up, especially if you keep the utilization low. What does the rest of your credit history look like? Do you have any open and active accounts? How old? What's your utilization? Do you have a mix of credit types? All of these things will influence the score.
I got one of these today as well, 0 percent interest until May 2009 UNLESS you were late in a payment in one month. I never even thought abut getting it as to me CO is not a good card to have. I did look at the back and the fact they want THIRTY NINE DOLLARS IN YEARLY MEMBERSHIP FEES was enough for me to rip it up. Woofer
$39 isn't bad for annual fees, especially for someone who doesn't have a lot of history or who has filed a BK. Capital One is what I would call uneven. I had a card that was probably subprime or standard, and had a lot of trouble. I cancelled it. Now I have a prime card with them and life is pretty good. They seem to have much better customer service. I don't know if it's all of Cap One or just which card you have that is the difference.
I filed bankrupcy, 8 years ago because of a self-employed business. That lowered my score some, but it is getting back up! I have closed all my credit card accounts, in fact all I have now is a debit card. On my credit history, it says that I don't have enough active credit cards. I had a Capital One at one time, but I paid it off and cancelled it! I got a Belk Credit Card at Christmas and I paid it off, and did not use it, but kept it because it would help my credit. My credit history said that it lowered my credit because the balance limit was only for $400! I am trying to find ways to up my score! Is there any fast tricks?
If you can be added as an authorized user on someone's account, that is the fastest way to increase your score at this point. It would give you long history and a good ratio. Just make sure there are no lates on the account you're added to.
