Secured credit cards for bad credit are very beneficial in terms of rebuilding credit especially if you will get one from a respectable bank. Capital One is one of the banks that offer great credit card packages but they are also being harassed with a lot of negative rumors. Capital One has a wide array of products and services that has allowed them to quickly expand since it was established in 1988 in Virginia by Richard Fairbank and Nigel Morris. They also have unsecured credit cards for bad credit, home loans, auto loans, banking and savings accounts. Moreover, they have noteworthy commercials and taglines that attract more customers.
There are rumors that Capital One will be acquired by a bigger bank because in the last five years, the former’s stock has been flat. This should not stop you from getting a credit card though because in the event that this does happen, your credit or contract will not be affected and you might even get better rates and fees.
Capital One has also been called a predatory bank because they grant people with no or low credit a lot of credit lines. This causes a lot of maxed out lines of credit and late payment fees in people especially those who does not know how to handle credit. I think that this is not fair because any bank does not have control over their customer’s spending decisions. On the other hand, an issue that should be given more attention is the fact that Capital One divulges their customer’s spending habits instead of their credit limits to credit bureaus. Credit limits are what usually determines FICO scores instead of spending and this protocol can possibly affect the latter in a bad way.