Just applied at Cap One and got approved

[dr618]

I wasn't going to, because I included them in bankruptcy, but I would like to inprove my credit and was surprised that I was approved, they said they will be sending my card out in 10-14 days. I tired applying at all the one mentioned here, Hooters denied me. The card is not a secured card, just has an annual fee of $29. I guess that's not too bad considering some of them have very high fees.

[Flamingo]

You have this just a little bit backwards...getting another credit card right away after filing/discharge is not going to improve your credit right away especially since it appears you have applied for others and were denied; that means you have several credit inquiries at one time on your credit reports which last for two years. Does not look too good right after filing a BK. What is the credit limit on the card and what is the interest rate? Cap One is BK friendly but the only thing that is going to improve your credit is time and not obtaining more credit right away after filing/discharge. In fact, you will receive more denials than you will approvals over the next several years so you need to take the time and try to live without credit cards so you don't get yourself back in the same hole you were just in several years down the road. Just some good, true common sense advice for you as you will see in a few years.

[schel]

My DH and I both got a offer for a Platinum Card from Capitol One. My DH got a Credit line up to 3000.00 however when he got to the end, it said the credit line is based on our current credit standing. Mine is just a card, did not give me a $$ amount. Each did not charge an annual fee. Can't hurt to try I guess so thats why we did. We have no where to go but up from here after hitting the bottom with BK!
Schel

[Logan]

You have this just a little bit backwards...getting another credit card right away after filing/discharge is not going to improve your credit right away especially since it appears you have applied for others and were denied; that means you have several credit inquiries at one time on your credit reports which last for two years. Does not look too good right after filing a BK. What is the credit limit on the card and what is the interest rate? Cap One is BK friendly but the only thing that is going to improve your credit is time and not obtaining more credit right away after filing/discharge. In fact, you will receive more denials than you will approvals over the next several years so you need to take the time and try to live without credit cards so you don't get yourself back in the same hole you were just in several years down the road. Just some good, true common sense advice for you as you will see in a few years.

????
What does this person have backwards? All I read was they were surprised and happy they got a card from Cap One.

I was aggressive with obtaining new credit right out of BK and my mid FICO is 686--pulled 1.2 years out of BK.

How else do you rebuild your credit other than obtaining credit lines out of BK?

[dr618]

That's all I said, I'm surprised. I didn't get it yet so I don't know what my credit limit would be. I thought that obtaining new credit would help you rebuild, I think I read that here too.

[hopejones]

I applied for CapI today & was approved too! I BK'ed on them as well (for $8000). I was surprised since I was discharged 3 weeks ago. They also said I should get the card in 10-14 days. I have an annual fee of $39 & an APR of 19.49%. I don't mind the high APR since I plan on paying whatever I charge immediately. I'm not going to carry any balances, I just need the card to rebuild my credit. I don't know how much the credit limit will be though. I thought it odd that CapI's site did not mention the credit limit. Guess I'll have to wait & see. Congrats!

[dr618]

Congrats to you too I plan on doing the same thing, paying the balances in full.

[krielly]

Just curious to those of you who filed on Cap One and were approved..........

Did you do the "preapproval" process first? Did it say you were pre-qualified for your cards, or just that they had some offers for you that may work (or something to that effect)

thanks
K

[dr618]

I just went to their website and they had like a see what cards you qualify for thing according to your credit, and they showed me cards, and I chose one, filled it out and that was it.

[krielly]

Right, but some people get a message that they are "pre-qualifyed offers", and others get a message (like me) that say something to the effect of "we didn't find any prequalifed offers for you, but you might be interested in applying for these"........

K

[hopejones]

I went directly to their website. I did not click on the "See if You're Prequalified" button. I clicked on the "Build Your Own Card" button. Then I clicked on the "Limited Credit History" box. After I entered my data, the website said I was "APPROVED" and would be receiving my card in 7-10 days.

[krielly]

I got turned down

[Flamingo]

????
What does this person have backwards? All I read was they were surprised and happy they got a card from Cap One.

I was aggressive with obtaining new credit right out of BK and my mid FICO is 686--pulled 1.2 years out of BK.

How else do you rebuild your credit other than obtaining credit lines out of BK?

By backwards I meant that one needs to wait a bit after filing and not jump into getting credit right away. It looks bad on credit reports especially if one tries to get credit and gets denied several times. Jumping right back into credit right after discharge may seem to many like the sensible thing to do but if you reread my posting, it may not be as many find out that cannot get approved. Time is your friend after filing BK as to upping your credit score after filing BK. Trying to gather more credit is not.

You rebuild your credit after BK by paying all your bills on time (i.e., mortgages, rent, utilities and gradually (hopefully without getting denied) a credit card with a decent limit that you would work with to up your score. Everyone needs to remember that even with working that scenario you have a BK on your credit reports for 7 to 10 years and there are just some creditors who will not lend to you with a BK on your credit.

I am trying to be open and honest because as you will find out from experience and many postings on here, many people just continue to get denied over the years to come and then read about someone getting a credit card on here and wonder why it didn't happen to them when they applied to 75 places after discharge and get denied. Let some time go by, get the credit reports repaired and go slowly - it all works to one's benefit in the long run.

[krielly]

Ok, now this is just totally insane here................

I just called for a reconsideration - which they said they would "put me in for". They said I could check back in a couple of days.

Anyhow, the reason for my denial is this:

"Too many delinquent past or present accounts with them"

No offense to anyone who has BK'd on them, and gotten approved (I'm doing the happy dance for you all), but I don't get it!!!!!!!

If someone can get discharged 3 weeks ago, and get a Cap 1 card, why can't I get one, when I filed my BK in 2005????

Also - I don't know what they mean by too many del accounts with them? There was 1??????????

ARGHHHHHH... Not holding my breath on the recon.

Why can't these companies at least be consistent??????????

Thanks for letting me rant

K

[Flamingo]

krielly - see my post just above yours, specifically the last paragraph. Also remember creditors look at income, job and many other factors. Also there was a posting on here in the not so distant past where someone claimed they got "approved" online for a card but then received a denial after further review of their credit.