Just applied at Cap One and got approved

[Logan]

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.

Flamingo,

I have had a different experience. The day after my discharge I applied and was approved for a credit card (Orchard, $500, $35 annual fee, now canceled). One month later I applied for another and was approved for $3500 and 2 months later I received my first Car loan approval (I never bought a car).

I have good experiences and only been turned down maybe 2 times out of 9 attempts at new credit in the last year and a half. My FICO score has only improved.


Obviously my experience is much different than yours and I have found the rebuilding phase of my BK very quick and easy. I have been criticized often on my viewpoint of obtaining credit in this forum and in the Mortgage forum but I guess since I am having no problems out of BK I look at credit a little different than most.

Also, the main reason I hang around the bkforum is I feel my experiences may be in the minority yet they are obviously obtainable and people need to know there is life after BK. My advice tends to go against the grain but how can you argue against me when I have so far been successful.

My next test for credit will be obtaining a home loan and if the timing is right for me I will be buying exactly 2 years after discharge. I hope I can pass on another positive experience soon.

Logan

[Flamingo]

Flamingo,

I have had a different experience. The day after my discharge I applied and was approved for a credit card (Orchard, $500, $35 annual fee, now canceled). One month later I applied for another and was approved for $3500 and 2 months later I received my first Car loan approval (I never bought a car).

I have good experiences and only been turned down maybe 2 times out of 9 attempts at new credit in the last year and a half. My FICO score has only improved.


Obviously my experience is much different than yours and I have found the rebuilding phase of my BK very quick and easy. I have been criticized often on my viewpoint of obtaining credit in this forum and in the Mortgage forum but I guess since I am having no problems out of BK I look at credit a little different than most.

Also, the main reason I hang around the bkforum is I feel my experiences may be in the minority yet they are obviously obtainable and people need to know there is life after BK. My advice tends to go against the grain but how can you argue against me when I have so far been successful.

My next test for credit will be obtaining a home loan and if the timing is right for me I will be buying exactly 2 years after discharge. I hope I can pass on another positive experience soon.

Logan

Logan - no one is putting you down for obtaining credit as you wish or as you can. As you state, most people find out the opposite and when they see postings such as yours, which are great for the poster, they wonder why they themselves cannot get credit. Krielly in a previous posting on here states just that. What applies for most people is just to take it easy after discharge and go slow and that works for them in the long run. Just realize that you will probably not always have "positive" experiences and you will run into issues over the next 10 years or more due to your BK. Everyone does in one way or another. While BK stays on your credit reports for 10 years, it stays permanently on the records of creditors you have included in your filing and some will never extend credit to anyone who files.

Best of luck to you in your endeavors. I have also had many positive experiences (i.e., 0% financing on a new vehicle while still in Chapter 13) and I have posted about that n the past but 99% of the folks on here will not experience that, we have not applied for much credit (been approved and denied) and our credit scores 2 1/2 years after filing are in the high 700s. I will be looking to see what they will be when the BK comes off our credit reports this month.

[Logan]

Logan - no one is putting you down for obtaining credit as you wish or as you can. As you state, most people find out the opposite and when they see postings such as yours, which are great for the poster, they wonder why they themselves cannot get credit. Krielly in a previous posting on here states just that. What applies for most people is just to take it easy after discharge and go slow and that works for them in the long run. Just realize that you will probably not always have "positive" experiences and you will run into issues over the next 10 years or more due to your BK. Everyone does in one way or another. While BK stays on your credit reports for 10 years, it stays permanently on the records of creditors you have included in your filing and some will never extend credit to anyone who files.

Best of luck to you in your endeavors. I have also had many positive experiences (i.e., 0% financing on a new vehicle while still in Chapter 13) and I have posted about that n the past but 99% of the folks on here will not experience that, we have not applied for much credit (been approved and denied) and our credit scores 2 1/2 years after filing are in the high 700s. I will be looking to see what they will be when the BK comes off our credit reports this month.

I will NEVER have a bad experience because I don't want to do business with anyone who doesn't want to do business with me. I have 5 credit cards, been approved for 2 car loans and while I've been shopping for a mortgage the loan officers are amazed at my credit.

Everyone here should be able to have the same experience as me. Part of the problem is people are desperate to get credit and make mistakes. I was very surprised that I obtained so much credit so quickly and if I had been declined right off the bat I may have made some poor choices.

I look as BK as winning the lottery. I discharged about 100K that I was managing for a few years. Multiple job losses and a divorce just continued to take its toll on me and after my 5th job loss I decided to go BK. 1.5 years later I feel as if I won the lottery and had 100K burden lifted off my shoulders. Any negative experience that I have in the future will NEVER negate the positive experience that I have had.

Logan

[krielly]

Wow, I never meant to get folks riled up


I am not desperate for credit by any means. Looking to re-establish is all. I/we have been able to get 2 car loans (also in the middle of a 13) as well as 2 credit cards......albeit low limits 1K, and 2800, but NO annual fees, and fairly decent interest rates considering......... I was never late on a payment prior to the BK in 2005, and have never been late since. MY cc utilization is kept under 9%, and I PIF every month.

Our household income is not low at about 95K, and I have been at my job for over 20 years. I don't think that is a factor......

Anyhow, I just posted for the point being that using the excuse for denying credit as due to "past or current delinquencies with us" is interesting, considering they do give credit to other folks in the same situation. That's all.

My world did not come to a screeching halt due to this denial. Again, I'm not desperate for credit, and also consider myself lucky (yes Lucky!) in some respects as the BK has been a definite learning experience and wake up call for me in so many ways.

Thanks for listening
K

[Flamingo]

Let's not take this thread away from the OP who is either not yet discharged or just recently discharged according to his/her signature and dates listed. Those recently posting on here appear to be way beyond that and may have had different experiences, income, backgrounds, etc. What may work for one poster may not work for another and I was giving thoughts on what works for most. Whether or not a poster wants to follow that advice, anyone elses' advice or continue as they want is up to them. But everyone needs to know that no matter how they are doing, that BK is still there and can rear its ugly head with a denial at any time no matter how good one thinks they are doing. As time goes on, things get better if credit is handled well after discharge.

[hopejones]

My Capitol One card came today, 4 weeks after my CH7 discharge. The credit limit is only $500, but I'm very satisfied because I am officially on my way to rebuilding my credit. I applied for a card for my hubbie last night & he was approved too.

[hopejones]

I just posted for the point being that using the excuse for denying credit as due to "past or current delinquencies with us" is interesting, considering they do give credit to other folks in the same situation. That's all.

K, you are so right. I haven't had a credit card in a long time, thanks for reminding me of just how tricky and deceptive the credit card companies can be. How easy it was for me to forget how CapI had held my mailed in payment just so they could charge me a late fee and then use that as an excuse to raise my interest rate.

[schel]

My Capitol One card came today, 4 weeks after my CH7 discharge. The credit limit is only $500, but I'm very satisfied because I am officially on my way to rebuilding my credit. I applied for a card for my hubbie last night & he was approved too.

How many days did you have to wait to get your card after applying?
I know it said 7-10 days but was it closer to 7 or 10?
Schel

[schel]

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

For ours, my DH and I ours were pre approved.
Schel

[hopejones]

How many days did you have to wait to get your card after applying?
I know it said 7-10 days but was it closer to 7 or 10?
Schel

It actually only took 4 business days for it to arrive.

[hoodie]

I too got approved from capital one. But I got an invite in the mail. It promised me these things:

- No Annual Fee
- 0% APR until Nov 2009
- Credit line to 3,000

So I said what the heck, and tried it. I was just discharged in Jan of this year and this will be my only credit card even if its $100 limit. Just need to re-establish myself.

[pak511]

I got the same offer from Capital One. Said minimum credit limit would be $200 and if I activated and used it at least once, made the 1st 3 payments on time that after 90 days credit limit would be increased. The annual fee is $39.

I accepted the offer online and it said I was approved but didn't give credit limit. Got a follow up email that said card was mailed on Saturday. I was discharged on 3/11/09. Just wanted the card to start building credit again. Funny thing I had Cap One card with zero balance that wasn't included in filing with a $600 limit and $59 annual fee but they closed the account you would think they would have kept the account with the higher annual fee open???

[br7cat]

my 341 meeting was last week & think I did the right thing by going into BR7 b-4 missing
the 4th payments (about 75k total & stopped paying 4mos ago). Question is, since I'm hearing about denials on missed payments, which I only had 4mos- hope that helps after discharge when I do apply.

Logan, you're great for sharing positive news! Today, 1 week after my 341 mtg, recvd
1st premier bank /9.9% doesn't give credit line & I'm not applying for any thing until discharge & then, will pay balance in full. Is it true that your credit improves more after discharge verses someone struggling w/a ton of high min pymts?

[krielly]

Checked out First Premier CC......... HOLY FEES!!!!!!!!! OUCH!!!!!!!!

Account Set-up Fee: $29.00 (one-time fee)
Program Fee: $95.00 (one-time fee)
Annual Fee: $48.00
Monthly Servicing Fee: $84.00 Annually++
Additional Card Fee: $20.00 Annually per card (if applicable)

[hoodie]

Just as a follow up to my post:

My card came today. $500 limit which is just fine. I'm on my way to re-building.