Suprize approval for Capital One 3 months after chapter 7

[CCT501618]

Have been crusing the forums and reading about rebuilding. I fall into the category of people who want to rebuild their credit but NEVER want to rely on credit ever again. I was discharged from chapter 7 B/K in Jan 2010, current Experian score is 629. Applied two weeks ago and was approved for a Capital One Platinum Mastercard with no fees, 0% APR for 12 months and a 750 credit line. I was shocked. This will be my one and only card I have for rebuilding purposes only. I currently have a couple of grand for emergency funds. Just wanted to share my experience for others on the board. I will be looking at getting a auto loan sometime in the end of summer.
Thanks for everyone's help and input!

[ForumReader]

That is interesting, no annual fees from Capital One for you? Some people who want to rebuild their credit would get ccs with annual fees with 0 percent perks of one year. Anyway, good luck with rebuilding your credit!

[cory1848]

Congrats and same here! I started a post on the same exact thing. Discharged Jan 2010 and Cap1 Platinum at 0% until Feb 2011 then 16.9%. $750 CL as well $39 Annual fee that they didnt tell me about on the phone.

[sguerra923]

I'm curious with people that have cap one credit cards, has anyone tried to talk to cap one about removing the annual fee after paying on time for awhile? If so, how long after did you try calling to get that annual fee removed?

Second question, I tried to ask for an increase in credit limit but I was denied. I've been paying on time for over 7 months and I got one increase from 250 to 500 like they said if I paid on time for 3 straight months. I was curious how long it took people with cap one credit cards to see another increase?

Thanks in advance!

[ljfromnj]

just got my first credit card in the mail yesterday! Capital One Platinum - $39 annual fee... $1000 credit limit...

was mid 700's prior to filing
541 at discharge May 2009
675 today

that's the good news.... the bad news is that I tried to refinance my 12.5% capital one auto loan ($16,500 payoff) with up2drive and was declined... would love to show a paid off auto loan on my credit and get a cheaper rate... could try the CU but a little scared since I BK's them for $4500 with my last car...

[CCT501618]

IDK about the ann fee. I wasn't told of one on the phone and it also didn say anything on the paper which marks out you credit limit, apr, etc that the card was attached to when it arrived. Oh well its only 39 bucks which I dont think is bad for that credit line right out of BK. I may call to double check on it but I am not super concerned. As far as credit increases I have no clue how often they will review and grant increase. Again this is a small rebuilding card only so I am not looking for them to really bump me past 750. My BofA card had a 20K limit and thats part of what got me into my BK, so I never want to have access to that kinda credit again.

[liz417]

I was discharged in Sept 09 and got a Capital One card about 2 weeks after discharge. It's been almost 8 months and I've only seen one limit increase I'm thinking about getting another card (Orchard keeps sending me info) just so I can start rebuilding my credit.

[Amy26]

I also had the same luck! Mine is 1,000 limit, no annual fee and 12 months no interest and like 17% after that I think?

[blueking5]

Have been crusing the forums and reading about rebuilding. I fall into the category of people who want to rebuild their credit but NEVER want to rely on credit ever again. I was discharged from chapter 7 B/K in Jan 2010, current Experian score is 629. Applied two weeks ago and was approved for a Capital One Platinum Mastercard with no fees, 0% APR for 12 months and a 750 credit line. I was shocked. This will be my one and only card I have for rebuilding purposes only. I currently have a couple of grand for emergency funds. Just wanted to share my experience for others on the board. I will be looking at getting a auto loan sometime in the end of summer.
Thanks for everyone's help and input!

Was Capital one part of your bankruptcy?

[Flamingo]

If you have an annual fee on your Cap One or any other credit card you obtain after discharge, you will probably not be able to get it removed. It's there because you do not qualify for the no fee cards and there are restrictions on the card you obtain shortly after filling. The OP mention 0% for 12 months. While that seems great the credit limit is only $750 so they are only protecting themselves in case the OP goes overboard with the "shock" of a 0%. Now if the card had a $10,000 limit with 0% for one year, that is something someone with excellent credit and no recent BK discharge would get. It's exciting to get these low limit, no fee or low fee or low interest cards that have a one year cap for the percentage on them...they are good if you use them now and then and pay them off - big increases in credit will take a while as they want to see if you are now again creditworthy and will test you for a while.

I obtained an Orchard Bank mastercard right after discharge in the fall of 2006; $39 annual fee, 14.99% APR, $500 limit. My credit score is in the very high 700's with no BK on our records and very little debt, just mortgage debt with all payments on time, no lates since we filed for BK in 4/02. Orchard bank has only raised my limit two times since obtaining the card in the fall of 2006. The most recent increase was just a few months ago to $1,300, and they will not remove the annual fee (I inquired). I plan to get rid of this card by this fall so as not to incur another annual fee and the card is no longer of use to me (zero balance) as we now have a Visa and Mastercard with Chase and CitiBank with no fees, low percentage rates and all sorts of bonus stuff. We always get the 0% offers and 0% transfer checks in the mail but ignore them.

Time is your friend after discharge - don't go so fast. You need to establish yourself as creditworthy before the good stuff comes again and when it does, be prudent, do not go crazy as the debt trap will eat you up alive again...

[CCsAreEvil]

Well, tried Cap again and was rejected. Current TU and EQ scores are 620 and 655. I "did" BK on them. But that can't be the 100% reason because I've read others who BK'd on them but still received CapOne cards after discharge.

I looked closer on my report and Chase did me in the 3 months prior to my BK. They logged delinquent payments of 30, 60 and 120 days late for the months of June - August 2009. So, I guess that might be the reason. As for improving FICO related to these negative marks, the only thing that will heal this is "time". It takes years for the FICO score to recover over late payments.

So far, only Orchard has been decent enough to give me a card. Although, it was a stiff $59. We all know they don't do it with the kindness of their hearts. They are in it for the cold hard cash!