captial one just raised my credit limit again

[Amy26]

Yes, its bologna.

I have 4 credit cards since my bk. The capital one I mentioned, Hooters MC 1.1k limit and an HSBC Reward zone MC 500 limit and a Lane Bryant store card with an 800 limit.

I was able to purchase a brand new vehicle 3 days after my discharge with no down payment and I just refinanced that vehicle with my local credit union at a 8.9% rate.

Now, are these results typical? No. I know lots of other people on this board that are having a hard time getting credit and some that are just getting little tiny limit cards like 100, 300 and 500.

Each person is different and all credit is not created equally. So, just because I was able to do all this doesn't mean everyone will. I have had great luck cleaning up my credit report and getting my scores up. I also had pretty good credit before I filed and none of my debts were being reported as late when I filed.

But, the bottom line is it isn't hopeless and bankruptcy is not a death sentance. You will get rejected for some things but you just need to keep trying and keep cleaning up your report and staying on top of things.

[ladyjenn]

We retained a lawyer yesterday, and are also current on everything. We just have too much credit, and it won't be but a few months I bet, and we would miss a payment I am sure. Hoepfully they see that we are current up to filing point, after the fact.

[tiiger]

How long after d/c did u apply for capital one? What were ur credit scores?

[Amy26]

Umm... I applied with capital one about a month after... was denied. I got my hooters card first in november. Tried again like 3 months after...denied again. My scores back then were between 598 and 680. But they didn't even check my credit when I got denied...was just straight denial saying "previous delinquency with Capital One".

Then I tried last month and they finally approved me.

[sjcmCA]

Wow, I just tried (No hassle rewards card) and got approval with $1,000 limit. I could even add my spouse as an authorized user which they will report it to three BRs. I and my spouse will build up the credits again.

I don't even see the annual fee of $39 in the account term at the end of the authorization page.

As BTS said, I will pay off all the balance and will never use CC if I don't have enough cash for the expense. We have gone through all the hard time and learned a lot! No more mistake in our lives.

Thanks for all your information. I would not even think of New Credit Card until 2011 or 2012.

"I swear that I will never use my CC when I don't have enough fund in my account"



Have a wonderful day!

======================================
FYI

Discharged: Early March 2010
Closed: Early April 2010
Current Credit Scores: 670 650 680
Employed

[aces67]

Dh has had his Cap One card for 7 months now. We always pay in full before the due date and they've only given one increase He got one increase after 90 days and nothing since then. It's the only card in his name.

[backtoschool]

In response to aces67's post, I have gotten two increases on one of my cap one cards (the one I started this thread about, my credit limit is now $2,000) and one increase on my cap one rewards card. (I just passed the 90 day mark on that one, and my credit limit was raised to $1,500 yesterday).

I use both cards a couple of times a month each for everyday purchase (clothing, a tire, household items, etc...) and pay them off in full each month.

The items I buy are not really small in price, so i am passing several hundred a month through the cards and paying off in full each month.

I got my second increase on the first capital one card at the six month mark.

[Mi Bankruptcy]

I was a chapter 7 no asset and received a CAP 1 card when I applied 1 year after bankruptcy. I also bought a new(used) vehicle 1 year out.

[ForumReader]

This is an interesting thread with some members stating increases and some with no increases with Cap1. I have a Cap1 card and received my card in Dec 2009 with a $500 CL. No increases yet and I pay in full plus on time. Small purchases such as gas expenses.

[prettyobk]

Which Capitol One card is it, how soon after discharge did you apply, and what was your score prior to BK?? ...If you don't mind me asking.

Hi all, I got a capital one card right after discharge. They gave me an initial credit line of $1,000. I was on their plan where they raise the credit limit after 3 months of use. My credit limit was increased to $1,500 after three months of use. Well it has been another 3 months and they just raised my limit again to $2,000. I use the card regularly to rent cars when I travel for work or to buy stuff online. I think the regular use of the card helped me get another credit limit increase. I always pay it off right away, usually right when the charges post a couple of days after I make them, or worst case, I pay it off right when I get the statement, so I never carry a balance on the card.

Just posting this so that people can figure out what they need to do to get their credit limits increased also.

[prettyobk]

I just applied, it didn't say denied. It said I would be notified in 7-10 days. The last time I was denied on the spot prior to filing BK in September. We'll see what happens.

[shelveen]

i got a capital one card as well right after chapter 7...the initial limit was 500...and then they raised it to 750 after the 3 month program. i tried to raise again a few days ago and they said they couldnt approve.

i always pay ahead in full every month.

[backtoschool]

I didn't ask for my credit limit increases, they happened automatically. The first one happened at three months and the second one happened at six months, automatically.

[LSUTiger32]

Wow! That is rather quick. So this whole nightmare of "you will have no credit for the 10 yrs the BK is on your CR" is bologna, it sounds like.

Of course it is bologna. They see those of us who just filed as gold mines. Not only are they giving you guys cards with horrible interest rates and ridiculous fees but they also know that you cannot file BK for a LONG time. They are praying they get you back into trouble becuase this time there is no getting out of it.

As mentioned.....play with snakes and CHOMP CHOMP!

[Mi Bankruptcy]

Of course it is bologna. They see those of us who just filed as gold mines. Not only are they giving you guys cards with horrible interest rates and ridiculous fees but they also know that you cannot file BK for a LONG time. They are praying they get you back into trouble becuase this time there is no getting out of it.

As mentioned.....play with snakes and CHOMP CHOMP!

You are right to an extent. However, either you pay for high interest rates now or you spend thousands later when you can not qualify for competitive interest rates for a car or home loan. Either way, we filed bankruptcy and we are going to pay more for it.