Cap One...LOL

[Freddy03]

I wasn't going to start rebuilding our credit yet for a few more months but an offer came in the mail yesterday from Cap One and I thought what the heck....

So I applied (both DH and I) and was surprised we both got approved. $500 limit - No annual fee - 0 interest until 11/12.

I guess this is a good starting point.

Oh FYI: Cap One sued me, they lost and was included in my BK for about $7K.

[prindia]

I wasn't going to start rebuilding our credit yet for a few more months but an offer came in the mail yesterday from Cap One and I thought what the heck....

So I applied (both DH and I) and was surprised we both got approved. $500 limit - No annual fee - 0 interest until 11/12.

I guess this is a good starting point.

Oh FYI: Cap One sued me, they lost and was included in my BK for about $7K.

Yes Capital one is known to be very forgiving after BK..

[keepsmiling]

nice
they woo me daily! it's enough to turn a girl's head lol

[tobee43]

us too, they were one of the first to make a good offer!! and we also owned them as well!

[HRx]

Cap One is also notorious for taking people to court for bad debts too. Their credit issuance/collection practice is quite interesting.

[sassiebaz]

Wonder why we haven't any of these offers....Hmmmmmm

[AbbeyA]

I am 19 months post bk discharge. I applied for an HSBC card about 3 months after discharge -- got approved for a $300 limit, no annual fee. I called HSBC about 2 months ago and asked for a credit increase. I have used the card monthly and paid off the balance in full each month. The credit increase HSBC gave me was .................... a whopping $100, so my limit on that card is $400. I also have 2 car loans in my name (my name and dh's name are on both car loans), which have been paid on time each month. The first car loan was opened during the 60 day wait prior to discharge, and the second loan was opened up about 7 months ago.

I got an offer from Capital One earlier this week with a pre-approval letter. I applied online the other day and they approved me for a $2000 limit : ) I don't know what my credit score is right now, I am guessing it's around 700 at this point as it was 685 when I checked it about 4 months ago.

[hmsmith]

ok now I'm curious...why did Cap 1 sue you? Was it for items within the 90 day period before your bankruptcy....or a cash advace or luxury item? Or something else entirely....?? (If you feel comfortable enough to share---thanks!!)

[Flamingo]

Both Cap One and HSBC are BK friendly. However, they know that those that have filed for BK cannot do so again for another 8 years or so, are debt free and they can make money off you and your purchases. Remember, they are a business and businesses are in business to make money...

[Bell30656]

Flamingo, what you say is such a true statement. Why haven't the other credit card companies figured that out? Many of them want you to wait 5 or more years after a bankruptcy.

[Flamingo]

Flamingo, what you say is such a true statement. Why haven't the other credit card companies figured that out? Many of them want you to wait 5 or more years after a bankruptcy.

A lot depends on how one handled themselves in the years prior to filing - items remain on credit reports 7 to 10 years for past loans, credit cards, etc. that were paid off or closed out prior to one's BK. If one was bad with credit for years before filing, that can work against them as that remains on one's credit reports along with the BK. What most people have to do after filing and discharge is just establish themselves as credit worthy again by not applying for a lot of credit at one time and spacing things out and being prudent. The BK friendly companies will usually extend credit eventually but one needs to realize that accounts are monitored and can be closed out by a creditor at any time for any reason - all one has to do is miss one payment and with one's past record they can close the account.

Prior good credit to a BK can work in one's advantage as we found out when purchasing a vehicle at the end of our Chapter 13. We had prior paid off in time paid in full auto loans with GMAC. They extended credit to us immediately at 0% financing, the going promotional thing at that time for those with good credit.

[Logan]

Flamingo, what you say is such a true statement. Why haven't the other credit card companies figured that out? Many of them want you to wait 5 or more years after a bankruptcy.

I'm an authorized user on one of my wife's credit cards and they won't let me apply for a credit card until 7 years out when I can actually declare BK again.

[meinnc]

Beware of Capital One- they give credit freely and will very quickly hike your interest rate to 20%+ if you carry a balance. Especially if they know you can't bankrupt out again for many years. Unless you can pay it off in full, I suggest staying far from them!

[LadyInTheRed]

Beware of Capital One- they give credit freely and will very quickly hike your interest rate to 20%+ if you carry a balance. Especially if they know you can't bankrupt out again for many years. Unless you can pay it off in full, I suggest staying far from them!

I suggest staying far from any credit card that you can't pay off in full, Capital One or any company. If my goal is to rebuild credit after BK, my first priority would be a no fee card.

[soccerguy]

Flamingo, what you say is such a true statement. Why haven't the other credit card companies figured that out? Many of them want you to wait 5 or more years after a bankruptcy.

amex makes u wait 10 years