Recent discharge - Applied for Cap One Quicksilver only $300

[professorkev]

I discharged August 11th, applied for CapOne Quicksilver and was only given a $300 limit. Now I'm glad I got something but based on everyone else I expected $1k or greater. My defaults started in 2010, and filed in May. Cap one was included but that doesn't seem to matter to people. before the default I was PERFECT. Hold a PERFECT mortgage and no other debt, make $56K year now. Fico is 656


Just surprised at the slap in the face limit, but still have to be grateful at anything, but come on, can't even book a hotel room with that.

Any suggestions on how to get a larger limit? will they be doing another pull?

DapOne chat said
Korn: In this case, let me provide the concerned department number to help you further.
Korn: I suggest you to contact 800·-903-9177. Our account specialist will be happy to help you from M-Sat 9:00am-11:00pm ET.

[Pjmax]

I haven't seen that many $1000+ starting limits with Cap1. The good news is, they are good with CLI's, usually after 5-6 statements. Mine went from $500 to $2000. Baby steps, you're less than 2 months out. Most are happy just to see that first post-BK approval.

[professorkev]

well I'm hoping to call Monday to see if they can do more and YES, I'm happy to have something. I'll try Barclay's Monday am and see what I get. then garden them for 6 months before another try.

[IBroke]

I started with a $750-limit. Granted, I included Cap One in my BK as well (I think even more than one account) - but my default(s) were quite older (around early 2007) and I already established a secured account in good standing for about two years before I applied for the rewards-card. After 6 months, they increased my limit to $1,250.

My mother, however, received a Quicksilver card with a $1K-limit 2 months after her discharge in June with a much lower credit-score than I have. Her derogatory and discharged accounts (incl. Cap One), however, were even older than mine were when I applied. The majority of her derogatory accounts will drop off her reports around December/January - so she already left the majority of her 7-year derogatory account penalty behind her.

FYI, on my mother's Quicksilver-account, they already announced that they are going to increase her CL by an additional $500 if she keeps on paying on time over the next couple of months.

[AngelinaCat]

It doesn't matter what your credit score was before you filed. What matters is what your score is NOW. And you aren't going to like me saying this, but you need to learn to live on a 'Cash Only' basis.

Before we filed, our Credit Score was at 820, better than that of Consumer Advocate, Clark Howard. Our options of this: !Chupft and Phoeey!

Aren't you supposed to be learning to live in a manner so that you do NOT have to file BK again in the future?

[IBroke]

Well, the good thing about the low CL-CCs post BK is that you actually ARE living on a "cash only'-basis. There is not much of a living you can finance with a CL of $300, $500 or even $3,000.

[Mayo]

Be thankful you got an unsecured card. Many people on here started with a secured card before going after unsecured cards. I got an increase of $1000 on the Barclays up to 2500 this month after 6 months of use. I've used it sparingly and paid in full each month. I still don't like using the card unless I have enough cash to make the payment.

[AngelinaCat]

Just surprised at the slap in the face limit, but still have to be grateful at anything, but come on, can't even book a hotel room with that.

Yes you can, but you are going to have to live at the Motel 6 and Motel 8 rates for a while. You don't need a "luxury suite", You need a clean bed, good AC, and a decent bathroom; that is all.

We shop and pay this way each time we take our yearly trip to Galveston, TX, which is coming up. I will NOT pay for anything higher than $55.00, and I prefer to get well BELOW that figure.

And we pay cash. Cash is King, so far...

[bcohen]

I am actually amazed that companies offer credit limits higher than a few hundred dollars fresh out of bankruptcy. Especially if you discharged debt owed to that same company.

[professorkev]

I am actually amazed that companies offer credit limits higher than a few hundred dollars fresh out of bankruptcy. Especially if you discharged debt owed to that same company.

I'm not, it'a all risk based. I risked taking on that credit so many years ago, they risk giving it to. Banks have certainly made alot of money off people with those high interest payments. Thier hope is to give people a new start and can;t very well make too much interest or late fees off of small credit lines like $300.

But either way grateful it's a start; I guess.

[professorkev]

Well Just tried the Barclays PreApproval rewards link and got the " we need to review....." line

[Pjmax]

Well Just tried the Barclays PreApproval rewards link and got the " we need to review....." line

From everything I've read, Barclay's likes 6 mos. from BK, low inquiries, no or low new accounts, and no recent apps. That's a general statement, and there have been exceptions of course.

The "we need to review line" could go either way, I just got the flat-out denial the two times I applied.

[professorkev]

Thanks; I know, it's a crap shoot on the timing. I still have to call in, but thinking maybe I might just wait. will chime back in.
Cap one recon line told me I would have to wait on the >300 increase, I asked for double. argh. $300. What I need to do is just have the wife add me as authorized user on her excellent credit card, just for the history and boost, not for use.

[Pjmax]

You've already taken the inquiry, nothing to lose by calling Barclay's.

[professorkev]

Barclays Recon call 866-408-4064 - denied will try calling again today and then send a letter.

Otherwise I'll wait til winter an reapply with history showing.