CapitalOne CC Question Post BK Question

[psycdoc]

Hello, my wife and I had to take the plunge and file BK which was discharged in January (2014). I had been receiving CC applications and decided to apply to CapitalOne. My wife had a card from them that was included in the BK (Chapter 7) which had a balance of about 7K. I applied based upon one of their advertisements they sent me thinking I was going to get declined. A few weeks after my application i received a letter from them asking for verification of income, so I sent them my 2012 taxes (2013 was not complete) and my most recent 3 paystubs. My question(s) are:

1.) Before requesting income verification would they have completed a credit check or do the income verification BEFORE the credit check

2.) Considering they requested income verification, should I consider that a good sign?

Thank you.

[BobMango]

Sounds like a good sign to me. If my experience with Capital One is any indication you'll likely get the card. Capital One gave me a credit card shortly after my discharge, and we had included them in our filing.

[Pjmax]

A couple months after discharge, I apped for Cap 1 and received a letter requesting income verification, I sent my 1040 and a copy of my SS benefit letter. I was approved, I think the original limit was maybe $500. It's $2500 a little over a year later.

They most likely checked your credit at the time you applied. Cap 1 also checks all 3 credit reports, by the way.

[tobee43]

really??? pj and OP, i have never heard of them asking for income? that has never happened to us in our lives? now i really wonder why? since you provide them with your SS number they have ways of checking i thought. and, we got 3k right off the ba from cap 1t??

it's funny in a way, once you get to a point, things start getting better, like our credit union calling us saying we have 50k approval for an auto loan for 2.27%, (yeah, thanks after i had to go to cap one auto 5 months ago for and get 5,1%). but cap one didn't get much since i paid the car off in less than 5 months. THEN and since we pd off the house, i am getting a TON of mails that i am pre approved for 35k here banks are saying i'm pre approved for loans. quicken loans said NO way, yet now that everything is paid up they are offering loans to me right and left. i don't think i like being in the grid again. we rather enjoyed our amenity. oh well, i guess one can't have it both ways.

[rustymich]

I waited two years before even thinking about it,dont be in a rush!!!!!

[Pjmax]

I waited two years before even thinking about it,dont be in a rush!!!!!

I'm glad that worked out for you, however, every situation is different.

I was 63 at discharge, my unemployment ended, and I was looking at the possibility of only having SS for income for maybe, forever. I applied ASAP when I actually had some approvable income. It was right for me. I'm less than a year and a half from discharge, I have a few cards with nice credit limits (nice for me, I don't need more and I PIF) and my scores are all above 680 now, going up every month. I also knew I would need a car sometime soon, my car is a 2002 with 150K mi. Luckily, knocking on wood, the car is still fine, but when it's time, I won't be looking at usurious interest rates, because I've been rebuilding my credit.

Just saying, because waiting 2 years was right for you, doesn't mean it's best for all. Keep an open mind to other's situations, you never know until you ask.

[Tommytunacan]

I filed for chapter 7 on Oct. 26, 2013. Had my 341 meeting the first week of December, and got my discharge at the end of February. 2 weeks ago(mid April) I applied for a Capitol 1 credit card online. Answered a few questions then within seconds I was approved. Got my card last week. It's only a $300 limit but that's all I need. It will rebuild credit as good as a $3000 limit. I started using it for gas and I'm keeping the money set aside to pay it in full every month. Just like using cash but building credit. I expected to be denied but you don't know unless you try. I bet you'll get it if you were honest about your income.

[rustymich]

I'm glad that worked out for you, however, every situation is different.

I was 63 at discharge, my unemployment ended, and I was looking at the possibility of only having SS for income for maybe, forever. I applied ASAP when I actually had some approvable income. It was right for me. I'm less than a year and a half from discharge, I have a few cards with nice credit limits (nice for me, I don't need more and I PIF) and my scores are all above 680 now, going up every month. I also knew I would need a car sometime soon, my car is a 2002 with 150K mi. Luckily, knocking on wood, the car is still fine, but when it's time, I won't be looking at usurious interest rates, because I've been rebuilding my credit.

Just saying, because waiting 2 years was right for you, doesn't mean it's best for all. Keep an open mind to other's situations, you never know until you ask.

My truck has 260k is a 98 and the bestpart owe nothing,cut uneeded expenses and save youll be happier...Have you heard of Dave Ramsey teaches great spending
tricks...You cant rely on credit to live...I wont get in the trap again....Just trying to help time heals the score but saving and cutting makes it worthless

[psycdoc]

Well as a follow up I did get approved with a $2000.00 limit

[PhillyGuy]

Well as a follow up I did get approved with a $2000.00 limit

I am a year out and was approved for $3,000 at CapOne, so it is possible.

[tigergem]

I read somewhere recently that in order to really boost your credit score, utilize 11% of your available credit balance every month like a religion. For some reason, that is some magic FICO number. To me that means charging a fixed bill (something you normally pay anyway like a phone bill or insurance bill) and nothing else except maybe a DIRE emergency, and having it set to auto pay every single month. That makes the difference, imho, between Credit and Debt.

[ccmisery]

Capital One blacklists some people, myself included. I only had one card with them that was included in my BK and they denied me twice in the past 9 months, first card was secured, 2nd try 3 months later was a Journey CC. Denied and letter arrives staying why. FAKO is 698, actual FICO is 638.