Advice? getting ready to apply capital one 1 month after BK

[Pway]

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@Anonymous wrote:

Got eLetter from Capital One....2 questions:

1) "Thank you for applying for a credit card issued by Capital One®. Unfortunately, after reviewing your
application, we cannot approve your request at this time. Please know that in the process of making
this decision, your credit score was not impacted."

So what does that mean? "Your credit score was not impacted"? does this mean this wasn't a hard pull?

2) The reason(s) for our decision are:
"Based on your application information, there are too many delinquent past or present Capital One credit obligation(s)"

All are IIB, so much for Capital One not really forgiving BK filers!?

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They are forgiving.  I too received that letter when I initially applied fresh out of bk.  I waited for about 4 months and tried again as I had opened a secured card with my credit union and some other accounts.  I was approved for the QS1, and Platinum within two weeks of each other.  Now I have obtained the Sony card as well.  Don't give up it is still a chance you will get in with them.  

[Guyatthebeach]

CAMailman,

I got the same letter when I applied for a Capital One card right after my bankruptcy was discharged. This very common so don't worry about it.

To answer your questions:

1. They didn't do a hard pull, so think of this as a favor.

2. CapitalOne saw that you IIBed their card in your bankruptcy. It's too soon for them to take a chance on extending credit to you.  This means basically you need to go another route and get a credit card elsewhere.

You can get a CreditOne card or another sub-prime credit card and pay a lot in fees. You can keep it open until you get a approved for another low fee or no free credit card.

I took a different path. I chose to get a secured credit card because I didn't want to pay all of those fees. After 6 months of the secured Visa being opened with my credit union, I was approved to have an unsecured Visa. It can be done you just need to do some homework. For the ext two years, I had to send in documents for every app I did or I had to do a recon.

After waiting patiently for a little over a year, I finally got approved for a Capital One Quicksilver Mastercard on the step program. Now that MC has a 4k line with no annual fee. I just activated my Capital One Venture card with a 10k limit.

I hope this helps!!!

Guyatthebeach

[Anonymous]

Thank you all for your comments.

Right now my only bank is USAA (as it has been 12+ years, I'm non-eliglble for their insurance, credit cards, etc since I never been in Military).

I burned one of largest CU in northern California (burned as the most single debt!) so I don't know what other smaller CU I could join and ask for card (or do they approve secure card when making, say $500 deposit into secured?) despite the fact my D/C was little more than a month ago?

I like USAA due to ease of use, free ATM (up to $15 a month), awesome customer service, etc... so that makes it hard?

Thanks

[Anonymous]

P.S. I also burned CreditOne for $300 (it was opened in my name from my ex-wife) so I had to include them so CreditOne is out of question and I wouldn't even think about them either after BK!

Capital One was burned for $300, again, opened by my ex-wife in my name. I had all prime cards with 800+ FICO before I asked for sepration!

[Guyatthebeach]

You can join a credit union like SDFCU through one of their memship groups. I think I paid $15 to one of their groups. They offer a 6.9% secured Visa. I have a 6.9% Visa with a $5k limit. Let me forewarn you that they require income verification and documentation every time you apply for a loan. I also had to recon when I applied for their Visa. Also SDFCU can be slow, but they have been nice to me.

I have a checking account, a savings account, and the Visa. I transfer money into my  checking account monthly to pay my Visa and  put money in my savings.

I have read a lot of people like NASA credit union.

Guyatthebeach

[Anonymous]

I'm a member of NASA. I don't have any credit from them, just a checking and savings. They are not BK friendly until 2 years post discharge. I don't know if that will apply to their secured card to tho. Good thing is they are a SP for membership and if you apply for credit immediately after its supposed to be a SP too. YMMV. I applied for auto refi right after membership was approved. Loan was declined but it was SP.

Whoever you choose if you get a secured card, remember to try to get one that graduates to unsecured.