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Hi there, here's my experience so far post-BK.
I am fresh out of Chapter 7 (filed 5/31/16, discharged 10/6/16). I had closed my accounts in 2011 when divorce proceedings began and I knew I wouldn't be able to pay so it had been quite a while since I had any cards at the time I filed. I started checking out the pre-approval sites about two weeks before my dishcharge and Capital One pre-approved me for a Platinum card. I actually started the application process and read in the fine print that you had to be post-discharge to be approved so I backed out.
I tried again 8 days after I received my discharge (and before it was even showing up on my credit reports) and was approved for $3000. I nearly fell over. The real kicker is they were IIB. I am guessing it's because of the time elapsed between closing the accounts and applying again (about 5 1/2 years), but still!
I also got VS and Overstock cards via the SCT with small limits ($250/750). Not long after that, I got offers in my email for a Meijer card and Ulta card (both Comenity- $500/400 and I had store rewards cards with them). I took both and am really liking the Meijer card. I am done applying for a long time and have a TOTALLY different relationship with my credit now, which is refreshing. It's fun watching my scores go up and I'm looking forward to some CLIs next
I should add that I haven't had any further luck with preapprovals for any other non-store cards (not surprising) except another Capital One. They pre-approved me for a Quicksilver but it was the version that charges an AF of $39.
Thank you! I was also curious about where I stood with the possibility of a car loan and did the pre-approval bit with Capital One on that. They are willing to give me $40,000 with a rate varied between 6-10% depending on the length of the loan. I'm not biting now but it was encouraging and I know it will only get better as time goes on.
Hi there, I was looking at your current cards. Wow! Do you mind if I ask your income?
@kberly69 wrote:I should add that I haven't had any further luck with preapprovals for any other non-store cards (not surprising) except another Capital One. They pre-approved me for a Quicksilver but it was the version that charges an AF of $39.
Right after BK I got the Cap QS and then two months later, the QS1.
At about the six month mark (for the QS1) I was able to PC the QS1 to a QS using the chat function though the account web site.
Congrats everyone on your success
Good reading!
Discharged as of yesterday. I applied for a CreditOne card and was denied instantly. Then I applied for Capital One, still waiting to hear. Do you guys think its to early to apply for credit? My report has all my accounts with 0 balances and current, even my student loans say that. My score is also pretty low, my TU= 485 EQ=495 EX=548.