Capital One Great after Bankruptcy..!

[Anonymous]

First time really posting anything on here, I just wanted to tell you a little bit of my experience with capital one. After bankruptcy in June '14, they approved me for a low limit for 2 classic platinums cards 500.00 on each and after the credit steps they were both 750. I have also added a sony card with a low limit on it, but what is strange over the past month I pre approved for qs card, so I applied and was approved for 3000 which is weird because the EO wouldnt budge on increasing the limits on my 2 classic cards. Yesterday, I figured what the hell, I really wanted the Venture Card so I applied and was approved for 10,000, so needless to say I am very happy with capital one and giving me a second chance.  I also traded my car in for a new car and was approved for what I wanted with low interest as well.

[JMMD]

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@Anonymous wrote:

First time really posting everything on here, I just wanted to tell you a little bit of my experience with capital one. After bankruptcy, they approved me for a low limit for 2 classic platinums cards 500.00 on each and after the credit steps they were both 750. I have also added a sony card with a low limit on it, but what is strange over the past month I pre approved for qs card, so I applied and was approved for 3000 which is weird because the EO wouldnt budge on increasing the scores. Yesterday, I figured what the hell, I really wanted the Venture Card so I applied and was approved for 10,000, so needless to say I am very happy with capital one and giving me a second chance.  I also traded my car in for a new car and was approved for what I wanted with low interest as well.

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This is encouraging! May I ask when your BK was discharged? Did you have CC debt that was included in your BK?

[Anonymous]

I was discharged in June 2014 and my credit card debt was low, a chase 1500 and care credit 2000.

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@JMMD wrote:

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@Anonymous wrote:

First time really posting everything on here, I just wanted to tell you a little bit of my experience with capital one. After bankruptcy, they approved me for a low limit for 2 classic platinums cards 500.00 on each and after the credit steps they were both 750. I have also added a sony card with a low limit on it, but what is strange over the past month I pre approved for qs card, so I applied and was approved for 3000 which is weird because the EO wouldnt budge on increasing the scores. Yesterday, I figured what the hell, I really wanted the Venture Card so I applied and was approved for 10,000, so needless to say I am very happy with capital one and giving me a second chance.  I also traded my car in for a new car and was approved for what I wanted with low interest as well.

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This is encouraging! May I ask when your BK was discharged? Did you have CC debt that was included in your BK?

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[JMMD]

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@Anonymous wrote:

I was discharged in June 2014 and my credit card debt was low, a chase 1500 and care credit 2000.

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@JMMD wrote:

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@Anonymous wrote:

First time really posting everything on here, I just wanted to tell you a little bit of my experience with capital one. After bankruptcy, they approved me for a low limit for 2 classic platinums cards 500.00 on each and after the credit steps they were both 750. I have also added a sony card with a low limit on it, but what is strange over the past month I pre approved for qs card, so I applied and was approved for 3000 which is weird because the EO wouldnt budge on increasing the scores. Yesterday, I figured what the hell, I really wanted the Venture Card so I applied and was approved for 10,000, so needless to say I am very happy with capital one and giving me a second chance.  I also traded my car in for a new car and was approved for what I wanted with low interest as well.

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This is encouraging! May I ask when your BK was discharged? Did you have CC debt that was included in your BK?

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Thanks! I might give Capital One a try then!

[Anonymous]

Good work webmasterlc!!

Can you shed a little light on your usage on your original cards? Did you PIF every month?

I too started out with 2 Capital One cards, each with $300 limit, with the promise to increase to $500 after 6 months. I just made my 4th payment and hit the luv button. I received the "2-3 day" notice, which, according to several posters on myFICO, means a denial.

I pay in full every month and have paid almost $3k in my 4 months. I pray I get more than an increase to $500. I'm also only 5 months post BK 7 discharge, so that may have some bearing on their decision.  They are my only 2 cards, I'll apping for a Barclays some time this summer.

Anyone here have any advice on what to do about the "2-3 days" message?

[bstone]

Cap 1 will automatically provide a CLI after your fifth payment.  I don't think asking early is going to do anything for you other than create a new HP.  Your CLI may only be to $500 or $750, but once you've earned the first CLI then you will have better luck asking for more, but for right now you just have to wait for the auto CLI.

If your plan is to be at 700 on all three bureaus by the end of 2015 make sure you have some additional credit reporting (car loan, installment loan, credit cards, etc.).  If all you have are those two cards, reaching 700 is going to be an uphill battle even without a BK.

Just pay your bills on-time and let things run their course.  Remember, rebuilding is a marathon not a sprint.

Good luck!

[Anonymous]

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@Anonymous wrote:

Good work webmasterlc!!

Can you shed a little light on your usage on your original cards? Did you PIF every month?

I too started out with 2 Capital One cards, each with $300 limit, with the promise to increase to $500 after 6 months. I just made my 4th payment and hit the luv button. I received the "2-3 day" notice, which, according to several posters on myFICO, means a denial.

I pay in full every month and have paid almost $3k in my 4 months. I pray I get more than an increase to $500. I'm also only 5 months post BK 7 discharge, so that may have some bearing on their decision.  They are my only 2 cards, I'll apping for a Barclays some time this summer.

Anyone here have any advice on what to do about the "2-3 days" message?

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my utl was around 15%, I currently paid all the cards off and right now just using the qs card for now till i get my venture card. I also hit the luv button for my sony card stuck at 500 and was offered 1000 upgraded, not alot but something, but denied me on the classic card.

[CWESTL]

I was wondering about the Credit Steps process after receiving my Cap 1 card shortly after my discharge as well. Below lists the details of my experience. My original CL of $1000 has increased over time (see below). I never carried a balance that would incur finance charges/interest. I charged approximately $4500 and made approximately $4500 in payments during my first six statements. My Cap One card usage and payment history was as follows:

Statement #1 (9/2013)

Charges = 318.19

Payments = 168.19

Balance = 150

Statement #2

Charges = 314.25

Payments = 384.25

Balance = 80

Statement #3

Charges = 1342.07 (Never exceeded the CL. Made two payments.) 

Payments = 1134.07

Balance = 288

Statement #4

Charges = 711.75

Payments = 999.75

Balance = 0

Statement #5

Charges = 1106.17 (Never exceeded the CL. Made two payments.) 

Payments = 831.17

Balance = 275

Statement #6

Charges = 684.42

Payment = 959.42

Balance = 0

After my sixth statement cut I received an automatic Credit Steps CLI of $4k. This brought my total CL to $5k. I received an additional automatic CLI three months later of $1k bringing my total CL to $6k. I hit the SP CLI button a week ago and received an additional $2k CLI yesterday. My total CL currently is $8k. I have never paid interest by paying this account in full monthly. My account usage/balance after my original Credit Steps CLI has ranged from $1700 to $4200 with payments ranging from $1700 to $2500.

[Anonymous]

Thank you for your input CWESTL!

I am truly anxious to see what they tell me about CLI request and even more anxious to see what Credit Steps Increase I receive in June!

[JMMD]

I am stunned! I went ahead and applied for the Capital One Platinum and got aproved for $3K! We were discharged in 2012 and have been slowly rebuilding. WOW!