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@Anonymous wrote:
Ugh, both Cap 1 and Navy Fed rejected me for a credit card. I was discharged 2 days ago and applied to get a head start.
I think I'm going to follow through with the original post and try to get the credit one in a month. I have the Navy Fed for the future but for not I can't seem to get the cards others have which is odd since I make a decent income and I have credit scores all above 650.
Are these scores FICO scores or FAKO scores? Remember, FICO scores are the only "real" scores.
Recon Navy Fed for a secured card. You should look for another Credit Union in your area and app. If denied, recon for a secured card. This will help you build your FICO scores and back to credit health very soon.
These are FICO scores, I got approved for the Credit One unsecured card on the first page. Suppose I will get that one to start the rebuilding process.
@Anonymous wrote:These are FICO scores, I got approved for the Credit One unsecured card on the first page. Suppose I will get that one to start the rebuilding process.
Credit One is a starter card but remember; the fees are steep. You want to PIF and get a secured card from a CU. Once you get another unsecured card, you can cancel the Credit One card. Good luck, keep your chin up and keep us posted.
cem13, thanks much for your help! Would you recommend waiting a few months to get a Capital One, call Navy Fed, or continue with the Credit One card? Don't really want to pay as I am going to be rebuilding both my wifes credit and mine.
@Anonymous wrote:cem13, thanks much for your help! Would you recommend waiting a few months to get a Capital One, call Navy Fed, or continue with the Credit One card? Don't really want to pay as I am going to be rebuilding both my wifes credit and mine.
I am a HUGE fan of Navy Fed. The sooner you get in with them, the better. Cap 1 is also a great company with reasonable U/W criteria too.
During my rebuild, I had a Cap1 ($500), & Barclays Apple ($300). I rotated them equally every month for 1 year after my D/C. I was able to get a CLI on both up to $1000 then $1500 then $5000 during the next 1.5 years. I then apped for Navy Fed and was given a $5000 SL. I continued to rotate my cards every month and I tried to PIF when I could.
After 4 years of my BK7, I refinanced by house which I origially had IIB. Once I closed in APR15, I went on the Mother of all App Sprees. I was able to get over $50K in credit cards. Then 6 months later, I was able to get my Navy Fed limits to $25K on 2 cards.
I am now 5 years post BK7 filing, and I have scores above 700 and available credit of $170K I carry a small balance on my NFCU Visa. All others are in my sock drawer, only to see the light of day during the bi-annual rotation.
@Anonymous wrote:cem13, thanks much for your help! Would you recommend waiting a few months to get a Capital One, call Navy Fed, or continue with the Credit One card? Don't really want to pay as I am going to be rebuilding both my wifes credit and mine.
I personally would not go with Cedit One as the fees are very high. I don't understand throwing money away like that. I recommend waiting a few months and checking Capital one again. Also, have you called to recon? Search this board for the recon numbers fro Cap 1. Call them and try to get them to reconsider. Some have success at this. At least you can talk to someone and find out why your were denied and if it is more than the BK you can work at fixing it.
All, just as a FYI this topic may have created before the online dispute functionality was in full force.
I was discharged on 2/3/2016 and submitted my online disputes to each credit reporting agency (Experian, Equifax, and Transunion) on that day and it's now 2/8/2016 and the online disputes have mitigated all erroneous postings located on my credit report to begin the rebuild process.
Just wanted to give all a heads up that the online dispute is much quicker and efficient than doing certified mail. You also get a confirmation number and email correspondance when the dispute has been resolved.
Just recieved our discharge last week, ran into this guide and applied for the CreditOne card and was approved. I added my wife as an authorized user. Not really knowing how that works, is that enough to rebuild her credit at the same time, or should we apply for another card with her as the prmary user?