Capital one charge offs

[Peachykeen2014]

Hello everyone,

I currently have a fico score of 582. I am trying to get approved for a regular credit card, but I am not having any luck. I have an auto loan that is almost a year old with no late payments. I've also got 2 commenity store cards just opened this year. The problem is, about three years ago I had two capital one accounts that I stopped paying (I was 18 and stupid) and one account got sent to a collector which I just settled with, and the other one I also settled with but it wasn't in collection. My question is, can I apply to cap one again and be reapproved? After looking around online this seems like my only option for a regular credit card. I applied for a boa secured card and was denied. Please help!

[Shogun]

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@Peachykeen2014 wrote:
Hello everyone,

I currently have a fico score of 582. I am trying to get approved for a regular credit card, but I am not having any luck. I have an auto loan that is almost a year old with no late payments. I've also got 2 commenity store cards just opened this year. The problem is, about three years ago I had two capital one accounts that I stopped paying (I was 18 and stupid) and one account got sent to a collector which I just settled with, and the other one I also settled with but it wasn't in collection. My question is, can I apply to cap one again and be reapproved? After looking around online this seems like my only option for a regular credit card. I applied for a boa secured card and was denied. Please help!

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You will probably have to go for a secured card.  I'm going to move this over to the CC boards so those gurus can take a shot at it.

[TVP125]

I too had a capital one charged off and ended up settling the balance a few years later. I was able to get a Secured card at my local credit union with a $500 deposit which at the time really helped bump my score, Six months after I settled with Capital one I applied and was offered there secured card with a small $200 limit with a $49 deposit. From what I have read Capital one does not black list but they may make you wait a few months before they give you a second chance. 

[myjourney]

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@Shogun wrote:

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@Peachykeen2014 wrote:
Hello everyone,

I currently have a fico score of 582. I am trying to get approved for a regular credit card, but I am not having any luck. I have an auto loan that is almost a year old with no late payments. I've also got 2 commenity store cards just opened this year. The problem is, about three years ago I had two capital one accounts that I stopped paying (I was 18 and stupid) and one account got sent to a collector which I just settled with, and the other one I also settled with but it wasn't in collection. My question is, can I apply to cap one again and be reapproved? After looking around online this seems like my only option for a regular credit card. I applied for a boa secured card and was denied. Please help!

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You will probably have to go for a secured card.  I'm going to move this over to the CC boards so those gurus can take a shot at it.

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+1 

Welcome to the forum 

Not sure which Fico score that is but I truly believe your in need of a new TL but unsecured may not be option at the moment ....Sorry 

However there's hope Yay

One card I tell a lot of rebuilders at your stag about  is SFDCU secured 

The Pros....No HP required.....Great APR.....Reports to all 3 CB's...........Easy approval 

The Cons...Will not graduate....Small scoring ding when the new account reports but considering you didn't take a ding for a HP this is probably a pro instead of a con 

https://www.sdfcu.org/emv-creditcards

[gdale6]

Secured would most likely be all you can get from Cap-1 for a few years, they will not permanently BL you and since you settled it will be easier to get new unsecured credit from them.

[Longroad]

They will not BL but they will grow VERY slowly as long as you have the settlement. I had a settlement on a HSBC card that was transferred to Cap 1 about 5 years ago. The balance was about $750 and I settled for 50%. I got a platinum card about 2 years ago that sat at $300 for about 18 mos with multiple CLI increase denials. i also was approved for a QS1 in November '13 for $300, this was during my ap spree that netted a SWA card for $5000 and an Arrival for $2500. I decided to contact Cap 1 and pay off the charge off balance. About 2 months later I received a $1500 increase to the older card and am hopeful to see similar results on the QS1 card at the six month mark. It could all be coincidence, but then it could be because I paid the old debt. Just my 2 cents.