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Established Member
cgkbk13
Posts: 15
Registered: ‎11-02-2011
0

Credit Card after BK

My CH13 BK was discharged 2 months ago (2/29/12).  I currenly have a HSBC MC with a $2k CL that I have had for over 2 years (didn't realize I wasn't supposed to open it during my BK).  I also have a new vehicle lease account opened one month ago (3/21/12) with Infiniti Financail Svcs.  I am trying to open a new credit card.  I figured with my credti scoare at 670 (EQ FICO), income ($65k/year) and minimal living expenses I'd be a shoe-in for a new TL.  Captial One denied me for their Capital One Cash card (for average credit), suggested I apply for their secured card, and was denied for that as well. 

 

Would it be to my advantage to open a checking account with Capital One to re-establish my relationship with them?  (I had an acccount charged off in my BK with only a $138 balance).  Has anyone found that a checking account opened the door to credit?

 

The current card I have I keep at a $0 balance, my myfico.com membership is the only guaranteed monthly usage on the card.  Am I applying too soon after my discharge?

 

10/25/11: TU 605, EQ 655, EX ?
03/13/12: TU 626, EQ 670, EX ?
Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: Credit Card after BK

I don't know that opening a checking account with Capital One will help you re-establish a credit relationship with them. If you really want a Capital One credit card, maybe wait a couple a years and try again. I'm surprise you got approved for a lease two months after discharged BK. You might want to start with a credit union. They tend to be more lenient toward people who are trying to re-establish credit. Good luck. 

Total CL's combine: $141,800.
Established Member
cgkbk13
Posts: 15
Registered: ‎11-02-2011
0

Re: Credit Card after BK

I already belong to a credit union but they won't engage in any loan/credit business with me until I'm 2 years out of BK.

 

I was rather surprised at the lease approval, at Infiniti's tier 1 rates too!  The finance mgr really fought w/the bank on the rates as the bank of focusing on the discharge date while the fin. mgr. was focusing on the file date.  The fin. mgr. won =)

 

I'm not exactly 'dead set' on getting a card through Capital One, I figured from what I've read on here that they'd be a viable option.  I have applied with Barclays as well, oneo f their cards mirrors CapOne's green cash rewards card but with $0 AF but was declined as well.  Barclay, again, I assumed was a viable option. 

10/25/11: TU 605, EQ 655, EX ?
03/13/12: TU 626, EQ 670, EX ?
Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: Credit Card after BK

There are some credit unions that will approve you for a secured credit card - a day after discharge. Try DCU; NASA FCU; or NFCU (if your eligible). Google: local credit unions. You'll be surprise how many of them will be willing to work with you. 

Total CL's combine: $141,800.
Regular Contributor
bodybuilder510
Posts: 144
Registered: ‎03-19-2012
0

Re: Credit Card after BK

Try orchard bank. My parents went through same CH13 and discharged in November of 2011. My father had no issue getting a orchard bank card with 300 unsecured. Just this last month Capital One started flooding my fathers mail box with offers. He applied and got 300 unsecured (credit steps).
Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: Credit Card after BK


cgkbk13 wrote:

I already belong to a credit union but they won't engage in any loan/credit business with me until I'm 2 years out of BK.

 

I was rather surprised at the lease approval, at Infiniti's tier 1 rates too!  The finance mgr really fought w/the bank on the rates as the bank of focusing on the discharge date while the fin. mgr. was focusing on the file date.  The fin. mgr. won =)

 

I'm not exactly 'dead set' on getting a card through Capital One, I figured from what I've read on here that they'd be a viable option.  I have applied with Barclays as well, oneo f their cards mirrors CapOne's green cash rewards card but with $0 AF but was declined as well.  Barclay, again, I assumed was a viable option. 


Did you call Barclays and try for a recon?  You might have been to close to your BK discharge date for approval with them, but they are def BK friendly.  And until your credit has recovered more, I'd stay away from Cap 1.  They pull all 3 CRA's when applying, not worth it.  The CU secured card is a good route to go.  Orchard is ok for rebuilding but they are also HSBC, and the card won't grow with you. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
0

Re: Credit Card after BK

I am suprised Cap One won't even give you a secured card. They gave me an unsecured card two months after my discharge and I included about two of their accounts in my bk filing. Despite the negativity, they have been really good to me.

Barclay likes to see some history post BK. Usually a year of on time payment. I won't waste another inq with them until you have had a good payment history with another bank. At that point, I will strongly consider them. They are great with approvals and very recon friendly

Is there a different credit union you can try. Orchard is also good for rebuilding. Your credit limit will be low but they will give you an opportunity to get one trade line. They may offer you their secured card. You can go to their website and fill in their preapproval form. It is a soft pull and it will tell you what you will likely be approved for. I am on my cell and can't look up that link unfortunately at this time.

The BK section also has a new thread that was just started about BK friendly credit cards.
BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Credit Card after BK


cgkbk13 wrote:

My CH13 BK was discharged 2 months ago (2/29/12).  I currenly have a HSBC MC with a $2k CL that I have had for over 2 years (didn't realize I wasn't supposed to open it during my BK).  I also have a new vehicle lease account opened one month ago (3/21/12) with Infiniti Financail Svcs.  I am trying to open a new credit card.  I figured with my credti scoare at 670 (EQ FICO), income ($65k/year) and minimal living expenses I'd be a shoe-in for a new TL.  Captial One denied me for their Capital One Cash card (for average credit), suggested I apply for their secured card, and was denied for that as well. 

 

Would it be to my advantage to open a checking account with Capital One to re-establish my relationship with them?  (I had an acccount charged off in my BK with only a $138 balance).  Has anyone found that a checking account opened the door to credit?

 

The current card I have I keep at a $0 balance, my myfico.com membership is the only guaranteed monthly usage on the card.  Am I applying too soon after my discharge?

 


Most of the HSBC cards will convert to Capital One shortly, so yours will probably be a Capital One customer soon.   I doubt the checking account will help.  

 

IMO, it is too soon and not urgent, since you already have an unsecured CC.     I would wait a while and then try to get a decent secured card with a high limit.

 

 

 

Epic Contributor
Creditaddict
Posts: 20,995
Registered: ‎10-23-2007
0

Re: Credit Card after BK


cgkbk13 wrote:

My CH13 BK was discharged 2 months ago (2/29/12).  I currenly have a HSBC MC with a $2k CL that I have had for over 2 years (didn't realize I wasn't supposed to open it during my BK).  I also have a new vehicle lease account opened one month ago (3/21/12) with Infiniti Financail Svcs.  I am trying to open a new credit card.  I figured with my credti scoare at 670 (EQ FICO), income ($65k/year) and minimal living expenses I'd be a shoe-in for a new TL.  Captial One denied me for their Capital One Cash card (for average credit), suggested I apply for their secured card, and was denied for that as well. 

 

Would it be to my advantage to open a checking account with Capital One to re-establish my relationship with them?  (I had an acccount charged off in my BK with only a $138 balance).  Has anyone found that a checking account opened the door to credit?

 

The current card I have I keep at a $0 balance, my myfico.com membership is the only guaranteed monthly usage on the card.  Am I applying too soon after my discharge?

 


Did you lease or buy the infiniti? Total loan and payment? Do you know what score they pulled? (auto enhanced Fico vs. normal)

Is this loan showing up yet?

I would not apply for Capital One unless it is giving you pre-approval!! I try to tell everyone... bet you have 5 or 6 pulls for your unsecured and then secured application.

 

Wait for Infiniti to post on credit, then look at pre-approval for Discover.

I don't think you need to take the trip down horrible sub prime...

What about a couple GE cards, Walmart, Dillards, Sams, Chevron?

Macy's, Bloomingdales? - Citi

Saks, Neiman Marcus - HSBC

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 686 Prosper(10-30-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Established Member
cgkbk13
Posts: 15
Registered: ‎11-02-2011
0

Re: Credit Card after BK

I had called HSBC last week inquiring if my account would convert to CapOne and was told that it will remain HSBC but be serviced through CapOne.  If it had converted I'd be okay with this.  My intent is to open a new TL but I'd like to stay away from the subprime's.

10/25/11: TU 605, EQ 655, EX ?
03/13/12: TU 626, EQ 670, EX ?

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